According to the Mining.com website, Rosikll’s latest report predicts that by 2029, the share of neodymium iron boron rare earth magnets will increase to 38%. The reason is that this magnet has become a new energy source, such as the manufacturing of electric vehicles, wind turbine generators and other electric motors, and the raw materials necessary for energy storage applications.
From the supply side, Roskill’s report believes that the three key elements required for permanent magnets, including neodymium, praseodymium and praseodymium, account for 23% of the total production of rare earth metals. In other words, the imbalance between supply and demand will continue to push the surplus of other rare earth elements, mainly cerium and lanthanum.
Roskill expects that the supply of neodymium will remain tight in the next 10 years. From 2025 to 2030, the supply of praseodymium will be short, mainly because these two elements are not high in natural rare earth ore.
But this is also hope. Roskill believes that although China is still the largest producer of rare earth, in the next 10 years, rare earth mines in other countries will be put into production, which can make up for the increase in demand.
Post time: Mar-05-2020