The future market of rare earth elements is promising

     According to the report released by Fortune Business Insight, the global rare earth element market size was $2,607.4 million in 2020 and is expected to reach moer than $5,502 million by 2028, with a compound annual growth rate of 10.0% during the forecast period.

     In recent years, the demand for rare earth elements has grown steadily due to the development of high-tech industries and the transition to clean energy. This has led to higher prices for many rare earth elements, particularly neodymium, praseodymium and dysprosium, which are used to make permanent magnets for electric cars and wind turbines.

      In the coming years, Europe is expected to be the second fastest growing market after the Asia-Pacific region, as European countries account for a large share of rare earth metal imports.

     Strict regulations on carbon emissions and growing concern for the environment have promoted the development of unconventional energy sources, which will further increase the use of these elements.The International Energy Agency (IEA), for example, claims that demand for electric vehicles is growing rapidly in Germany, the United States and United Kingdom.This situation will also increase the consumption of rare earth neodymium magnets.

     China is considered to be a manufacturing hub for a wide range of products needed for the automotive and consumer electronics industries, making a significant contribution to the overall market, so we need to seize every opportunity to move forward.