Will there be a shortage of NdFeB rare earth magnets in the next 10 years?
Rosikll's latest report predicts that the share of neodymium iron boron rare earth magnets will increase to 38% by 2029, according to mining.com. The reason is that the magnet has become a new energy source, such as raw materials for electric vehicles, wind turbines and other motor manufacturing, as well as for energy storage applications.
From the supply side, roskil's report believes that the three key elements needed for permanent magnets, including neodymium, praseodymium and dysprosium, account for 23% of the total production of rare earth metals. In other words, the imbalance between supply and demand will continue to drive the surplus of other rare earth elements, mainly cerium and lanthanum.
Roskil expects that the supply of neodymium will remain tight in the next 10 years, and dysprosium will be in short supply from 2025 to 2030, mainly due to the low content of these two elements in natural rare earth ores.
But that is also hope. Roskil believes that although China is still the largest producer of rare earth, in the next 10 years, rare earth mines in other countries besides China will be put into production, which can make up for the demand growth.
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