The push for alternative energy is expected to cause worldwide demand for some rare earth minerals to rise dramatically, and a new report is warning that the supply will fall dramatically short in the next few years.
According to Adamas Intelligence, the global demand for NdFeB magnets is expected to grow at a compound annual growth rate (CAGR) of 7.5 percent. This will be driven largely by double-digit growth in the wind power and electric car sectors. As a result, the demand for the rare earth elements that are associated with these magnets – terbium, didymium and dysprosium – is also expected to rise significantly.
Rare earth elements are those belonging to a group of 17 metallic elements that play a prominent role in modern technology. Rather than being rare in the strictest sense of the word, they are very difficult to extract from the earth […]
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