Most definitely, PMM into BEV, and all EV's, remains an important mkt segment that will undoubtedly continue to grow rapidly but the point is it is one of several, and nowhere near the largest by those projections.
"Motors have been found in every corner of industrial production. According to a recent survey conducted by the International Energy Agency, the power consumption of motors accounts for about 2/3 of the power consumption in the industrial sector"
Domestic/commercial application has been reported +50%, not difficult to imagine the massive reduction in emissions due PMM efficiencies, and the cost savings, which will definitely underpin the values of NdPr>NdFeB.
We'll see far more legislation in coming years re more energy efficient motors, including switching out existing clunkers. I.e., elevator motors need replacing every so many years.
"In 2020 , China's rare earth magnetic material output will rank first in the world, reaching 196,000 tons."
China talks magnetic blanks which need to be cut & machined to finished size/shape with a loss of ~20% swarf which is recycled. Broad brush that's 136ktpa finished NdFeB + 6% from the Japanese who calculate by finished mag.
Again broad brush, run 30% NdPr x 196kt = ~60kt, then deduct ~20kt recycled from swarf, make some sort of guess re Ce substitution/NdPr GBD, then add something for the Japanese and you'll have an estimate both China & Japan.
Despite the volume of dreamboats queuing off fantasyland this is NOT a big business at the primary upstream, never will be, "big hole" BS 'n all, just a really critical one based on massive downstream impacts, which will still necessitate the highest efficiencies upstream to be successful.
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