US rare earth market potential, page-94

Rare earth metal production was on the rise again in 2022, jumping to 300,000 metric tons (MT) worldwide — that’s up significantly from 190,000 MT in 2018, just four years prior. Demand for the metals is increasing as renewable energy becomes more important across the globe. Rare earths like neodymium and praseodymium, which are important in clean energy applications and high-tech industries, are in the spotlight, particularly as electric vehicles and hybrid cars gain popularity.Ongoing tensions between the US and China, along with other sociopolitical factors, are impacting the outlook for rare earths investing. Since China is the world’s largest producer of the materials by far, the fraught relationship between the countries is directing attention to global supply chain disruption in the rare earths industry. QUOTE ARR is being assisted by the US Government through collaboration with formidable research institutions to be able to contribute to the domestic supply in the future to shore up industry requirements IMO

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