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Old 05-23-2024, 02:16 AM
Sparty Sparty is offline
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Default Demand for magnet rare earth elements doubles

Demand for magnet rare earth elements doubles between today and 2050 in climate driven scenarios

Page 179 https://iea.blob.core.windows.net/as...utlook2024.pdf

Snippets:

Demand: EV motors and wind turbines drive demand for rare earth elements

Neodymium and dysprosium can handle a greater saturation
magnetisation than more common magnetic elements such as iron,
which allows for fabrication of stronger and smaller magnets.
Combined with other elements, these magnets (NdFeB magnets) are
among the strongest magnets in the industry, able to withstand
temperatures as high as 230⁰ C.

Neodymium (Nd) and praseodymium (Pr) are the primary elements,
while dysprosium (Dy) and terbium (Tb) are commonly used as
additives to enhance the performance of Nd-Pr-based magnets.

Magnets made with these elements play a very important role in clean
energy transitions as they are used in automotive traction motors for
EVs as well as in wind turbine motors. Electric motors and generators
driven by rare earth permanent magnets represent the most energy
efficient devices developed so far, making energy savings of about
20-40% compared with ordinary motors. Moreover, the addition of
small quantities (1-2 kg) of these magnet rare earth elements in a
motor can dramatically reduce (60-80 kg of lithium, nickel, cobalt) the
requirements for other critical minerals needed for an EV.

The global demand for magnet REE nearly doubled between 2015
and 2023
to reach 93 kt, while the share of clean energy
technologies, driven by new EV sales and wind turbine deployments
to meet climate ambitions, has expanded from just 8% to nearly 18%
during the same period. In the APS, we see total magnet REE
demand reaching 131 kt by 2030 and further to 181 kt by 2050, with
the share of demand from EV motors rising most sharply from 7% in
2023 to nearly 30% in 2050

The production of rare earth elements is perhaps among the least
geographically diversified of all key energy transition minerals
. Their
high level of geographical concentration is comparable to those of
cobalt and natural graphite for mining; at the same time rare earth
elements rank as the most concentrated in terms of global refining
capacity
. The share of the top three producers for mining of magnet
REEs in 2023 stood at 85%, of which China alone accounted for 62%
of global mined production. When looking at refining, the top three
countries controlled the lion’s share of the refined output in 2023, with
China’s dominance being even more pronounced than in mining as it
single-handedly represented 92% of the global refined output

 

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