The agency predicts that the global demand for rare earths will increase substantially by 2030.

SMM9, March 30: global demand for rare earths is about to grow substantially by 2030, and the industry should invest in developing new sources of supply and downstream industries to meet market demand, according to Adamas Intelligence, a research and consulting service.

In a recently completed report, the company predicted that the consumption of rare earth oxides needed for magnet production would grow at an average annual rate of 9.7%. By 2030, the global consumption of magnet rare earth oxides will increase fivefold, and its market capacity will increase from US $2.98 billion this year to US $15.65 billion by 2030. The total demand for magnet rare earth oxides is expected to grow at a compound annual growth rate of 9.7% over the same period. Prices are expected to increase at a compound annual growth rate of 5.6% to 9.9%.

Demand for magnet metals such as neodymium, praseodymium, dysprosium and terbium will grow rapidly, while surpluses of cerium and lanthanum will increase.

By 2030, the annual shortage of neodymium magnets is expected to be 48000 tons: the global shortage of neodymium magnets and powders will reach 48000 tons per year.

By 2030, the annual shortage of praseodymium and neodymium oxide is expected to reach 16000 tons.