The importance of ‘permanent magnets’ to the North American military and commercial industrial base has increased while access to the source materials critical to their production has disappeared.
Rare earth oxides, metals, and alloys are required for the manufacture of Neodymium Magnets. These “Permanent Magnets” are key to the functionality of a host of large and small electrical & mechanical devices at the center of Aerospace, Defense, Clean Energy, Consumer Electronics, and Electric Vehicles.
Ucore expects demand for nearly all end-uses and applications of Neodymium Magnets to rise collectively at a Compound Annual Growth Rate of 7.6% through the end of the decade.
It’s now looking like passenger electric vehicle traction motors were the demand-growth leader in 2020 by far, with a 20 to 25% increase in Neodymium magnet consumption globally year-over-year.
Electric vehicles will consume 1 out of every 4 tonnes of Neodymium magnets produced globally in 2030.
Demand for Neodymium alloys and powders will be 250,000 tonnes higher than in 2020, requiring an unprecedented 300% increase in global production of neodymium, praseodymium, dysprosium and terbium over the next ten years.
However, when peering into the outlook for the next decade to come, it becomes quickly apparent that the rapid demand growth of the 2020s will soon be dwarfed by the astronomical demand growth of the 2030’s – and therein lies the real defining challenge and opportunity facing the global rare earth industry today.
Voracious demand driven by the advent of electrical vehicles underpins the Ucore and Innovation Metals Corp. current business model to develop critical metals processing technology for the Western World. And propels Ucore towards developing US rare earth oxide production facilities to begin the establishment of an independent US supply chain for these critical rare earth elements.
Ucore….American Critical Metals Independence starts here!