Australia ranks among the top global producers of rare-earth elements, essential for creating high-performance magnets. A government report projects that the country's rare-earth output will increase by over 10% annually throughout the next decade, strengthening the local market for permanent magnets. These magnets are widely used in electric vehicles (EVs), particularly in motors and battery systems, fueling demand. With Australia’s commitment to cutting carbon emissions, supportive policies encouraging EV adoption are expected to further drive this demand. In 2023, EVs made up 7% of all car sales in Australia, a figure anticipated to rise sharply by 2030.
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