Rare earth elements (REE) are used in myriad advanced technology systems, including many alternative energy products. While rare earths are not rare, they are not often found in concentrations that are economically viable for development. China, however, has most of the world’s proven REE reserves and has virtually cornered the rare earth market with over a 97 percent market share. During 2010, this near-monopoly has had significant repercussions on supply, demand, price, and exploration to find new REE deposits. This SBI Bulletin examines the past and current market for rare earth elements, and projects demand and supply for these minerals through 2020. New sources of rare earths are identified, particularly in terms of their effect on the world rare earth market. The effect of REE supply and price on alternative energy systems is discussed in depth as well as potential alternatives to REEs. Political, environmental, social, and economic impacts are delineated as they relate to the production and use of rare earth elements.
- SBI Bulletin: Rare Earth Elements Markets Worldwide, 2005-2020
- Scope
- Market Volatility
- Figure 1-1 Rare Earth Prices – Selected Minerals, 2005-2009 ($/kg REO equivalent)
- Chinese Rare Earth Quotas
- Figure 1-2 Chinese Rare Earth Quotas and Price Effects Metric Tons of REE, $/kg REO Equivalents, (2005-2010)
- China-Japan Tensions
- Soaring Rare Earth Prices
- Figure 1-3 Rare Earth Prices – Selected Light Rare Earth Elements (LREE), 2005-2010 ($/kg – REO equivalent)
- Figure 1-4 Rare Earth Prices – Selected Heavy Rare Earth Elements (HREE), 2005-2010 ($/kg -REO equivalents)
- Market Size
- Figure 1-5 Rare Earth Production, 2005-20010 (metric tons)
- Figure 1-6 Rare Earth Market Size, 2005-2010 ($ billions)
- Market Demand
- Figure 1-7 Rare Earth Demand, 2005-2010 (metric tons)
- Figure 1-8 REE Usage by Country, 2008 (% of REE use by category within a country)
- Rare Earth Exports/Imports
- Figure 1-10 Rare Earth Imports – United States and Japan, 2005-2010 (metric tons Rare Earth Oxide-equivalent)
- Figure 1-11 Rare Earth Exports – United States and Japan, 2005-2010 (metric tons Rare Earth Oxide-equivalent)
- Rare Earth Growth Factors
- Figure 1-12 Rare Earth Uses, 2010
- Technology
- Figure 1-13 Magnet Strengths, (MGO)
- Chinese Demand
- Defense Systems
- Japanese Demand
- Recycling
- Factors Inhibiting Rare Earth Growth
- Development Costs
- Environmental Issues
- Lack of Expertise
- Rare Earth Element Mix
- Table 1-1 Selected Heavy Rare Earth Element (HREE) Sources
- Location
- Rare Earth Prices
- Substitute Materials
- Strategic Reserves
- Acts of God
- Market Growth 2011 to 2020
- Rare Earth Element Demand
- Figure 1-14 Light Rare Earth Demand, 2011-2020 (thousands of metric tons)
- Figure 1-15 Heavy Rare Earth Demand, 2011-2020 (thousands of metric tons)
- Rare Earth Magnets – The Dysprosium Problem
- Figure 1-16 Dysprosium Demand vs Production, 2011-2020 (metric tons)
- Rare Earth Element Production
- Figure 1-17 Rare Earth Element Production, 2011-2020 (thousands of metric tons)
- Market Size
- Figure 1-18 Global Rare Earth Production (less China), 2011-2020 (thousands of metric tons)
- Figure 1-19 Rare Earth Market and Global Rare Earth Production, 2011-2020 ($ billions, thousands of metric tons)
- Summary
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