Rare Earths Are The Energy Transition's Hidden Bottleneck, Study Shows

Small,Pile,Of,Minerals,Extracted,In,A,Rare,Earth,Mine

Demand for rare earth elements (REEs) is expected to surge over the coming years as their role in the green energy transition becomes increasingly impossible to ignore. Around 20% of REEs account for 80% of their market value, demonstrating the Pareto principle and the 80-20 distribution once again.

According to the latest McKinsey study, "Global demand for magnetic REEs is expected to triple from 59 kilotons (kt) in 2022 to 176 kt in 2035."