Conference takeaways from Rare Earth Mines, Magnets & Motors 2025

Executive summit for the mine-to-OEM supply chain

From September 22-24, Adamas Intelligence hosted Rare Earth Mines, Magnets & Motors 2025 at the Ritz-Carlton Toronto – an executive summit focused on the mine-to-OEM supply chain.

Attended by nearly 300 industry stakeholders, the event included frank and incisive discussions with business and technical leaders from all corners of the globe plus live technology demonstrations of cutting-edge applications of rare earth magnets in robotics and advanced air mobility sectors.

Most memorable perhaps, the conference kicked off with an intimate fireside chat with legendary tech icon, Steve Wozniak. Attendees heard about his invention of the personal computer, his relationship with Steve Jobs, and his views on innovation and creativity.

As a self-professed hockey fan, Woz also made a surprise appearance at the Welcome Reception that Adamas hosted at the Hockey Hall of Fame and spent time speaking with delegates and touring the facilities.

Few have done more to enable our modern world than the legendary and loveable Steve Wozniak

Picture this – it’s the late 1970s and a brilliant tinkerer, hunched over circuit boards in a cramped HP cubicle by day and scheming in a garage by night, is about to spark a revolution that would reshape the world.

This was no ordinary engineer – this was a wizard of electronics; a prankster with a passion for making technology accessible to all.

His brainchild? The personal computer, a clunky yet magical box that didn’t just sit on desks but ignited a cascade of innovation, birthing a family of gadgets that now pulse through modern life.

From that first PC – crafted with ingenuity, a soldering iron, and a vision of empowering individuals – sprang laptops, smartphones, tablets, wearables, smart speakers, and a dizzying array of devices, all tethered to the tiny but mighty neodymium-iron-boron (NdFeB) magnet.

These magnets, fueling decades of technological leaps, owe their prominence to the ripple effect of that singular, garage-born dream.

Western magnet factories are on the rise

As shown in a presentation by Adamas, western NdFeB magnet production capacity is on track to increase 13-fold by 2030.

Specifically, capacity in the U.S. is poised to increase from around 1,000 tonnes per annum (tpa) today to 18,500 tpa by 2030, while in Europe capacity will ramp from around 3,000 tpa today to 8,200 tpa by 2030.

As shown by Adamas, despite aggressive growth from today’s low base, much more capacity is needed over the medium- to long-term to minimize import reliance, particularly in Europe where NdFeB magnet demand is today multiples higher than in the U.S.

According to Adamas, “if you think that growth looks aggressive, we can assure you that much, much more is needed”.

Demand growth to be led by electric vehicles, robotics and advanced air mobility

At the global level – after growing at a CAGR of 12% since 2020, Adamas forecasts that demand for NdFeB magnets will increase at a CAGR of 9% through 2035.

This advance will be led by strong demand growth for magnets in all key markets globally with U.S. and European growth at the front of the pack.

By end-use category, demand growth is expected for all segments, however, the market’s rise will be mostly driven by double-digit demand growth from three main avenues: electric vehicles, robotics and advanced air mobility (AAM), with CAGRs of 11%, 29% and 15%, respectively.

In the U.S. specifically, Adamas forecasts that demand for NdFeB magnets will increase five-fold by 2035 led by EVs, robotics and AAM. On the EV front, Adamas says that a future with more PHEVs (and specifically EREVs) in the U.S. sales mix has potential to be a net-positive for NdFeB demand (as it is today in China) given the large motors and generators these vehicles often contain.

In Europe, Adamas expects NdFeB demand will increase 2.5-fold over the same period, also boosted by EVs, robotics and AAM, as well as sustained demand growth from certain legacy industries that Europe already has a strong base in.

Compared to the U.S., Europe’s demand for magnets is today three times larger meaning there’s a huge opportunity in Europe for magnet makers but also a huge challenge for European policymakers and industries that want urgently to reduce reliance on China.

A rare earth renaissance is underway in the West

Over the past three years, strong NdFeB magnet demand growth coupled with a wave of incoming NdPr oxide supply has helped de-risk the business case for downstream investments in metals, alloy and magnet production capacity outside China, spurring public and private sectors into action.

More recently, China’s implementation of export controls on a suite of rare earth elements, including high performance NdFeB magnets, in April 2025 has further galvanized the resolve of governments and end users alike to support the expedited development of alternative supply chains connecting the Americas, Europe, Australia, Africa and beyond.

In recent years, companies including MP Materials, Noveon Magnetics, VAC Group, Neo Performance Materials, Star Group, JS Link, Vulcan Elements, USA Rare Earth and others have started production, construction or announced plans to establish NdFeB magnet production capacity in North America and Europe within the near- to medium-term.

These developments, and others yet to come, are a testament to the upstream market’s rising diversity and supply security coupled with the downstream market’s rapidly increasing demand for sustainable supplies of NdFeB magnets – particularly for electric vehicles, renewables, robotics, AAM and defense sectors.

50% of attendees from C-level speaks to the importance of the moment

The caliber, seniority and experience of attendees in the room at Rare Earth Mines, Magnets & Motors 2025 was unprecedented making for impactful discussions and networking throughout.

Of the nearly 300 attendees: 50% were at the C-level, 19% were at the VP-level, 21% were technical experts, OEMs and end-users, and 9% were investment banking analysts, government representatives and media.

Seeing so many business leaders converge in Toronto for this event speaks to the importance and urgency of this moment for the rare earths industry.

Access to technology, intellectual property and skilled labor have not proven to be a major inhibitor for western magnet makers and supply chains

For years, industry watchers have highlighted the lack of trained rare earth scientists and technical experts outside of China as a fatal flaw in efforts to develop alternative supply chains.

Then in December 2023, with China banning the export of magnet making equipment and technology, it seemed the situation had gone from bad to worse.

Yet, in the face of it all, MP Materials, Neo Performance Materials, Noveon Magnetics, eVAC Magnetics and a growing number of others have built world-class magnet factories staffed by very smart and competent people.

The secret sauce? Exceptional leadership that’s both technically and commercially savvy appears to be a common denominator for the aforementioned companies (and others) that have circumnavigated the purported skills and technology dilemma formidably.

A cooperative ecosystem is rapidly coalescing in the West, connecting the Americas, Europe, Africa, Australia and Asia

In the lead up to the conference and in the days since, we continue to see the coalescing of a broad ecosystem of mine-to-magnet players connecting the Americas, Europe, Africa, Australia and Asia.

Companies like Energy Fuels, Iluka Resources, ReElement, Ucore and others are becoming important hubs that tie upstream supplies to downstream demand.

Similarly, magnet makers like VAC Group are securing offtake from emerging miners upstream, helping pull those supplies through to market.

And at the end of the chain, recyclers like Cyclic Materials and HyProMag are positioning to recover REOs from magnet production scrap and end-of-life devices, which they’ll feed back into the magnets of tomorrow.

Despite government’s increasing appetite to invest, support and participate in the mine-to-magnet supply chain, companies like those noted above are not standing idle waiting for support, they’re finding opportunities to make deals, work together and stand up alternative supply chains.

There is broad support for minimum rare earth price levels from players around the world

A broadly discussed theme at Rare Earth Mines, Magnets and Motors 2025 was the NdPr price floor established between MP Materials and the U.S. Department of War (DoW) and whether or not other regions – from Australia to Europe – should follow a similar approach as a means of promoting a fair, competitive price environment.

With some exceptions, most speakers were in favor of actions being taken that free western prices from the influence of Chinese price benchmarks, which many referred to as being manipulated.

That said – more than one company on stage during the event said that they didn’t need higher prices to be competitive.

The discussions could not have been more timely. On Day 2 of the conference (September 24th), Reuters revealed that G7 members and the European Union were “considering price floors to promote rare earth production, as well as taxes on some Chinese exports to incentivise investment,” following a meeting of stakeholders in Chicago earlier in the month.

Robotics industry leaders warn that near-term expectations should be tempered

As presented by Adamas, robotics and advanced air mobility (collectively referred to by industry as embodied AI) are the future of rare earth magnet demand, driving major growth from 2030 onward as technologies begin to proliferate.

In the case of humanoid robots, experts cautioned that widespread commercial adoption is not immediately around the corner, but rather, we should expect to see commercialization begin to gather pace from 2029 onwards, consistent with our own projections.

Today, leading companies like Boston Dynamics are looking beyond the human form alone to “superhuman” designs that maximize robot usefulness, efficiency and applicability in the human centric workplace.

What does this look like in practice? Picture heads and torsos that rotate 360 degrees, or arms with specialized end-effectors rather than five-fingered hands.

In the case of quadruped robots, however, like Boston Dynamics’ Spot, they do have vast commercial applicability already today and are seeing growing use across industries – from mining to refining to manufacturing and beyond. Conference attendees saw examples of how Spot is being used today in various industries to increase safety, efficiency and product quality.

Regarding AAM – which is a massive priority industry for governments in China, the U.S., the Middle East and elsewhere – it’s impossible not to be excited about the massive potential of hybrid eVTOL aircraft designs like Horizon Aircraft’s Cavorite X7.

As attendees heard (and saw via the on-site prototype), Horizon’s hybrid eVTOL flies twice as fast as a helicopter for 64% lower cost per mile and has a flight range around five-time greater than leading all-electric eVTOLs. Horizon’s commitment to safety and redundancy is also an important plus.

Lots of innovation still taking place focused on processing, metal making, magnet making and recycling

Alongside, and in some cases underpinning, the build out of alternative mine-to-magnet supply chains is a steady stream of innovation taking place with respect to rare earth processing, metal making, magnet making and recycling.

From modular membrane-enabled solvent extraction to innovative chromatography, companies like Momentum Technologies and ReElement Technologies are re-thinking the way rare earths are separated and refined.

Similarly, companies like EPoS Technologies are working to make NdFeB and other magnets indestructible, while AML’s PM-Wire is changing how magnets are designed, manufactured and used.

It was inspiring to learn more about the work companies are leading and the innovative technologies and processes being commercialized and deployed.

Much more magnet production capacity and upstream supply is needed to reduce single-source reliance on China, especially in Europe

A key takeaway from the Adamas market outlook presentation and broader discussions throughout the conference was that much more magnet production capacity and upstream supply is needed over the medium- to long-term to reduce single-source reliance on China, especially in Europe.

Based on what’s in the supply pipeline today, by 2035 Adamas expects that combined NdFeB magnet demand in the U.S. and Europe will be 65,000 tonnes greater than combined magnet production capacity.

This gap speaks to the massive opportunity for magnet makers in both regions to further expand over the medium- to long-term, but also the challenge that governments and end-users in both regions face in trying to minimize import reliance.