Insight
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October 22, 2024
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1 minute read
Rare earths are critical to end-use markets valued in the trillions
With the total value of global magnet rare earth oxide consumption to increase more than five-fold from 2024 through 2040, we forecast that the global value of metals, alloy, magnetic alloy and magnet consumption will follow suit.
However, eclipsing the worth of the mine-to-magnet value chain by orders of magnitude are the trillion-dollar end-use industries enabled by and reliant on sustainable supplies of rare earth magnets.
In 2023, the global automotive industry was valued at a whopping $3.5 trillion, the defense industry $2.2 trillion, the renewables industry $1.3 trillion and consumer electronics and appliances combined for $1.6 trillion.
