Demand already high for REE – major clean energy rollout
Easley, 23 (2/10/2023, Mikayla Easley, “SPECIAL REPORT: U.S. Begins Forging Rare Earth Supply Chain,” https://www.nationaldefensemagazine.org/articles/2023/2/10/us-begins-forging-rare-earth-supply-chain, JMP)) ***Note - Matt Sloustcher is MP Materials’ senior vice president of communications and policy
Demand signals for rare earths are projected to rise as the world electrifies with machines that require highly specialized rare earth magnets.
According to a report by independent research firm Adamas Intelligence, the global demand for rare earth oxides is forecasted to triple from $15 billion in 2022 to $46 billion in 2035.
“The world is electrifying on every front possible — electric vehicles, wind turbines, drones, robots, everything,” Sloustcher said. “So the demand picture is very bright, and the supply just isn’t there relative to what most analysts project demand will produce.”
MP Materials has already entered an agreement with General Motors to produce rare earth alloys and magnets for the automobile manufacturer’s electric vehicle programs beginning in late 2023, he said.
“Defense demand alone can’t even stand up a modestly sized magnetics facility,” Sloustcher said. “We want to be able to stand up and be able to supply GM and other companies … and if we succeed in doing that, defense demand can be satiated.”