Business Continuity ESG Blog

Rare Earth Elements: Cornerstones of the Green Revolution

Written by William Tygart | 1/19/25 10:48 PM

Rare earth elements (REEs) are a group of 17 chemical elements that possess unique magnetic and conductive properties. These elements are essential for manufacturing the permanent magnets found in a wide range of technologies, including wind turbines, electric vehicle (EV) motors, and consumer electronics. REEs are typically extracted as byproducts of other mining operations. They enable the production of lightweight and powerful magnets that significantly improve the efficiency and performance of these technologies.

Applications of Rare Earth Elements in Renewable Energy

REEs play a crucial role in renewable energy technologies, enabling the development of high-performance wind turbines and electric vehicles.

Wind Turbines

  • Neodymium (Nd): Neodymium is a key component of neodymium-iron-boron (NdFeB) magnets, the strongest type of permanent magnet. These magnets are used in wind turbine generators to convert mechanical energy into electricity3.
  • Dysprosium (Dy): Dysprosium is added to neodymium-based magnets to improve their performance at high temperatures, making them suitable for use in wind turbine generators4.

Electric Vehicles

  • Neodymium (Nd): NdFeB magnets are also used in electric vehicle motors to provide high power-to-weight ratios and improve efficiency3.
  • Dysprosium (Dy): Dysprosium is used in EV motors to enhance the performance of magnets at high operating temperatures4.
  • Lanthanum (La): Lanthanum is used in nickel-metal hydride batteries, which are used in some hybrid electric vehicles5.
  • Praseodymium (Pr): Praseodymium is used in high-intensity permanent magnets for electric motors and generators in hybrid cars6.

Applications of Rare Earth Elements in Electronics

REEs are essential components in various electronic devices, contributing to their functionality and performance.

  • Yttrium (Y): Yttrium is used in microwave filters for radar and as a catalyst in ethene polymerization7. It is also used in LEDs and phosphors, which are crucial for displays and lighting applications8.
  • Lanthanum (La): Lanthanum oxide is used in camera and telescope lenses due to its high refractive index and low dispersion9.
  • Cerium (Ce): Cerium is used in flat-screen TVs and low-energy light bulbs10.
  • Europium (Eu): Europium oxide is used as a phosphor activator in fluorescent lamps and television screens11. Europium is also used in the printing of euro banknotes as an anti-counterfeiting measure12.
  • Gadolinium (Gd): Gadolinium is used in alloys for making electronic components and data storage disks13.
  • Terbium (Tb): Terbium is used in solid-state devices, low-energy light bulbs, and mercury lamps14. It is also used to improve the safety of medical X-rays14.
  • Samarium (Sm): Samarium-cobalt magnets are used in headphones, small motors, and musical instruments15.

Applications of Rare Earth Elements in Other Technologies

REEs have applications in various other fields, including medical technology, aerospace, and nuclear reactors.

Medical Technology

  • Scandium (Sc): Radioactive isotopes of scandium are used as tracing agents in medical imaging16.
  • Yttrium (Y): Yttrium-aluminum garnet (YAG) is used in lasers for medical applications17. Yttrium is also used in medical lasers for precise surgical procedures18.
  • Gadolinium (Gd): Gadolinium compounds are used as contrast agents in magnetic resonance imaging (MRI)13.
  • Holmium (Ho): Holmium is used in specialized lasers for medical and dental applications19.
  • Erbium (Er): Erbium is used in lasers for medical and dental applications20.
  • Thulium (Tm): Thulium is used in portable X-ray machines for medical use21.
  • Lutetium (Lu): Radioactive lutetium-177 is used in cancer therapy22.

Aerospace

  • Scandium (Sc): Aluminum-scandium alloys are used in aerospace components23.

Nuclear Reactors

  • Samarium (Sm): Samarium is used as a neutron absorber in nuclear reactors24.
  • Europium (Eu): Europium is an excellent neutron absorber and is used in control rods for nuclear reactors25.
  • Gadolinium (Gd): Gadolinium is an excellent neutron absorber and is used in the core of nuclear reactors13.
  • Dysprosium (Dy): Dysprosium is used in control rods for nuclear reactors26.
  • Holmium (Ho): Holmium is used in nuclear reactors to control chain reactions27.

Global Production and Reserves of Rare Earth Elements

China is the world's leading producer of rare earth elements, accounting for a significant portion of global production28. Other countries with notable production include Australia, the United States, and Russia. The total global reserve base is estimated at 120 million tonnes of REO equivalent29. Global reserves of rare earth elements are estimated to be substantial, with China, Vietnam, and Brazil holding the largest known reserves2.

 

REE

Global Production

Global Reserves

Main Applications

Major Producing Countries

Scandium

15–20 tonnes per year (Sc₂O₃) 30

Abundant, but not quantified 31

Alloys, lighting, medical diagnostics

China, Russia, Philippines

Yttrium

10,000 to 15,000 tons per year (Y₂O₃ equivalent) 32

More than 500,000 tons (Y₂O₃ equivalent) 32

Electronics, lasers, ceramics

China, Burma

Lanthanum

12,500 mt/year 33

6 million mt 33

Lighting, batteries, optics

China, Australia, United States, Russia

Cerium

Approximately USD 259.8 million in 2021 34

Abundant, but not quantified 35

Alloys, catalysts, pigments

China, Mountain Pass mine (US)

Praseodymium

Circa 2,500 mt annually 36

4 million tons 37

Alloys, glass, lighting

China, India

Neodymium

Approximately 80% of global supply from China 38

120.00 Mt of in-situ TREO 29

Magnets, lasers, glass

China, Australia, US, Myanmar

Promethium

Minute quantities 39

Less than one kilogram 40

Atomic batteries, gauges, space applications

Oak Ridge National Laboratory (US)

Samarium

700 tonnes per year 41

2 million tonnes 41

Magnets, lasers, nuclear reactors

China, Russia, Malaysia

Europium

390 mt in 2010 42

Not quantified 12

Nuclear reactors, lasers, phosphors

China, Bayan Obo deposit (China)

Gadolinium

400 tonnes per year 43

Exceeds one million tonnes 43

Alloys, medical imaging, nuclear reactors

China, US, Brazil, Sri Lanka, India, Australia

Terbium

~700 t in 2021 44

10mt 45

Solid-state devices, lighting, medical X-rays

China, US, Brazil, India, Sri Lanka, Australia

Dysprosium

1800 metric tonnes annually 46

Not quantified 47

Magnets, nuclear reactors, lasers

China, Browns Range Project (Australia)

Holmium

10 tonnes per year 48

400,000 tonnes 48

Nuclear reactors, magnets, lasers

China, Inner Mongolia mines (China)

Erbium

241 mt surplus in 2014 49

Not quantified 50

Fiber optic telecommunications, lasers, glass

China, Mt. Weld mine (Australia)

Thulium

50 tonnes per year 51

100,000 tonnes 51

Portable X-ray machines, lasers, high-temperature superconductors

China, Inner Mongolian mines (China)

Ytterbium

50 tonnes per year 52

One million tonnes 52

Memory devices, tuneable lasers, catalysts

China, US, Brazil, India

Lutetium

10 tonnes per year 53

Not quantified 53

Catalysts, cancer therapy, positron emission tomography

China, US, Brazil, India, Sri Lanka, Australia

Projected Demand for Rare Earth Elements

The demand for rare earth elements is projected to increase significantly in the coming decades, driven by the growth of renewable energy technologies, electric vehicles, and consumer electronics54. This increasing demand presents both challenges and opportunities for the rare earth industry.

Scandium

The scandium market is projected to grow at a CAGR of 8.55% from 2023 to 203254. This growth is driven by the increasing demand for scandium in aerospace, automotive, and renewable energy applications.

Yttrium

The yttrium market is expected to register a CAGR of greater than 4% during the forecast period55. The increasing demand for yttrium in ceramics and electronic devices is driving this growth.

Lanthanum

The lanthanum market is estimated to grow at a CAGR of 11.42% from 2024 to 202956. This growth is driven by the increasing demand for lanthanum in electrical and electronics, glass coating, and other applications.

Cerium

The cerium market is expected to grow at a CAGR of 3.8% from 2021 to 202857. The increasing demand for cerium in glass, catalysts, and alloys is driving this growth.

Praseodymium

In the Sustainable Development Scenario, demand for REEs in wind — neodymium and praseodymium in particular — is set to more than triple by 2040, driven by the doubling of annual capacity additions and a shift towards turbines with permanent magnets58.

Neodymium

The demand for neodymium is expected to soar due to its use in electric vehicle motors and other clean energy technologies59.

Europium

The europium market is expected to grow at a CAGR of 5.2% from 2023 to 203360. This growth is driven by the increasing demand for europium in phosphors, lasers, and medical imaging.

Gadolinium

The gadolinium market is projected to grow at a CAGR of 5.50% from 2023 to 203261. The increasing demand for gadolinium in medical imaging and technological advancements is driving this growth.

Terbium

The terbium market is estimated to grow at a CAGR of 3.52% during the forecast period62. The growing demand for terbium in phosphors, ceramics, magnets, and nuclear reactors is driving this growth.

Dysprosium

The demand for dysprosium could increase by 2,600 percent over the next 25 years63. This growth is driven by the increasing demand for dysprosium in high-performance magnets for electric vehicles and wind turbines.

Holmium

The demand for holmium is expected to increase due to its applications in lasers, nuclear reactors, and other technologies64.

Erbium

The erbium market is anticipated to expand at a CAGR of 11.37% from 2024 to 202965. This growth is driven by the increasing demand for erbium in fiber optic telecommunications, lasers, and glass.

Thulium

The thulium market is anticipated to grow at an impressive rate during the period 2018-202466. This growth is driven by the increasing demand for thulium in nuclear reactors, lasers, and ceramics.

Ytterbium

The global ytterbium market is projected to grow at a CAGR of 10.45% from 2024 to 202967. This growth is driven by the increasing demand for ytterbium in various applications.

Lutetium

The lutetium market is anticipated to expand at a CAGR of 13.08% from 2022 to 202968. This growth is driven by the increasing demand for lutetium in electronic equipment, medical procedures, pure beta emitters, catalysts in oil refineries, and other applications.

Geopolitical Implications of Rare Earth Elements

The increasing demand for rare earth elements has significant geopolitical implications.

China's Dominance and Trade Wars

China's dominance in the rare earth industry has raised concerns about supply chain vulnerabilities and potential disruptions69. China currently controls a significant portion of global REE production and has historically used export restrictions to influence global trade70. This has led to trade wars and increased tensions with other countries that rely on REEs for critical technologies71.

Environmental Impacts of Rare Earth Mining

The mining and processing of rare earth elements can have significant environmental impacts72.

Specific Environmental Impacts

REEs are often extracted from ores that also contain radioactive materials and heavy metals72. The mining process can generate large amounts of waste rock and tailings, which can contaminate soil, water, and air72. This can lead to:

  • Destruction of vegetation: Mining operations can clear large areas of land, leading to deforestation and habitat loss73.
  • Soil erosion: The removal of topsoil and vegetation can make the land vulnerable to erosion, leading to soil degradation and loss of fertile land73.
  • Water contamination: Mining can release pollutants into water sources, including heavy metals, radioactive materials, and chemicals used in processing73. This can harm aquatic life and contaminate drinking water supplies.

Balancing Costs and Benefits

It is important to consider the environmental trade-offs of using REEs in green technologies74. While REEs are essential for wind turbines, electric vehicles, and other clean energy technologies, the environmental costs of mining and processing must be weighed against the benefits of reducing greenhouse gas emissions and promoting a sustainable future.

Recycling and Reuse of Rare Earth Elements

Efforts are being made to recycle and reuse rare earth elements to reduce the environmental impact of mining and secure a stable supply75. However, recycling REEs presents challenges due to the complexity of separating them from other materials in electronic waste76.

Alternatives to Rare Earth Elements

Research is ongoing to find alternative materials that can replace rare earth elements in some applications77. Some promising alternatives include:

  • Iron-nitride magnets: These magnets are theoretically more than twice as strong as rare earth magnets and are made from abundant and inexpensive materials77.
  • Tetrataenite: This iron-nickel alloy found in meteorites has magnetic properties similar to those of rare earth magnets78. Researchers are developing methods to produce tetrataenite in the laboratory78.

Conclusion

Rare earth elements are essential components of many modern technologies, particularly those related to renewable energy and electric vehicles. The unique properties of these elements enable the production of high-performance magnets, lasers, and other devices that are critical for a sustainable future.

REEs are critical for a sustainable future, but the industry faces challenges:

  • Geopolitical concerns: China's dominance in REE production raises concerns about supply chain vulnerabilities and potential trade disruptions.
  • Environmental impacts: REE mining can have significant environmental impacts, including the generation of toxic waste and water pollution.
  • Supply chain vulnerabilities: The increasing demand for REEs may lead to supply shortages and price volatility.

To ensure a secure and sustainable supply of REEs, policymakers and industry stakeholders should:

  • Diversify sources: Support the development of REE mines outside of China to reduce dependence on a single supplier.
  • Promote recycling: Invest in research and development to improve REE recycling technologies and increase recycling rates.
  • Develop alternatives: Support research into alternative materials that can replace REEs in some applications.

The future of the REE industry depends on finding more sustainable solutions for sourcing and utilizing these critical elements. By addressing the challenges and investing in innovation, we can ensure a secure and sustainable supply of REEs to support the transition to a clean energy future.

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