Rare earth elements (REEs) are a group of seventeen metallic elements that are essential for many modern technologies. Despite their name, they are not particularly rare in the Earth’s crust, but they are difficult to extract and process. These elements are used in a wide range of applications, from smartphones and computers to electric vehicles and wind turbines. Their unique properties make them indispensable for many high-tech industries.
The demand for REEs is growing rapidly as technology advances and the world transitions to a more sustainable energy future. Electric vehicles, for example, require significant amounts of REEs in their batteries and motors. Wind turbines also rely on REEs to generate electricity efficiently. As the demand for these technologies increases, the pressure on REE supply chains will continue to grow.
Securing a stable and sustainable supply of REEs is a critical challenge for many countries. China currently dominates the REE market, controlling a large share of both production and processing. Diversifying REE supply chains and developing new extraction and processing technologies are essential for ensuring a secure future. Rare earth elements are truly the backbone of innovation, and their importance will only continue to grow.