Uses of Critical Minerals and Heavy Rare Earths
There is a critical demand for rare earths, as they play a vital role in the manufacturing of electric vehicles and other high-tech applications.
With China being a dominant force in the rare earth industry, supplying approximately 90% of global demand and consuming approximately 70% of global supply. Supplies of heavy rare earths from China are likely to become scarcer and the push to reduce the world’s dependence of fossil fuels and decrease carbon emission, is expected to have a significant growth in the rare earth market in the coming years.
The full list of heavy rare earths is dysprosium, yttrium, terbium, holmium, erbium, thulium, ytterbium, yttrium and lutetium.
Dysprosium, yttrium and terbium are considered critical in the heavy rare earth groups as they face low supply and increasing importance in the development of clean energy technologies.