According to relevant website reports, it is predicted that by 2029, the share of NdFeB rare earth magnets will increase to 38%. The reason is that this kind of magnet has become a new energy source, such as electric vehicles, wind turbine generators and other electric motors, as well as necessary raw materials for energy storage applications.

From the supply side, according to related reports, the three key elements required for permanent magnets, including neodymium, praseodymium and dysprosium, account for 23% of the total output of rare earth metals. In other words, the imbalance between supply and demand will continue to promote the excess of other rare earth elements, mainly cerium and lanthanum.

     It is estimated that the supply of neodymium will remain tight in the next 10 years. From 2025 to 2030, the supply of dysprosium will be in short supply, mainly because these two elements are not high in natural rare earth ore.

Although China is still the largest rare earth producer, in the next 10 years, rare earth mines in countries other than China will be put into operation, hoping to make up for the increase in demand.