On the Global Rare Earth Elements Utilization and Its Supply-Demand in the Future

Abstract

Rare Earth Elements (REE) refers to 17 minerals with similar characteristics. Rare earth is in the limelight as a key material for future industries because of their unique chemical, electrical, magnetic, and luminescent properties and excellent radiological shielding effects. The scarcity of REEs cannot be imagined in the successful execution of the fourth industrial revolution and the sustainable economic development, which is now in front of humanity. Therefore, it is very urgent for each country and each enterprise to understand the global rare earth production situation and take measures against the future prospects. Therefore, the paper first addresses the definition and importance of rare earths and attempts to analyze their reserves, countries and global production in detail. Next, based on the analysis of development trends in the electric vehicle industry, renewable energy and the mordern electronic industries where the use of rare earths is essential, this paper suggests a rare earth supply and demand strategy that can be referred to in the rare earth resources scarce developed countries including Europe.