RARE EARTH METALS: KEY COMPONENTS OF MODERN TECHNOLOGIES

Abstract

Purpose. The aim of the article is to conduct a comprehensive analysis of the supply routes for rare earth elements and forecast the development of the market for these elements in the current conditions arising from the war and other factors. Methodology of research. The scientific research methodology was used in the process of writing the article to determine generalised synthetic indicators on strategic ways of development and diversification of rare earth elements supply, as well as statistical and graphical methods to analyse the rare earth elements market and forecast supply and demand using time series. Graphs were used to visualise this data. Findings. It has been found that lithium, cobalt, neodymium and graphite, as well as other elements, are becoming increasingly important in modern technologies and everyday life, which leads to an increase in demand for these rare earth elements. The market for rare earth elements is analysed and demand is forecasted to grow in the future due to the development of green technologies and high-tech devices. The ways of developing and diversifying the supply of rare earth elements are investigated, which made it possible to consider them critical due to possible shortages, supply restrictions and the lack of local concentrations for mining. The global REE market is dominated by Chinese production of REE oxides. That is why, in order to avoid potential risks in the supply of rare earth materials, it is important to consider alternative sources and modern processing technologies to meet demand and ensure further production of rare earth elements. Originality. The article analyses the ways of supplying rare earth elements and their important role in modern technologies. A forecast is made, with an analysis of the market for rare earth materials, which will grow in connection with the transition to a climate-neutral economy. The work is relevant because it is the first to analyse the integrated use of rare earth elements in technologies such as lithium-ion battery technology, fuel cell (FCs) technology and permanent magnet motors. Potential risks in the supply of rare earth materials were determined and ways to avoid them were proposed. Practical value. The practical significance of this research is that in the 20th century, rare earth elements became a key to the production of electronics and other technologies. China, which has significant REE resources, controls a large share of global production, which leads to geopolitical tensions in the supply sector. The results of the study can be used to analyse and forecast the ways of supplying rare earth materials, as well as to solve issues related to future challenges and the development of competition for resources. Key words: rare earth elements (REEs); critical material; lithium-ion battery technology; Fuel cells (FCs) technology; permanent magnet motors; statistical method; forecasting.