Rare Earths Market
Overview
Permanent magnets are the largest and fastest-growing application for rare earth elements, accounting for around 95% of rare earth consumption by value. The market is dominated by neodymium-iron-boron (NdFeB) magnets, which combine very high magnetic strength with low weight and compact size, making them critical to a wide range of applications.
The principal markets include electric vehicles and automotive motors, wind turbines, industrial motors, consumer electronics, robotics and automation, power tools and data centres, alongside aerospace, defence and medical applications. Demand is being driven particularly by electrification, renewable energy, automation and digitalisation, with demand for the key magnet rare earths — neodymium, praseodymium, dysprosium and terbium — having approximately doubled since 2015 and expected to continue growing strongly.
For Mkango, the key opportunity is the growing requirement for high-performance NdFeB magnets, combined with the increasing strategic importance of securing alternative sources of magnet materials and developing recycling and circular supply chains outside the existing concentrated global supply base.
The Market
Rare Earth Magnets
In recent decades, rare earths have become deeply embedded in modern technology and industry, and they remain difficult to duplicate or replace due to their unique chemical and physical properties.