On the demand side, technological advancements and global consumers’ increased reliance on high-tech gadgets have fueled demand for rare earths that are found in many digital devices.

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For instance, with the increased popularity of electric vehicles as a means to reduce reliance on gas and lessen harmful gas emissions, Tesla and other electric car makers have enjoyed rising demand, which in turn has raised the demand for rare earth metals in numerous segments of the industry.

Several European countries have already taken steps toward banning all fossil-fueled cars before the middle of the century, and China, the world’s largest vehicle market, is also considering a ban on the sale of fossil-fueled cars, reports Rupert Hargreaves for ValueWalk.

According to Newgate research, based on current demand projections of electric cars, the increased demand could require 35,000 metric tones per year of neodymium and praseodymium, or NdPr, form current global supply of 25,000 per year by 2025.

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