Did you know that some rare earth minerals, such as neodymium, are actually not rare? Rare earth minerals are called “rare” because it is very likely to find them in a pure form — in fact, there are deposits of them all over the world. Because of their abundance, rare earth minerals have played, and will continue to play, an integral role in multiple industries, such as high-tech and renewable energy companies. From early use, till now, and to the future, the production of rare earth minerals are key in multiple transformative products.  The Early Production of Rare Earth Minerals  Did you know that rare earth minerals are used in many products, such as mobile phones, electric motors, and computers? But before we had cell phones or any of these products, what was the rare earth minerals industry like?  In the mid 1900s, there was little demand for rare earth minerals. During this time, most of the supply was being produced in India and Brazil, and South Africa. The Industry was static until the mid 1960s when color television sets were hitting the market. This was a catalyst in the increase of production, and the United States became one of the largest producers in the world.  The Mountain Pass Mine in California was the main source of US global lead. However, by the 1980s, China’s market share increased drastically as they produced large amounts of rare earth minerals. China produced large amounts of rare earth minerals and undercut the prices of other countries. This stopped the operation of the Mountain Pass Mine in California and many other mines all over the world. During this time, defense aviation, industrial, and consumer electronic products increased rare earth mineral demand drastically. China was able to capitalize on this industry by being both the largest producer and consumer.  China has continued to play a key player, but as the industry grew, other countries decided to re-evaluate and see how they can charge lower prices. Other countries, such as the United States, were innovative and came up with ways to reduce prices and create products with fewer materials.  Fast forward multiple years, the Mountain Pass mine in California helped increase the production of rare earth minerals. By 2019, the US produced 26,000 MT of rare earths, which is up from 18,000 MT the previous year.  The Production of Rare Earth Minerals Today Today, rare earth minerals are heavily used in many industries, particularly neodymium magnets. Neodymium magnets have a wide-range of applications that industries use each and every day. For instance, these powerful magnets are key components of the production of computers, magnetic sweepers and sorters, electric motors in automobiles, plastics and glass, cranes, pharmaceuticals, and much more! Despite the coronavirus pandemic, the rare earth minerals industry was estimated at $4 billion in 2020. This number is only expected to grow, with the industry being estimated to reach a size of $6.6 billion by 2027. In terms of market share, China dominates the rare earth minerals market despite facing illegal mining challenges. Chinese producers must adhere to a quota system, which influenced the country to import rare earth minerals. By importing rare earth minerals and producing them, China has maintained its position as a top producer. For more information on the top ten countries for rare earth metal production, click here.  Future Use of Rare Earth Minerals The rare earth minerals industry is expected to grow tremendously over the next decade. According to Global Market Insights, rare earth minerals will be increasingly used because of the “growing product demand across Asia-Pacific, increasing adoption of magnets, and global shift towards clean energy.”  Despite coronavirus uncertainty, the market is still expected to grow, especially because these minerals are components of many innovative products and technologies. Here are some examples of growing industries that will promote the production of rare earth minerals:  … and much more!  Purchase Rare Earth Magnets with Apex Magnets! At Apex Magnets, we offer a wide-range of neodymium and other rare earth magnets that can be used in various applications. We’ve thousands of businesses domestically and internationally.  We understand that magnet needs vary — we offer customized solutions that best fit your business needs. Fill out our Custom Magnet Request form, and your RFQ will be reviewed in 1-2 business days and we will respond as quickly as possible. Feel free to contact us with any questions you have about magnets or which magnets are best for your application. Call us at 1.304.257.1193 or send us an email.