Will We Run Out Of Rare Earth Metals?

Rare earth metals, also known as REEs, are crucial for modern technology. They're used in everything from batteries and electronics to military equipment and wind turbines. The problem is: these metals are not so rare on Earth's surface—they just aren't concentrated in one place or easily obtainable by conventional methods. That means they're hard to mine and expensive to extract.

Currently, the Rare Earth Metals market is expected to reach $11.7 billion by 2028, according to a new report from Stratview Research. The REE market is growing at 10% per year and the US is currently the largest consumer of rare earth metals, followed by China and Japan. 

Let’s dive in what exactly are rare earth metals and how they impact our global economy.

Earth’s crust holds a lot of useful minerals

As you may know, Earth’s crust is a mixture of many minerals. Some minerals are common and easy to find, while others are rare and hard to get. Rare earth metals are an important part of this group, because they’re high-tech devices like smartphones and computers.

Rare earth metals are found in many places around the world—the United States, China, Brazil and Australia have the largest reserves—but we don't know exactly how much we have left there or how long they'll last us.

Magnetism is everywhere in our lives

You will no doubt be familiar with the magnetism that causes a compass needle to point north. Magnetism is everywhere in our lives, and it is used in many different devices. Wind turbines, electric motors and MRI machines all rely on magnets made of rare earth metals to function. Even laser technology relies on magnets to create the intense light beams used for cutting or surgery.

And even though you may not think of them this way, every computer has hundreds of these tiny magnets inside its hard drive that allow information to be stored digitally by using microscopic magnetic domains written onto a spinning disk inside your computer (or smartphone).

Technology needs rare earth metals for lasers and phosphors

You may not know this, but the modern world is built on a foundation of rare earth metals. For example, phosphors are used in televisions and smartphones to convert light into electricity by emitting photons (light particles). You can also find these rare earth metals in your TV’s lasers, which focus an image onto the screen using red, green and blue colors. You can thank rare earths for all of that!

These technologies are crucial to our everyday lives because they help us get information quickly — without them we would be lost without GPS systems or even basic TVs. Without these technologies we wouldn’t have widgets like Alexa that make life easier for us at home when we need her most (like when you forgot where you put your keys).

As important as these things are though...

The military uses several rare earth metals

Rare earth magnets also crucial for military equipment from missile guidance systems to night-vision goggles. The military is also making a huge push for laser weapons, and the lasers they use could be made hundreds of times more powerful than those that exist today. However, those lasers require a host of rare earth metals.

Neodymium, praseodymium, terbium and dysprosium are all necessary ingredients in the most powerful high-energy (high-power) magnets used in these lasers. 

Who extracts these minerals?

You might be surprised to find out that the answer is "China."

China is a major producer of rare earth elements. It's also the only country that still mines and refines them in large quantities. The reason for this distinction comes down to simple economics: China has been able to produce rare earths more cheaply than other countries because of its lower labor costs and greater investment in infrastructure. 

Following behind China is Australia, Brazil, Canada and Chile. India also has a significant share of the market; however its production is likely to decline in the future due to environmental concerns. 

Indonesia has significant deposits but is not currently exporting any rare earths due to licensing restrictions and lack of infrastructure. Russia has abundant reserves, but most are located in areas where there are political tensions with other countries such as Japan or South Korea; therefore it limits exports from these deposits. 

Conclusion

The US Geological Survey (USGS) estimates that there are more than 2 billion pounds of rare earth metals buried in landfills and obsolete equipment across the country. In fact, they have identified over 100 sites in the US where these elements are buried! By recycling the materials and finding new ways to reuse can reduce our dependence and create a new domestic source for future technologies. 

So, when will we run out of rare earth metals? Will we ever run out? The short answer is no one knows exactly how long our supply will last because there are so many variables involved—but we do know that it's important to keep an eye on what’s happening with these valuable minerals right now!