China continues dominance of rare earths markets to 2030, says Roskill

The single largest use of rare earths is in the manufacture of permanent magnets used in wind turbines, the drive train of hybrid and electric vehicles, and energy-efficient applications, and currently accounts for 29% of total global demand for REEs, says David Merriman, an expert on rare earths at Roskill.

"As we transition to a low-carbon global economy, the demand for permanent magnets will only grow and is expected to reach about 40% of total demand for rare earths by the end of the decade," he said.

The REEs are a group of chemically similar elements also used extensively in the aerospace, defence, and electronics industries.