The rare earth elements are naturally occurring non-toxic elements that have distinctive properties. These properties have made these elements essential to several rising technologies that contribute to energy efficiency, health, and environmental solutions.
There are numerous uses of these elements such as; Neodymium is utilized in radiation filtering & magnets, Yttrium is utilized in superconductors, microwave filters, & laser technology, Europium is utilized in laser technology, nuclear reactors, & televisions.
China is the leading rare earth elements supplier across the globe. In 2009, the global rare earth elements production was valued at 126,230 metric tons, with China producing about 95% of it.
China became the dominant market for rare earth elements when it started producing & supplying these elements at prices that no other western manufacturer could compete with. It is anticipated to be the dominant market for rare earth elements over the next few years, occupying over two-thirds of the overall demands in 2019.
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