The rare earth market remains small globally: it is estimated at approximately USD 9 billion per year.

Rare earths are generally extracted in polymetallic mines. 85% of the global rare earth production comes today from China, which has implemented since 2010 an export quota policy that has greatly destabilized the market.

The European Union is likely to suffer severe shortfalls in lithium, rare earths and other metals needed to cut carbon emissions, but recycling could help plug the gap from 2040, according to a study commissioned by industry group Eurometaux released in April 2022. The issue has become even more critical due to the EU’s recent efforts to become less dependent on Russia for energy.

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