Rare earth elements (REEs) are a group of17 metallic elements essential in many modern technologies. Despite their name, they are not actually rare, but they are difficult to extract and refine. In recent years, the importance of REEs has grown due to their role in energy production and storage and their impact on geopolitics.
The 17 rare earth elements include:
These elements are found in the Earth's crust but are typically dispersed and mixed with other minerals, making them difficult to extract. The most abundant REEs are cerium, lanthanum, neodymium, and yttrium.
Properties of Rare Earth Elements
Rare earth elements have several unique properties that make them essential for modern technologies. Some of these properties include:
High Magnetization
Several rare earth elements, such as neodymium and samarium, have high magnetization, making them ideal for magnets for hard disk drives, headphones or speakers.
Luminescence
Europium is one of the rare earth elements that exhibit luminescent properties. It is used in fluorescent lamps or television sets.
Catalytic Activity
Cerium is known for its catalytic activity, making it useful in catalytic car converters. It helps reduce harmful emissions from vehicles.
Rare earth elements have a wide range of applications due to their unique properties. Some common uses include:
Many electronic devices rely on rare earth elements for their functionality. For example:
Rare earth elements are important in renewable energy technologies such as wind turbines and solar panels. For example:
Rare earth elements also have military applications such as:
Most rare earth elements come from China, which produces over 80% of the world's supply. Other countries with significant reserves include Russia, Australia, Brazil, India, Malaysia, and the United States.
There has been growing concern about China's dominance over the supply chain for rare earth elements in recent years. This has led some countries to explore alternative sources or develop new technologies that reduce reliance on these materials.
The geopolitical implications associated with REEs stem from their critical role in the global economy and the concentration of production in China. Some key implications include:
Rare earth elements play a critical role in the global economy, with significant geopolitical implications associated with their production and supply chains. While current production is concentrated in China, emerging producers outside of China focus on developing alternative sources or reducing reliance altogether. Efforts towards diversification will continue alongside increasing demand driven by emerging technologies presenting investment opportunities across the value chain.
The future outlook for rare earth elements is characterized by:
Rare earth elements are critical in many modern technologies, including electronics, energy production and storage, and defense technology. While they are not actually rare, their extraction and refinement can be challenging due to their dispersion among other minerals. As demand for these materials grows due to their importance in renewable energy technologies and other applications, concerns about supply chain security will continue to shape global politics and economics.
By Michael Kern for Oilprice.com
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Michael Kern is a newswriter and editor at Safehaven.com and Oilprice.com, More
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