Fairfield Market Research’s latest report states that the global rare earth elements (REE) market is witnessing a boom as its end users stand on the cusp of revolutionary upheaval. Commonly understood as neodymium, cerium, praseodymium, lanthanum, yttrium, and dysprosium, the rare earth elements or metals are indispensable to the automotive and the consumer electronics industries. Used in the production of hybrid and electric cars, computers, superconductors, and batteries, these elements have a huge scope as the world inches closer to living a digitized reality.
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Rare Earth Elements Production Ramps Up as Electric Vehicle Sales Improve
The global demand for rare earth elements is expected to be driven by a shift towards electric vehicles. Fairfield Market Research states that about 50% of the conventional vehicles will be replaced by electric or hybrid vehicles by 2040. The urgent need to reduce vehicular pollution and curb CO2…
