Neodymium/Praseodymium (PrNd) magnets for electric vehicles (EV's) will be a big driver for the rare earth elements (REE) market over the coming years as EV and hybrid vehicle production ramp up. This will affect the market for all 15 lanthanide series elements, since all of the rare earth elements are present in varying amounts in the ore. This will lead to supply/demand variations among the various elements as production rates and demand variables fluctuate.
REE processors will have to make adjustments to align production with demand as the markets for REE adjust to varying growth rates over the next few years. The demand for REE in the automotive market is now growing at a much higher rate than in recent years, leading to the first price increase in years.