Global demand for Rare Earth magnets was 280kTpa in 2024, of which 250kTpa was NdFeB magnets. Demand is seen rising at 9% pa to 2030, then 6% pa to 2050, reaching 1.3MTpa. The largest sources of upside are in robotics and EVs, at c30% each.
Global demand for Rare Earth magnets was 280kTpa in 2024, of which 250kTpa was NdFeB magnets. The largest components today are EVs (c25%), industrial motors (15%), plus electronics, wind turbines, AC units, non-traction motors in ICEs (all around 10%).
This breakdown of Rare Earth magnet demand is informed by company disclosures, technical papers, and other industry forecasters.
In this data-file, we draw on our broader forecasts for EV sales, ICE sales, robotics, wind turbines, AC units, heat pumps and other industrial demand.
We then estimate the Rare Earth magnet loading, across each of these categories, based on past data, and disclosures from companies. For example, there might be 1.5-8kg of permanent magnets per electric vehicle, 2-3 tons of magnets per MW of wind turbine capacity, and 3.5 kg of magnets per humanoid robot.
Hence we can estimate global demand for Rare Earth magnets, by end use, to 2050. Our numbers show 9% growth to 430kTpa of demand by 2030, then 6% pa growth to 1.3MTpa by 2050.
The largest drivers of growth, on our numbers, are the rise of EVs and robotics, whereas we have a more muted growth outlook for wind in the energy transition.
Our other Rare Earth data-files cover Rare Earth materials, Rare Earth production economics, magnet manufacturing economics, a screen of Rare Earth producers, and a screen of magnet manufacturers.
Please download this data-file to stress test the demand for Rare Earth magnets, flex key input variables, and run other scenarios.