Driven by an expected surge in demand for permanent magnets, Physics Today notes that consumption of many rare earth elements is expected to outpace global supply during the next 10 years. The impending shortage has prompted the U.S. government to subsidize and stimulate domestic RE mining, metal-making, and magnet manufacturing. This Physics Today story quotes Alex King, founding director of the Critical Materials Institute at Ames Laboratory, that annual demand growth for REs has returned to its long-term trend, which is likely to continue.
Link to the full story, US government acts to reduce dependence on China for rare-earth magnets
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Critical Materials Innovation Hub