After a minor setback in 2020 due to disruptions arising from COVID-19, the rare earth elements market is expected to see a solid recovery in 2021, principally supported by activities by several national governments and global bodies to mitigate carbon emissions, says Beroe Inc
The demand for rare earth elements (REE) is expected to remain constant in the short run as many rare earth mining companies will hold a vigilant stance to grab market share in the upcoming year-end holidays. The rare earth industry is expected to record a CAGR of 7.5 percent during the forecast period of 2021-2026. The COVID-19 pandemic has impacted the rare earth elements industry to a great extent. During COVID-19, Chinese productions of rare earth saw a descent. Later in the year 2020, when the situation gradually stabilized, the rare earth metals market finally rebounded.
Pensana plc (LON:PRE) explores and mines neodymium, praseodymium, and rare earth minerals. The company is looking to establish the world’s first fully sustainable magnet metal rare earth oxide producer at the Saltend Chemicals Park in the Humber Local Enterprise Partnership Yorkshire, UK.