Market & policy
Rare earths are now an industrial-security problem.
Permanent magnets account for roughly 95% of rare-earth consumption by value, demand for magnet rare earths has doubled since 2015, and supply remains highly concentrated. Policy and capital are shifting toward the midstream bottleneck.
Current research signals
Magnet rare-earth demand
Doubled since 2015; expected to grow further by 2030.
A real demand tailwind, but it must be tied to specific customer segments.
China concentration
91% of refined output and 94% of sintered magnets in 2024 (IEA).
Non-China supply has strategic value if it is technically qualified.
Canada policy
Permanent magnets are a priority Canadian value chain.
Canadian positioning is structural, not decorative ESG language.
G7 policy
2026 diversification and stockpiling coordination announced.
Potential support for offtake, stockpiling, price floors, joint procurement.
U.S. financing trend
Conditional loan to expand separation / metallization capacity.
Midstream proof may unlock strategic capital.
Customer segments
The first product should be chosen by qualification difficulty and strategic value, not by ambition.
Defence primes
- Buys
- Qualified magnets or secure upstream material
- Cares
- Supply assurance, export-control resilience, traceability
- Barrier
- Long qualification and security requirements
Industrial motor manufacturers
- Buys
- Magnets or alloy inputs
- Cares
- Price, reliability, performance consistency
- Barrier
- Cost competitiveness and volume
EV supply chain
- Buys
- High-volume qualified magnets
- Cares
- Scale and long-term contracts
- Barrier
- Automotive qualification can take 1–3 years
Wind OEMs
- Buys
- Large magnet volumes
- Cares
- Supply security and cost
- Barrier
- Scale, price, heavy rare-earth substitution strategies
Competitive landscape
The field of established producers, recyclers, and substitution paths the venture is measured against.
LynasMP MaterialsEnergy FuelsUcoreNeo Performance MaterialsChinese producersMagnet recyclersSubstitution / ferrite alternatives