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Global Demand for Rare Earth Elements to Triple by 2035

7/28/2025

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Story summary

A McKinsey report reveals a staggering forecast: global demand for magnetic rare earth elements (REEs) is set to triple by 2035, soaring from 59,000 tons to 176,000 tons. With China holding a tight grip on over 60% of mining and 80% of refining, the urgency for recycling grows amid rising supply challenges and geopolitical tensions.

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Story summary

A McKinsey report reveals a staggering forecast: global demand for magnetic rare earth elements (REEs) is set to triple by 2035, soaring from 59,000 tons to 176,000 tons. With China holding a tight grip on over 60% of mining and 80% of refining, the urgency for recycling grows amid rising supply challenges and geopolitical tensions.