It is projected that it will take until 2100 before recycling can account for at least half of the amount of rare earth elements that we expect Europe and the world will need.
There are clear global trends and tendencies showing that the demand for many of the critical materials will increase dramatically in the near future. Several new “green” energy technologies such as those found in solar cells, electricity networks and biofuels will require large amounts of, for example, rare earth elements (REE), cobalt and ruthenium.
In order to produce high-capacity permanent magnets, which are used in large amounts in wind turbines and electric vehicles, neodymium (Nd) and praseodymium (Pr) are needed; both examples of rare earth elements. The demand for these is estimated to increase by approximately 250 percent over the next ten-year period due to the broad introduction of such technologies.
In 2017, approximately 4 million electric vehicles were sold. By 2030, sales will, according to forecasts, be up to 50 million per year. This means that in order to be able to obtain sufficient neodymium and praseodymium, among other metals and minerals, increasingly large amounts of rare earth elements need to be extracted. The same trend also applies to several other critical metals, including lithium and cobalt.
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