Market Drivers

• Demand is growing structurally. The IEA projects global demand for magnet rare earths — neodymium, praseodymium, dysprosium and terbium — to rise by around one-third by 2030 and by more than 90% by 2050, driven by EVs, wind turbines, industrial motors, data centres, automation, robotics and digital technologies. The U.S. DoE supports this outlook, identifying sintered NdFeB magnets as critical to offshore wind generators and EV traction motors, with rare-earth magnet demand expected to grow rapidly under net-zero scenarios.

• Supply is highly concentrated. China is the dominant global supplier across the magnet rare-earth value chain, accounting for approximately 60% of magnet rare-earth mining, 91% of refining, and 94% of global NdFeB magnet production.

• Export controls have turned concentration into a live supply-chain risk. China’s 2025 export controls on heavy rare earths, related compounds and magnets highlighted the vulnerability of downstream industries reliant on secure access to magnet rare-earth materials and products.

• Diversified demand is also rising. Outside the dominant supplier, demand for magnet rare earths is projected to grow by 50% by 2035, led by EV deployment and supported by wind generation, industrial motors, automation, robotics, transport, appliances, electronics and other high-technology applications.

• The bottleneck is downstream. The IEA identifies the most acute diversification constraints in refining, metallisation, alloying and magnet manufacturing, with demand outside the dominant supplier requiring a fourfold expansion in refining capacity and a sixfold expansion in magnet production capacity beyond planned expansions

• The diversified supply chain is already forming, and Australia has a significant opportunity to extend beyond mineral production and oxide processing into higher-value downstream manufacturing. European and American rare-earth metal, alloy and magnet projects are underway, while Australia has the mineral resources, mining base, processing momentum, industrial land, allied-market access and port infrastructure to build a globally relevant pit-to-product-to-port rare-earth industrial platform spanning metallisation, alloying and magnet manufacturing.

• The window to secure a position is time-sensitive. As diversified projects advance in Europe and the United States, JACS provides a focused platform to help Australia move with urgency — securing technology partnerships, capital, feedstock alignment, offtake pathways and industrial sites before downstream rare-earth value chains consolidate elsewhere.