Meeting the growing demand for magnet rare earth metals
Global demand for magnet rare earth metals is expected to more than triple by 2040, driven by the accelerating transition to electrification and automation.
ASM is one of the few companies outside China with the capability to produce the advanced metals and alloys essential to clean energy technologies, advanced manufacturing, defence, and aerospace.
Our Korean Metals Plant is operational and ramping up production to meet this growing need.
Rare earth elements – particularly neodymium, praseodymium, dysprosium, and terbium – are critical inputs for high-performance NdFeB magnets. These magnets power everything from electric vehicles and wind turbines to robotics and advanced air mobility systems.
According to Adamas Intelligence, global demand for NdFeB magnets is forecast to grow at a compound annual growth rate (CAGR) of 8.7% from 2024 through 2040.
This will drive a similar increase in demand for the magnet rare earth metals used in their production, with total global demand forecast to rise from 115,690 tonnes in 2025 to 373,576 tonnes by 2040.
ASM is strategically positioned to supply these critical materials to global markets.
Supplying a growing market
ASM’s current focus at the KMP has been on producing neodymium-based metals and alloys, neodymium-praseodymium (NdPr) metal and neodymium-iron-boron (NdFeB) strip alloy. Ongoing enhancements to our metallisation capabilities will provide future opportunity to produce commercial quantities of dysprosium and terbium metals.