DATA & FIGURES
The study found that 80% of rare earth-related patents worldwide are controlled by Japan and the US, with China lagging behind in key patents for advanced rare earth technologies. The researchers also noted that downstream compounds and components made from processed rare earths, including permanent magnets, catalysts, and luminescent and polishing materials, accounted for more than 80% of rare earth-related patents worldwide.
THE SCENARIO
The global rare earth market is highly competitive, with China, Japan, and the US vying for control. China's dominance in rare earth mining and exports has been a significant factor in its economic growth, but the country's lack of leadership in advanced rare earth technologies poses a significant threat to its strategic advantage. The study's findings highlight the need for China to invest in research and development to improve its position in the global rare earth market.
DIRECT QUOTE
"China is not in a leading position in mastering key core technologies in certain fields" — Chinese researchers, University of Science and Technology of China
BBN INSIGHT
The study's findings have significant implications for China's economy and its position in the global rare earth market. The Positive Side: China's recognition of its weakness in advanced rare earth technologies could lead to increased investment in research and development, potentially improving its position in the market. The Negative Side: China's lack of leadership in key core technologies poses a significant threat to its strategic advantage, potentially leading to a loss of market share and economic growth. The study's findings also highlight the importance of rare earth technologies in the global economy, with 80% of rare earth-related patents worldwide controlled by Japan and the US.