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Trends and prospects of the market of rare earth metals and materials for electric power storage systems

Author

Listed:
  • I. S. Filutich
  • M. V. Dobrokhotova
  • I. S. Kuroshev
  • Yu. V. Ukhina

Abstract

Rare earth metals and materials for electric power storage systems are one of strategically important categories of products whose availability will have key influence on sustainability of the functioning of electric power and transport systems in the world and support the process of “the fourth energy transfer†which involves decarbonization, decentralization and digitalization of the energy sector. The basic types of raw materials influencing the long-term prospects for the development of electric transport, distributed energy and renewable energy sources include cobalt, nickel, lithium, graphite, manganese, molybdenum, as well as rare earth metals. High rates of development of the global industry of electric power storage systems for energy and transport purposes, geographical heterogeneity of distribution and consumption of these materials and their strategical significance for the functioning of innovative areas of economics and ensuring technological sovereignty determine the high importance of this industry for the Russian economy. The article deals with the key trends of development of the world market of rare earth metals and materials for electric power storage systems. The authors identify the long-term trends of development of the sector, analyse the main quantitative indicators of development of the sector in Russia, point out the factors influencing the long-term prospects for development of production of the above mentioned materials in the country. The article presents the analysis of the major market opportunities and perspective projects on increasing the production of materials for electric power storage systems. The authors formulate the key risks and threats for production of materials in terms of sanctions restrictions, establish suggestions on mitigation of these risks for the domestic economy in the medium term perspective including diversification of the foreign economic activity and increasing investments in this market niche.

Suggested Citation

  • I. S. Filutich & M. V. Dobrokhotova & I. S. Kuroshev & Yu. V. Ukhina, 2023. "Trends and prospects of the market of rare earth metals and materials for electric power storage systems," Russian Journal of Industrial Economics, MISIS, vol. 15(4).
  • Handle: RePEc:ach:journl:y:2023:id:1111
    DOI: 10.17073/2072-1633-2022-4-421-432
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