Rare earth metals are in demand on the market when the devices and the many products that are being produced is discovered. In the times when the colored tv is not invented, the demand is low and so not many times are into it but when it increased, mines opened. But when there is a competitor who controlled the market with the lowest price so other give up. But they have dramatically increased also the price that customers have looked for alternative materials.
The rare earth metals and also the alloys that have them are being used in making products that are used every day. The products include rechargeable batteries, magnets, catalytic converters, DVDs, the memory of computers, fluorescent lighting, cell phones, and many more products. There are billions of cell phones and also computers that are being used around the world and they are the ones who need rare earth metals.
When their consumption grows, the demand also increases that leads to the skyrocketing price of rare earth metals.
The rechargeable batteries (that is used in cameras, readers, and other products) also that have risen to the demand is one that has contributed to the rise of demand of the metals.
The rare earth metals are also being used in the equipment and tools being used in the military. The night-vision goggles, batteries and GPS equipment are examples of the equipment and tools.
There are substitutes that are being used in the exchange of the rare earth materials but not all are as effective and of the same quality.