Critical materials refer to substances essential to energy technologies, economic and national security, according to the United States government. These materials play a crucial role in various industries such as technology, healthcare, transportation, and defense. However, many critical materials face supply chain challenges due to limited availability, geopolitical factors, and environmental concerns associated with extraction and production.
One prominent example of critical materials is rare earth metals, which are used in numerous applications ranging from magnets in electric vehicles to components in smartphones and wind turbines. Despite their importance, rare earth elements often suffer from supply chain disruptions, leading to potential shortages and price volatility.