The State of Affairs of ‘Rare Metal Industry’ in Korea

Abstract

This paper provides an in-depth exploration of the rare metal industry in Korea, examining its definition, classification, supply and demand dynamics, international trade conflicts, and the government's strategic initiatives. The research underscores the global significance of rare metals, the challenges posed by their uneven distribution, and the imperative for countries, including Korea, to address these challenges strategically. The paper also delves into Korea's recent legal and policy frameworks, emphasizing the role of the Korea Institute of Industrial Technology (KITECH) in fostering the rare metal industry. Furthermore, it discusses the current state of Korea's rare metal industry, highlighting key areas such as rare earth metals for electric vehicles, refractory metals for semiconductors/displays, and cathode materials for secondary batteries. The concluding section emphasizes the need for technological advancements, recycling, and refining to establish a circular rare metal industrial economy.