<1>Raw material is what we are badly in need of. <2>It is raw material that we are badly in need of

两句意思一样,都表示对raw materials急需的意思。1句为表语从句，2句为标准的强调句，表达对，但有一个小错误，即，当使用强调句时，被强调的内容必须用the引导，故正确的表达应为：

It is the raw materials that we are badly in need of，或者更简单的方式是：It is the raw materials that we badly need.

第一个是is 后面表语从句
第二个是it作形式主语 that引导主语从句
都对

两句意思一样
第一句中what we are badly in need of是从句做宾语
第二句that we are badly in need of是从句做定语