Huge Prospects for the Rare Earth Magnet Market
Rare earth magnets are strong permanent magnets made from the alloys of rare earth elements producing magnetic fields stronger than other magnets such as Ferrite, Alnico, etc. Currently, there are two types of rare earth magnets, namely, NdFeB and SmCo magnets. According to IMARC Group’s new report titled, “Rare Earth Magnet Market: Industry Trends, Manufacturing Process, Machinery, Raw Materials, Cost and Revenue”, the global market for rare earth magnets has grown at a CAGR of 9% in the last 7 years. Of the two types of rare earth magnets, NdFeB magnets currently accounts for most of the total global rare earth magnet volumes, with China being the largest producer and consumer.
A wide range of applications have led to the growth of the rare earth magnets industry, with motors and generators accounting for majority of the total global consumption. These magnets have brought about a transformation in most modern technology. One of the main forces driving the growth of the rare earth magnets industry is the increasing awareness of clean technology, with support from governments across the world.
Some of the areas where the consumption of rare earth magnets is high are:
• Small sized technology, such as the cell phones and laptop computers
• Defence industry, especially in cruise missiles, precision guided ammunitions, radar systems and reactive armours
• Green technology such as wind powered turbines and plug-in hybrid vehicles
• Magnetic refrigeration - an emerging technology
Findings suggest that although alternate technologies are in research and some already exist, rare earth magnets are unlikely to be substituted as a major input for green technologies and high efficiency consumer and industrial devices. This provides a tremendous scope for anyone who plans to venture into setting up a plant for manufacturing rare earth magnets. Experts at IMARC Group have identified this opportunity and...