Rare Earth Magnets
Rare earth magnets are permanent magnets made of alloys of rare earth elements. These metals possess unique properties, including magnetic coercivity or luminescence. They are usually made using liquid phase sintering.
These alloys are processed into various products including phosphors and magnets. These products are used in many industries, including electronics and aerospace technology, military technology, and automotive technology.
China is the world’s largest producer of rare earth magnets. Over 80% of the global production comes from this country. Recent restrictions on Chinese exports have prompted research and development programs to make stronger magnets, without the use rare earth metals.
Because of the high demand for ‘Rare Earth’ Magnets, the supply of these metals has been strained. Some countries have designated the metals as strategic important. This has created a potential supply shortage, which could affect the ability to advance technology.
In order to reduce costs, many manufacturers are exploring alternatives to the rare earth elements. New manufacturing technologies are also allowing faster production cycles. The result is that the cost of rare earth magnets is significantly lower than in the past.
While the world is moving toward more clean energy, the demand for rare earth magnets will continue to grow. With the rise of electric vehicles, the market is expected to expand at a rate of 12.3% per year.
Rare earths are essential for a variety of technologies, including robotics or heavy-duty manufacturing equipment. In addition, they are a critical component in many industrial applications, such as kid toys.