Invented in the 1970s and 1980s, rare earth magnets have become an indispensable part of numerous industries which include aerospace, medical, automotive, electronics and military. These magnets are made from the alloys of rare earth elements. These elements are ferromagnetic but as most of them have low Curie temperatures, meaning they exhibit magnetism only at low temperatures, they are interacted with transition metals like iron, nickel and cobalt, which have higher Curie temperatures. This makes them exhibit superior magnetic properties and as a result, are known to be the strongest type of permanent magnets. Rare earth magnets are also extremely brittle and vulnerable to corrosion due to which they are plated or coated as a measure of protection against breaking, chipping, or crumbling into powder.
According to IMARC Group, the global rare earth magnet market has grown at a CAGR of around 4.9% during 2008-2015, reaching a volume of 101,207 Tons in 2015. The market is further expected to reach a volume of 135,135 Tons by 2021. Wide-ranging and expanding industrial applications, limited substitutes of rare earth magnets in end-use markets and rising awareness about green technologies along with government initiatives to promote them so as to reduce carbon emissions, represent the major forces that will drive the current and future growth of this market.
Rare Earth Magnet Types
Currently, there are two types of rare earth magnets available: Neodymium magnets (NdFeB) and Samarium-Cobalt magnets (SmCo).
Samarium-Cobalt magnets (SmCo) are known as the “first generation of rare earth magnets” as they were the first to be invented among the rare earth magnets and are considered the second strongest type of magnets after Neodymium magnets (NdFeB). Although they have weaker magnetic field strength than NdFeB magnets and have limited use due to their high cost, they have a higher Curie temperature and are extremely useful for applications where high field strength is needed at higher operating temperatures. SmCo magnets also show high resistance to oxidation but are brittle and more prone to chipping and cracking. These magnets are currently used for certain niche applications, particularly in the defense and aerospace sectors.
Neodymium magnets, on the other hand, are the strongest types of permanent magnets and are referred to as “the second generation of rare earth magnets”. They are composed of an alloy of neodymium, iron and boron and offer the highest magnetic field strength and magnetic stability. However, they have a lower Curie temperature and as they are more susceptible to oxidation than SmCo magnets, they are given protective surface treatments which involve plating or coating of nickel, gold, zinc, etc. Because of their high energy efficiency, Neodymium magnets are used in the field of energy as well as in high performance motors, brushless DC motors, generators, magnetic resonance imaging, sensors, loudspeakers and other products requiring strong, compact permanent magnets. Currently, they account for the majority of the global rare earth magnet volumes..
China Represents both the Largest Consumer and Producer
Currently, China, Japan and Europe represent the largest markets for Neodymium magnets with the three regions together accounting for more than 95% of the total global volumes. Out of these countries, China represents the largest producer as well as the consumer as it has a monopoly over the raw materials used to produce them. China is followed by Japan and Europe.
For Samarium-Cobalt magnets, China again represents both the largest producer as well as the largest consumer. The second and third largest markets are the USA and Europe respectively.
Globally, most of the manufacturers of rare earth magnets are based in China as a result of a secure and economical supply of key raw materials. Other manufacturers are located in the USA, Europe and Japan.
Browse latest press release on global rare earth magnet market: http://www.imarcgroup.com/global-rare-earth-magnet-market-worth-us-10-2-billion/
About IMARC Group: IMARC Group is a leading market research and consulting company that offers management strategy and market research worldwide. The company has done multiple projects on the rare earth magnets industry, which has enabled the clients to successfully setup and expand their businesses. Some of the company’s offerings include:
- Market Research
- Plant setup
- Plant Expansion
- Marketing and sales
- Procurement and Distribution
- Innovation and Product Development
For more information, please visit: http://www.imarcgroup.com/
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