Rare Earth Magnets

Rare Earth Magnet Latest News

Automakers too are cutting down on certain non-essential equipment in their vehicles to reduce the usage of rare earth magnets. 

About Rare Earth Magnet

• Rare earth magnets are a type of permanent magnet made from alloys of rare earth elements. 
• Properties: They are known for their exceptional magnetic strength, high energy density, and superior performance compared to other types of magnets.
• These magnets are widely used in various industries due to their ability to generate strong magnetic fields in compact sizes.
• Their global supply chain is currently dominated by China, which accounts for about 90% of processing capacity.

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Rare Earth Magnets Types

• Neodymium (Nd-Fe-B) and Samarium Cobalt (SmCo) are the two most common types of rare earth magnet materials. Both types are extremely strong.
• Neo magnets are composed primarily of neodymium, boron and iron, and samarium cobalt is composed of samarium and cobalt.
• Both materials come in different grades, or strengths, and have different magnetic and physical properties.
• These magnets tend to be brittle and are vulnerable to corrosion. Manufacturers typically nickel-plate the material to protect it from oxidation.

Rare Earth Magnets Uses

• These are used in medical applications such as magnetic resonance imaging (MRI) machines, as well as X-Rays and positron emission tomography (PET) imaging. 
• They are also utilized in aviation, national defense, electronic devices, smartphones, consumer goods, jewelry, hard drives, and electric vehicles (EVs), to name several applications.

Source: PIB