Rare Earth Magnets

Rare Earth Magnets Latest News

India is holding talks with companies to establish long-term stockpiles of rare earth magnets by offering fiscal incentives for domestic production, aiming to reduce dependence on China which controls 90% of magnet processing and recently restricted exports.

About Rare Earth Magnets

• Rare earth magnets are a type of permanent magnet made from alloys of rare earth elements. 
• 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.

Rare Earth Magnets Types

• Neodymium (Nd-Fe-B) and Samarium Cobalt (SmCo) are the two most common types of rare earth magnet materials. 
• 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.
• Both types are extremely strong.
• 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

• They’re useful 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.

What are Rare Earth Elements (REE)?

• REE are a set of seventeen elements in the periodic table. These include the fifteen lanthanides on the periodic table plus scandium and yttrium.
• REE are all metals, and the group is often referred to as the “rare earth metals”.
• Despite their name, rare earth elements are not actually rare—they are relatively abundant in the Earth’s crust but are difficult to mine and refine, which makes them valuable.
• These metals have many similar properties, and that often causes them to be found together in geologic deposits.
• They are also referred to as “rare earth oxides” because many of them are typically sold as oxide compounds.
• China controls over 80% of the global rare earth refining capacity, giving it significant leverage in the global supply chain.

Rare Earth Magnets FAQs

Q1. What are rare earth magnets?

Ans. Rare earth magnets are a type of permanent magnet made from alloys of rare earth elements. 

Q2. Which country dominates the global processing capacity for rare earth magnets?

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Ans. Rare earth magnets’ global supply chain is currently dominated by China, which accounts for about 90% of processing capacity.

Q3. Neodymium magnets (Nd-Fe-B) are primarily composed of which three elements?

Ans. Neodymium, boron, iron

Source: ET