Rare earth magnet market witnessed growth of 8% CAGR during 2009 to 2016

LONDON, May 15, 2017 /PRNewswire/ -- Developed in the 1970's and 1980's, rare earth magnets have become extremely popular in a number of industrial applications and currently represent the strongest type of permanent magnets.

Rare earth magnets are currently divided into two categories, that is, the SmCo-type magnets and the NdFeB-type magnets. These magnets are composed of the alloys of rare earth elements and hence are known as rare earth magnets. These magnets can produce stronger magnetic fields compared to the ferrite and AlNiCo magnets. They are, however, extremely brittle and also vulnerable to corrosion and hence require coating to protect them from breaking, chipping or crumbling into powder.

Here are some key findings of the study:

• NdFeB magnets are well suited for use in electric motors, power tools and other products requiring strong, compact permanent magnets.
• NdFeB magnets offer the highest magnetic field strength and magnetic stability but have a lower curie temperature.
• Since NdFeB magnets tend to be more vulnerable to oxidation than SmCo magnets, protective surface treatments are often applied on them.
• Unlike NdFeB magnets, SmCo magnets have a weaker magnetic field strength but a higher curie temperature and are extremely useful for applications requiring high field strength while operating at high temperatures.
• Another advantage with SmCo magnets is that they have a high resistance to oxidation and can be more susceptible to chipping and cracking.
• Compared to the wide usage of NdFeB magnets, however, SmCo magnets have limited usage.
• SmCo magnets are currently used for certain niche applications, particularly in the defense and aerospace sectors.
• According to the latest report, the global rare earth magnet market has grown at a CAGR of around 8% during 2009-2016, reaching a market value of around US$ 11 billion in 2016.
• Globally, China represents the largest producer as well as the consumer of NdFeB and SmCo magnets.
• Well diversified and increasing industrial applications coupled by the fact that they have limited substitutes are currently driving the global demand of NdFeB magnets.
• The demand of SmCo magnets, on the other hand, is being driven by the increasing spending on the defense and the aerospace sectors.
• Government initiatives to promote green technologies in order to decrease carbon emissions are also expected to drive the global rare earth magnet market in the coming years.

This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have or plan to have any kind of stake in the rare earth magnet market.

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