Rare Earth Magnet:
Automakers too are cutting down on certain non-essential equipment in their vehicles to reduce the usage of 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. 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.
