The permanent magnet market has experienced significant growth over
the past few years. The demand for these magnets are increasing day by
day because they play a major role behind energy and automotive sectors.
The development of hybrid vehicles, electric vehicles and electric
power steering has also contributed towards the above mentioned fact.
However, China is in a position to cater this demand by acting as the
dominating player in the industry.
Different materials such as
ferrite is used in the process of making permanent magnets. They have
strong magnetic properties, which become useful in a wide array of
applications. At the moment, China holds the monopoly for rare earth
magnet production. It is mainly because they have huge rare earth
reserves. Scientists have calculated that China owns about 23 percent of
the rare earth reserves in world. However, several facts have forced
the Chinese government to reduce their supply of rare earth magnets to
the market. This has given life to illegal exports and has even forced
some consumers to think of alternative options.
The demand for
some of the rare earth magnets dropped dramatically within 2012 as a
result of Global Economic Downturn. This created a huge impact on some
off the leading consumer electronics and automotive motor manufacturers
in United States and Japan. However, they managed to get rid of the
hassle because some countries like Australia contributed towards the
world's rare earth magnet market by small amounts.
The China Rare
Earth Permanent Magnet Industry report has analyzed the industrial
trends and information in detail. According to the data contained in
that report, China is planning to continue their monopoly for the next
few years as well. However, some experts predict that it will not be
possible for them to continue the monopoly because of the latest
restrictions in exports.
About Stanford Magnets.
Based in California, Stanford Magnets has been involved in the R&D and sales of licensed ,
Neodymium magnets and SmCo magnets, ceramic magnets, flexible magnets
and magnetic assemblies since the mid of 1980s. We supply all these
types of magnets in a wide range of shapes, sizes and grades.