Market of China Rare Earth Permanent Magnet Industry is Anticipated to Reach 120,000 tons by 2017: Radiant Insights

Market for rare earth permanent magnet Industry is expected to provide a significant boost in the near future.

China accounts for over 23% of the global reserves of rare earth metals. It produced volumes over 84% in 2012. Thus the country is a key driver of the worldwide rare earth permanent magnet industry in terms of production as well as consumption. Rare earth permanent magnets have various uses, both civil and defense.   Products for the civilian purposes include industrial motors, wind power generation, clear energy automobiles, and energy-saving household appliances.

These materials also serve an important purpose in the defense sector. They form the chief primary materials for national defense cutting-edge technology uses. These include aviation & aerospace, electric interference & confrontation, precision guidance & positioning, etc.

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China aims to attain the lofty goal of reducing the carbonate dioxide emissions per unit of its gross domestic product by half of those in 2005, by 2020. This is expected to provide a significant boost to the market for rare earth permanent magnet materials in the near future. In 2014, patents of dominant Japanese and U.S. vendors for neodymium-iron-boron (NdFeB) will expire in Europe, Japan and the U.S. This is bound to propel exports from China.

Aluminum-Nickel-Cobalt, iron-chromium-cobalt, composite permanent magnet materials, rare earth permanent magnet materials and permanent magnetic ferrite are the common permanent magnet materials. NdFeB permanent magnet materials would generate maximum demand till 2017. This segment will attain an annual average growth rate of 35% from 2013 to 2017. Its volumes are anticipated to reach 120,000 tons by 2017.

Applications of NdFeB are split into traditional and new. Newer applications comprise wind power generation, energy-saving elevator, new energy automobiles, energy-saving air-conditioner, and EPS. 

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Key players in the rare earth permanent magnet industry in China are Zhong Ke San Huan High-Tech Company Limited.; Ningbo Yunsheng Co. Ltd.; Xiamen Tungsten Co. Ltd.; Yantai Zhenghai Magnetic Material Co. Ltd.; and Inner Mongolia Baotou Steel Rare-Earth Hi-Tech Co. Ltd. 

Zhong Ke San Huan High-Tech Co. Ltd. is China’s largest producer of magnetic materials. In 2012, it manufactured 13,500 tons of sintered NdFeB and 1,500 tons of bonded NdFeB. Additionally, it invested in three manufacturing locations (Ningbo, Beijing, & Tianjin) for capacity expansion.

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