“Concise Analysis of the International Permanent Magnet Market – Trends & Forecast To 2018″ report is already out. According to it, the permanent magnet market is currently experiencing high growth, due to rising demand for increased electrification in all walks of like and due to the need for better efficiency.
Permanent magnets are objects made of a material that is magnetized and has its own magnetic field. Like the name implies, it is “permanent” magnet with a magnetic field and displays magnetic behavior always. However, their uses are limited, as against electromagnets, due to the limited magnetic power. Until electromagnets were discovered, permanent magnets were the only magnets available to men.
Permanent magnets can be made from magnetite, naturally occurring mineral that’s highly magnetic, or a synthetic magnetic substance called neodymium. The strength of permanent neo magnets will depend on the material used. However, a permanent magnet can lose magnetic properties, like when it is heated to its maximum temperature. Then, the magnetic property will be lost and can be regained only by re-magnetizing.
Even so, it is preferred over electromagnets as they don’t need constant electric supply for maintaining the magnetic field. As a result, permanent magnets are sought after in wind energy and automotive sectors. It is used for electric wheels, power steering, hybrid wheels, etc. Wind turbines are another area where permanent magnets are popular.
Now, China rules the roost of rare earth magnets, which are composed of different rare earth elements and ferrite. NdFeB permanent magnet is used widely, thanks to the infinite applications and advantages.
Today, China retains the monopoly of rare earth minerals that are used to create rare earth magnets. They have a huge reserve of 23% of dysprosium and neodymium. The Chinese government is taking measures to ensure they retain their monopoly as the best supplier of rare earth reserves, but without hampering its requirement.
For more information, please visit https://www.stanfordmagnets.com/