Global Magnets

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This global study on magnets analyzes the supply of and demand for permanent magnets, which are defined as “hard” materials that can be magnetized (gain the ability to attract iron and other ferromagnetic objects) by an external magnetic field and remain magnetized after the external field is removed.

Magnets

The major products that are used to make permanent magnets are:

  • neodymium (also called neodymium-iron-boron (NdFeB), neo, or rare earth)
  • ferrite (or ceramic)
  • samarium cobalt (SmCo or rare earth)
  • alnico
  • other magnets, including copper nickel iron (CuNiFe), iron chromium cobalt (FeCrCo), iron cobalt vanadium (also referred to as FeCoV and vicalloy), iron cobalt vanadium chromium (FeCoVCr), and samarium iron nitride (SmFeN) types

The major markets for magnets analyzed in the study are:

  • electronics, including CD and DVD players, computers, electronic calculators, electronic cameras and camcorders, electronic game systems, electronic watches, garage door openers, hearing aids, home entertainment systems, mobile phones, portable music and video players, and printers
  • industrial machinery of all types, including air and gas compressors, construction and other heavy mobile equipment, industrial power transmission systems, material handling equipment (conveyors, forklift trucks, etc.), metalworking and plastics processing machinery, packaging equipment, pumps, and turbine generators
  • automotive, including components and parts used in light vehicles, buses, trucks, and vans
  • other markets, including aerospace and military equipment, all-terrain vehicles, electric bicycles and scooters, furniture and fixtures (catches and closures), guitars and other musical instruments, heating and cooling equipment, household appliances, ICE-powered motorcycles, locomotives, MRI machines and other medical equipment, refrigerator magnets, scientific instruments, ships and boats, and toys

At the world level, industrial magnet demand is broken out by application (electric motors and other); automotive magnet demand is broken out by vehicle type (conventional, including mild and micro hybrids; and full/plug-in hybrids and electric vehicles) and application (electric motors and other); and demand for magnets used in other markets is broken out by segment (electric bicycles and motorcycles, and all other).

Also provided at the global level is demand by magnet type in metric tons.

Demand figures presented here represent the value of finished magnets and do not include the value of magnet-containing subassemblies or devices.

Historical data (2008, 2013, and 2018) and forecasts for 2023 are provided on a region-by-region basis for magnet value demand (by product type and by market) and for select countries (US, Canada and Mexico, China, Japan). Total magnet demand is also provided in a yearly series from 2004 through 2018 on a country-by-country basis.

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