The global permanent magnet market is expected to grow from USD 34.4 billion in 2021 to USD 54.1 billion in 2026, at a CAGR of 9.5% over the forecast period. The permanent magnet industry is growing due to increasing demand for permanent magnets in various applications across the globe. The permanent magnet market is expected to decline in 2020 due to COVID-19. However, the end of lockdowns and recovery in application areas will stimulate demand over the forecast period.
Adapted from: Permanent Magnet Market Global
Why Are Permanent Magnets Important?
Powerful permanent magnets are key components in climate-economy products such as electric cars and wind turbines, as well as other technologies such as phones, refrigerators, missiles, and jets. They form a vital part of the global rare earth supply chain, converting processed minerals into valuable inputs for manufacturers of electronics and weapons.
The Influence of Chinese Permanent Magnets in the World
China is by far the world's largest producer of permanent magnets, accounting for 87% of global production in 2018, according to Ping An Securities.
Since the discovery of Nd 2 Fe 14 B alloy, rare earth permanent magnets have been widely used in computers, mobile phones, wind turbines, electric vehicles, air conditioners, elevators, various motors and many other fields.
In the early years, China could only produce low-end magnets, most of which were used in magnetic separation, lifting, acoustic equipment and some low-cost motors.
With the vigorous promotion of magnetic materials in China, the production equipment and technology of Chinese permanent magnet manufacturers have been significantly improved. Now China can produce almost all world-class permanent magnets, from N53 to 50SH and 42EH, with competitive prices. A typical application example is wind turbines. Before 2005, there was almost no production and installation of permanent magnet wind turbines in China. Just 10 years later, 33 GW of wind is installed per year.
The Benefits of Choosing a Chinese Permanent Magnet Manufacturer
High Production
China is a country with the largest rare earth resources and the most abundant rare earth resources in the world. According to data from the US Geological Survey, in 2019, China's rare earth mineral resources reserves were 44 million tons, accounting for 36.67% of the global resources, ranking first in the world;
China has become the world's largest production base and export base of rare earth permanent magnet materials. According to the statistics of the China Rare Earth Industry Association, China produced 138,000 tons of NdFeB magnets in 2018, accounting for 87% of the world's total output, nearly 10 times that of Japan, the world's second-largest output; in 2019, China's rare earth permanent magnet products were exported to 6 countries around the world. Continents, more than 100 countries, Germany, the United States, and Japan, which have the most developed manufacturing industries in the world, occupy the top three in China's export volume.
Low cost
Rare-earth permanent magnets are about 20% cheaper to produce in China than in Europe due to lower labor and energy costs. This makes it possible to reduce the cost of purchasing permanent magnet products from China. Conducive to the development and profit of the enterprise.
Broad product range
Made in China has also improved significantly in recent years. Almost all the world-class permanent magnets N53, 50SH, 42EH, and other grades are now produced in China. Now customers find the right permanent magnet product for all their application requirements in China, just as they do elsewhere.
The Development Trend of Permanent Magnets in China
The raw material supply for the production of permanent magnet ferrite in China is sufficient, and the price is relatively low and relatively stable, which has created a prerequisite for the healthy and stable development of China's permanent magnet ferrite industry. In the future, improving the concentration of enterprises, improving industry technology, and improving R&D capabilities will be an important development direction of China's permanent magnet industry in the future.
How to Find Permanent Magnet Manufacturers in China
ZHAOBAO MAGNET is a leading permanent magnet manufacturer in China. We are experts in permanent magnets and we provide our customers with everything they need in the field of magnets. We are a full service provider and we offer a wide range of permanent magnet products and quality materials. Let our team help you find the perfect permanent magnet part for your application, contact us today to learn more!
Conclusion
From the US to Europe, people are increasingly relying on Chinese permanent magnet makers. Because it will be profitable to cooperate with a Chinese permanent magnet manufacturer or supplier, it is a win-win situation. So China's permanent magnet manufacturer is your best choice!
