Massive Demand For Electronics & Automobile Manufacturing To Propel Permanent Magnet Market Thru 2024

Massive Demand For Electronics & Automobile Manufacturing To Propel Permanent Magnet Market Thru 2024

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America’s Perplexing Dilemma: 100% Reliance Upon China For Rare Earth Elements

The United States defense industry relies on Chinese producers for 100 percent of its rare earth materials, which a 2016 Government Accountability Office report called a “bedrock national security issue.”

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Lithium, Cobalt Prices Key to Neodymium Demand

Permanent magnets in EVs can be replaced by electric magnets powered by a car’s battery system. In fact, EV pioneer Tesla favored electric magnets in previous car models, driven in part by concerns over the security and sustainability of rare earth supplies.
But Tesla was eventually forced to adopt rare earth magnets for the Model 3 as the only affordable way to deliver high power-to-weight ratios. The problem is that substitution of permanent magnets with electric magnets increases the load on the battery.

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