Neodymium magnets, also known as super magnets, are the most powerful category of permanent magnets. Neodymium is a rare earth metal, and when combined with iron and boron, it forms the strongest permanent magnet currently available in the world. These magnets can be produced in various shapes such as discs, blocks, cubes, rings, rods, and spheres. Applying nickel-copper-nickel coating over these magnets lends them an appealing silver surface. Neodymium magnets are characterized by their strong adhesive force as even the smallest neodymium magnets are just as strong as larger common magnets. This renders them suitable for applications where the strongest magnetic force is required from the smallest possible volume of magnetic material. A neodymium disc weighing as small as 2 grams can lift a steel block weighing over 2,000 grams.
The demand for neodymium magnets is expected rise in near future due to rise in their use in the consumer electronics industry. The main features of neodymium iron boron magnets are high heat resistance, coercivity, and remanence. Increase in demand for the rare earth metal neodymium owing to its superior properties such as improved saturation magnetization has led to its widespread use in small-sized products with higher magnetic strength and increased pull force.
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Rise in demand for wind energy on account of depleting natural resources and increase in emphasis on renewable energy are some of the key factors driving the demand for neodymium magnets market. However, the unpredictability associated with the price of rare earth neodymium metals may hamper the market over the forecast period. China is a prominent manufacturer of neodymium magnets owing to the presence of abundant neodymium deposits in the country.
In terms of regional demand, Asia Pacific dominated the neodymium magnet market in 2017. This is mainly attributed to large resources of neodymium in China. Moreover, China continues to lead the global neodymium magnet market due to rise in industrial activities, increase in energy generation, and rise in demand for automobiles.
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