About Rare Earth Magnets:
- Rare earth magnets are a type of permanent magnet made from alloys of rare earth elements.
- They are known for their exceptional magnetic strength, high energy density, and superior performance compared to other types of magnets.
- These magnets are widely used in various industries due to their ability to generate strong magnetic fields in compact sizes.
- Their global supply chain is currently dominated by China, which accounts for about 90% of processing capacity.
- Neodymium (Nd-Fe-B) and Samarium Cobalt (SmCo) are the two most common types of rare earth magnet materials.
- Neo magnets are composed primarily of neodymium, boron and iron, and samarium cobalt is composed of samarium and cobalt.
- Both materials come in different grades, or strengths, and have different magnetic and physical properties.
- Both types are extremely strong.
- These magnets tend to be brittle and are vulnerable to corrosion. Manufacturers typically nickel-plate the material to protect it from oxidation.
- Uses:
- They’re useful in medical applications such as magnetic resonance imaging (MRI) machines, as well as X-Rays and positron emission tomography (PET) imaging.
- They are also utilized in aviation, national defense, electronic devices, smartphones, consumer goods, jewelry, hard drives, and electric vehicles (EVs), to name several applications.
What are Rare Earth Elements (REE)?
- REE are a set of seventeen elements in the periodic table. These include the fifteen lanthanides on the periodic table plus scandium and yttrium.
- REE are all metals, and the group is often referred to as the "rare earth metals”.
- Despite their name, rare earth elements are not actually rare—they are relatively abundant in the Earth’s crust but are difficult to mine and refine, which makes them valuable.
- These metals have many similar properties, and that often causes them to be found together in geologic deposits.
- They are also referred to as "rare earth oxides" because many of them are typically sold as oxide compounds.
- China controls over 80% of the global rare earth refining capacity, giving it significant leverage in the global supply chain. India plans rare earth magnet incentives as supply threat mounts.
