Production levels of rare earth permanent magnetic materials have jumped dramatically in recent years, according to a recent research report covering both SmCo and NdFeB materials. Output in 2017 exceeded 170 kilotons, registering a 78.% upsurge over 2010. Production of NdFeB, now dominating the market, soared 135% well above the average growth rate of the industry.
According to the authors, TDK, Hitachi Metals, Shin-Etsu Chemical and VAC are market leaders in the production of high-performance NdFeB permanent magnets in large quantity for global markets, seizing almost 50% of world market share.
Meanwhile, China continues to dominate as the world’s largest producer of rare earth permanent magnet by virtue of its rare earth resource superiority. More than 150 kt of NdFeB permanent magnet or about 90% of the global total was produced in China in 2017. Despite the country’s massive production capacity, most of Chinese NdFeB enterprises still focus on mid and low-end products and have not yet been strong in high-end products, the report says.
For that reason, the country has issued incentive policies to facilitate the development of high-performance NdFeB. The country’s domestic demand for high-performance NdFeB will rise by more than 15% during 2018-2021, the authors say.
The report, Global and China Rare Earth Permanent Magnet Industry Report, 2017-2021, is available through Research And Markets and ReportLinker. For more information, see www.ResearchAndMarkets.com, and www.ReportLinker.com.