The global rare earth permanent magnet market is accelerating its expansion, with Europe and the United States actively building domestic supply chains.

Foreign Media: Rare Earth Permanent Magnet Manufacturers Are in the Spotlight

Due to China's dominant position in the rare earth sector, Western countries are accelerating the development of local "mine to magnet" supply chains to reduce their reliance on China. Rare earth permanent magnets are core components in many key areas, such as electric vehicles, wind turbines, smartphones, and medical equipment.

In the past year, export restrictions and tariff threats have highlighted the strategic importance of rare earth permanent magnet manufacturers. Countries such as the United States, the European Union, and Australia have taken measures to support permanent magnet manufacturers, such as funding provided by the U.S. Department of Defense and the promotion of relevant legislation by the EU.

The CEO of Canadian company Neo Performance Materials stated that its factory in Estonia is helping Europe reduce its reliance on China, and it is expected that the global rare earth permanent magnet market will grow from 2.5 million tons to 6 million tons, more than doubling over the next decade.

Original article: toutiao.com/article/1852372508560384/

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