J. Howley, Y. Wang
IDTechEx,
United Kingdom
Keywords: rare earth magnets, critical materials, critical minerals, rare earth elements, supply chain, material innovations, manufacturing innovations, market forecast, technology assessment
Summary:
High-performance rare earth permanent magnets are critical materials in electric mobility, energy, aerospace, and robotics applications, but intensifying supply restrictions are motivating a revaluation of rare earth usage. Grain boundary engineering and novel jet milling technologies are emerging to improve magnet performance while reducing heavy rare earth content. At the same time, existing manufacturing technologies are increasingly being repurposed to enable the recycling and remanufacturing of rare earth magnets. IDTechEx forecasts that global annual rare earth magnet production will grow 54% over the next decade to reach 330 ktpa, underscoring a clear opportunity for material and manufacturing innovations. With significant investment flowing into domestic critical material production, IDTechEx evaluates global rare earth supply chains, the impact of magnet innovations in the context of emerging Western production, and gives its 10-year market outlook.