Today's News in The Magnet Industry
Views: 9 Author: Site Editor Publish Time: 2024-07-19 Origin: Site
USA Rare Earth Targets 2024 for Magnet Production in Oklahoma: USA Rare Earth is set to begin neodymium magnet production at its Stillwater, Oklahoma facility in 2024. The plant will initially produce about 1,200 tons of magnets per year, with plans to increase capacity to 4,800 tons annually. This move is part of the company’s strategy to establish a fully integrated U.S.-based supply chain for rare earth elements and permanent magnets.
Permanent Magnet Market Growth: The global permanent magnet market, valued at USD 41.51 billion in 2023, is projected to grow at a compound annual growth rate (CAGR) of 10.2% from 2024 to 2032. This growth is driven by expanding applications in aerospace, defense, automotive, and renewable energy sectors. Innovations in rare earth element-free magnet materials are also contributing to this market expansion.
Partnerships and Technological Advances: The Ames National Laboratory is partnering with other U.S. Department of Energy (DOE) labs to launch a new Critical Materials Research Facility. This initiative aims to support the supply chain for critical materials, including those used in magnet production. Additionally, advancements in wireless EV charging technology at the Oak Ridge National Laboratory demonstrate significant progress in using polyphase electromagnetic coupling coils.
These developments highlight the dynamic and rapidly evolving landscape of the magnet industry, driven by technological advancements and strategic initiatives to secure and enhance supply chains.
