Columbus, OH -- (SBWIRE) -- 07/24/2015 -- It has been recently reported that the rare earth industry has started to be driven by the awareness of clean technology. This latest report has been able to give an insight into the entire set up of the manufacturing plant of rare earth magnets.
The neodymium magnets are permanent magnets known for the strength all over the four corners of the world. being made from the alloys of elements of the rare earth, it has been able to aid in the production of the magnetic fields which are even stronger than the other types of magnets such as Alnico, Ferrite, just to name a few. In the current scenario, the industry has about two types of rare earth magnets. As per reliable sources, it has also been said that the global or the international market for such type of magnets have grown, in the past 7 years, to a CAGR of 9 per cent.
Currently, the NdFeB is the type of magnet that is reported to be the one that accounts for a major portion of the total global consumption in terms of volume. The report also shown the very fact of the matter that China stands as the country that has the largest producer as well as the largest consumer in terms of volume and quantity.
The growth in the industry is directly connected to the growth to a wide range of different types of applications. Among the large number of applications, again, generators and motors account for the majority of the total number of consumption not just in one or two countries but also in the entire world. The report has been published with the intention of offering useful aid in order to be able to set up a manufacturing plant for the same. It also gives an insight into its viability.
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