The Global Market For Rare Earth Elements

The great strength of rare earth Neodymium magnets has given rise to many new applications in areas where magnets were never used before from magnetic clasps on jewellery to children’s toys. Manufacturers of modern sports parachute equipment also opted to use Neodymium magnets as closing mechanism. Mechanical e-cigarettes also use magnets in the firing switches.

Rare earth elements (REE) have many significant applications most particularly in permanent magnets that are being used today for power generation and electric cars. According to Linda Wong, technology inventor and Purdue’s Maxine Spencer Nichols, professor of chemical engineering, REEs can be found in batteries, petroleum refining catalysts, phosphors in coloured televisions and electronics that include mobile phones.

The growth is demand for rare earth elements is expected to grow dramatically over the coming decades because of the wide number of applications where the element is an important component. The REEs that are being used in the United States right now are being imported from China that controls at least 90% of the supply. This situation has serious implications on the US economy as well as security.

However, while it is true that China dominates the rare earth market, the United States is also working hard to increase its presence in the global rare earth market. According to research made by Purdue University called Wards auto report, the US could boost the extraction of REEs while recycling 1.5 billion tons of accumulated coal ash.

Linda Wang underscored the importance of developing the domestic market because it is an important process to be able to weather the volatile market of rare earth metals. For example, when China reduced its export quotas in 2010, the price of rare earth magnets used for one wind turbines increased from $80,000 to $500,000. When China relaxed the export restrictions, prices returned to normal levels.

Online stores are your best option if you are searching for rare earth Neodymium magnets for any application. You will be able to find what you are looking for easily so that you can finish an ongoing project. There is wide range of magnets in different shapes, sizes and grades to choose from for a broad range of applications.