September 22, 2014
While manufacturers know neodymium magnets, also called NdFeB, are some of the most powerful magnets in the world, they might be surprised to learn they are some of the smallest and lightest, which make them ideal for tech firms. Trends in the tech world are headed to thinner and lighter devices and demand for neodymium magnets is likely going to maintain upward growth. And supply for these magnets will also increase along with demand.
Business intelligence firm Research and Markets predicts the market for neodymium magnets will be fueled by greater demand for sustainable technologies like wind power equipment. In 2013, China represented the world's biggest output of neodymium magnets with 91 percent to supply companies with rare earth materials. Companies around the world will likely use these rare earths as new and mature markets grow together.
The magnets have diverse applications, from wind turbine motors to consumer electronics like headphones. Sennheiser said its headphones are able to replicate a stereo sound experience with its HD 449 Headphones, Extreme Tech reported, made with neodymium magnets, proving magnets are key to improving efficiency and function of everyday technologies.
New rare earth opportunities in Greece
While China is the biggest source of neodymium magnets in the world, Chinese investors are also looking into recovering greater volumes of rare earths located in Greece, International Business Times reported. Investment firms are basing their assumptions on reports that more than $1.28 billion worth of rare earth materials are located not only on the Greek mainland but also off the coast of the country, including Strymonikos Bay. Most of these hidden resources might actually be under the surface in ??the northern Aegean Sea and in Thrace, according to news sources.
China and Greece may partner to research and recover rare earth materials in order to provide more magnets used in electronics and other applications.