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How Strong Are Rare Earth Magnets?

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rare earth magnets

How Strong Are Rare Earth Magnets?

Magnets are an integral part of many technologies and appliances in the 21st century.

From tiny fridge magnets that hold to-do lists to powerful ones that create magnetic fields for electricity generation from wind turbines, there are many different types of magnets.

The world’s strongest magnets, also known as rare earth magnets, are made by alloying certain rare earth elements with other materials.

But just how strong are rare earth magnets, and what makes them so powerful?

Measuring Magnet Strength

The above infographic uses data from First4Magnets to compare the strength of magnets. But before looking at the strongest magnets, it’s essential to understand how to measure magnetic strength.

The maximum energy product, measured in mega-gauss-oersteds (MGOe), is one of the primary indicators of magnetic strength. It is a multiplication of two measurements: a magnet’s remanence and its coercivity.

  • Remanence:
    To become magnets, ferromagnetic substances need to enter the magnetic field of an existing magnet. Remanence, measured in Gauss, is the magnetism left in the magnet after removing the external magnetic field.
  • Coercivity:
    Coercivity is the energy required to bring a magnetic material’s magnetism down to zero. Measured in oersteds, it essentially captures the magnetic material’s resistance to demagnetization.

The Strength of Rare Earth Magnets

Each magnet has a grade, which typically denotes its strength. For example, a neodymium magnet of grade N42 has a strength of 42MGOe.

To put the power of two common rare earth magnet grades into perspective, here’s how their strength compares with common grades of other permanent magnets:

Magnet (Grade)CompositionMaximum Energy Product (MGOe)
Neodymium (N42)Neodymium, iron, boron42
Samarium Cobalt (SmCo 2:17)Samarium, cobalt28
Alnico (Alnico-5)Iron, aluminum, nickel, cobalt5.5
Ferrite (Ferrite-8)Ceramics, iron oxide3.5
Magnetic rubber (Grade Y)Strontium or barium, synthetic rubber, PVC0.8

Note: While the N42 neodymium magnet is used more commonly, the strongest available magnet is of grade N52.

Neodymium and samarium—two of the 17 rare earth elements—are ferromagnetic, meaning that they have inherent magnetic properties and can be magnetized. These metals are first mined, refined, and then combined with materials like iron, boron, and/or cobalt to make the strongest magnetic alloys.

Neodymium magnets are typically composed of one-third neodymium, along with iron and boron. Some of the neodymium in magnets can be replaced with praseodymium, another rare earth material. For this reason, neodymium magnets are also known as NdPr magnets.

Due to their strength, neodymium magnets have found their way into various technologies, from phones and laptops to motors in electric vehicles. In fact, according to Adamas Intelligence, 90% of all EV motors use NdPr magnets. Because these magnets also offer relatively high strength for a smaller size, they are also the predominant choice for wind turbines, reducing turbine weight significantly.

Samarium-cobalt magnets exhibit exceptional resistance to extreme temperatures. These magnets can operate from temperatures as low as -270℃ up to 350℃ and are also highly resistant to corrosion. Consequently, they have important applications in harsh marine environments and technologies with high operating temperatures.

The Demand for Neodymium Magnets

Global EV sales more than doubled last year, up from around 3 million cars in 2020 to 6.6 million in 2021. Similarly, renewable energy is expanding at a record pace, with capacity installations in 2022 set to break the record set the previous year.

With that in mind, it’s no surprise that the demand for rare earth magnets is expected to increase. Neodymium magnet consumption is forecasted to grow from more than 100,000 tonnes in 2020 to 300,000 tonnes by 2035, with EVs and wind turbines driving growth.

However, the supply chain of neodymium magnets remains a concern with China controlling the majority of rare earth extraction, refining, and downstream magnet production.

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Electrification

Visualizing the World’s Largest Copper Producers

Many new technologies critical to the energy transition rely on copper. Here are the world’s largest copper producers.

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Visualizing the World’s Largest Copper Producers

Man has relied on copper since prehistoric times. It is a major industrial metal with many applications due to its high ductility, malleability, and electrical conductivity.

Many new technologies critical to fighting climate change, like solar panels and wind turbines, rely on the red metal.

But where does the copper we use come from? Using the U.S. Geological Survey’s data, the above infographic lists the world’s largest copper producing countries in 2021.

The Countries Producing the World’s Copper

Many everyday products depend on minerals, including mobile phones, laptops, homes, and automobiles. Incredibly, every American requires 12 pounds of copper each year to maintain their standard of living.

North, South, and Central America dominate copper production, as these regions collectively host 15 of the 20 largest copper mines.

Chile is the top copper producer in the world, with 27% of global copper production. In addition, the country is home to the two largest mines in the world, Escondida and Collahuasi.

Chile is followed by another South American country, Peru, responsible for 10% of global production.

RankCountry2021E Copper Production (Million tonnes)Share
#1🇨🇱 Chile5.627%
#2🇵🇪 Peru2.210%
#3🇨🇳 China1.88%
#4🇨🇩 DRC 1.88%
#5🇺🇸 United States1.26%
#6🇦🇺 Australia0.94%
#7🇷🇺 Russia0.84%
#8🇿🇲 Zambia0.84%
#9🇮🇩 Indonesia0.84%
#10🇲🇽 Mexico0.73%
#11🇨🇦 Canada0.63%
#12🇰🇿 Kazakhstan0.52%
#13🇵🇱 Poland0.42%
🌍 Other countries2.813%
🌐 World total21.0100%

The Democratic Republic of Congo (DRC) and China share third place, with 8% of global production each. Along with being a top producer, China also consumes 54% of the world’s refined copper.

Copper’s Role in the Green Economy

Technologies critical to the energy transition, such as EVs, batteries, solar panels, and wind turbines require much more copper than conventional fossil fuel based counterparts.

For example, copper usage in EVs is up to four times more than in conventional cars. According to the Copper Alliance, renewable energy systems can require up to 12x more copper compared to traditional energy systems.

Technology2020 Installed Capacity (megawatts)Copper Content (2020, tonnes)2050p Installed Capacity (megawatts)Copper Content (2050p, tonnes)
Solar PV126,735 MW633,675372,000 MW1,860,000
Onshore Wind105,015 MW451,565202,000 MW868,600
Offshore Wind6,013 MW57,72545,000 MW432,000

With these technologies’ rapid and large-scale deployment, copper demand from the energy transition is expected to increase by nearly 600% by 2030.

As the transition to renewable energy and electrification speeds up, so will the pressure for more copper mines to come online.

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Energy Shift

Should You Invest in Disruptive Materials?

Disruptive materials are experiencing a demand supercycle. See how these materials are helping revolutionize next generation technologies. (Sponsored)

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The-10-vital-Ingredients-Behind-Explosive-and-Emerging-Technologies

Should You Invest in Disruptive Materials?

New technologies are having a transformative impact on the transportation and energy sectors. As these technologies develop, it is becoming clear that a small selection of materials, metals, and minerals—known collectively as disruptive materials—are critical components required to innovate.

This graphic from Global X ETFs takes a closer look at the disruptive materials that are key to fueling climate technologies. With a growing global effort to decarbonize, disruptive materials may enter a demand supercycle, characterized as a structural decades-long period of rising demand and rising prices.

Building Blocks Of the Future

There are 10 categories of disruptive materials in particular that are expected to see demand growth as part of their role within emerging technologies.

Disruptive MaterialApplicability
ZincProtects metal surfaces from rusting through a process called galvanization. This is essential to wind energy.
Palladium & PlatinumOften used in catalytic converters, thus playing a major role in hydrogen fuel cell technology.
NickelA corrosion-resistant metal used to make other metals more durable.
ManganeseAn important mineral needed for battery and steel production.
LithiumThe foundational component of lithium-ion batteries.
GrapheneThe thinnest known material which is also 100x stronger than steel. Used in sensors and transistors.
Rare Earth MaterialsA broader category including 15 lanthanide series elements, plus yttrium. These metals are found in all types of electronics.
CopperA reliable conductor of electricity. It can also kill bacteria, making it useful during pandemics.
CobaltAn important ingredient for rechargeable lithium batteries, found only in specific regions of the world.
Carbon Fiber & Carbon MaterialsStrong and lightweight materials with applications in aerospace and the automotive industry.

While these 10 categories do not make up the entire disruptive material universe, all are essential to securing a climate and technologically advanced future.

How The Green Revolution Is Transforming the Materials Market

The data on rising global temperatures and extreme weather events is jarring and has governments and organizations from all over the world ramping up efforts to combat its effects through new budgets and policies.

Take the soaring total number of U.S. climate disasters for instance. Most recently in 2021, the quantity of weather disasters stood at 20 whereas in 1980 it stood as a much smaller figure of three. In addition, total disaster costs have risen above $100 billion per year.

Globally, the top 10 most extreme weather events in 2021 racked up $170 billion in costs.

RankClimate EventCost ($B)
#1Hurricane Ida$65.0B
#2European floods$43.0B
#3Texas winter storm$23.0B
#4Henan floods$17.6B
#5British Columbia floods$7.5B
#6France’s “cold wave”$5.6B
#7Cyclone Yaas$3.0B
#8Australian floods$2.1B
#9Typhoon In-fa $2.0B
#10Cyclone Tauktae $1.5B

What’s more, some research estimates that these rising costs are far from coming to a halt. By 2050 the annual cost of weather disasters could surge past $1 trillion a year. In an effort to slow rising temperatures, governments are dramatically increasing their climate spending. For example, the U.S. is set to spend $80 billion annually over the next five years.

To see how climate spending impacts the materials market, consider the complexity behind a typical solar panel which requires almost 20 different materials including copper for wiring, boron and phosphorus for semiconductors, as well as zinc and magnesium for its frame.

Overall, these materials are essential to the expansion of a variety of emerging technologies like lithium batteries, solar panels, wind turbines, fuel cells, robotics, and 3D printers. And therefore, are translating to higher levels of demand for the disruptive materials that make combating climate change possible.

Estimated Disruptive Material Growth by 2040

A societal shift in how we address climate change is forecasted to lead to a demand supercycle for disruptive materials and acts as a massive tailwind.

But just how large is this expected level of demand to be? To answer this, we use two scenarios created by The International Energy Agency (IEA). The first is the Stated Policies Scenario, a more conservative model that assumes demand for material will double by 2040 relative to 2020 levels. Under this scenario, it’s assumed that society takes climate action in line with current and existing policies and commitments.

Then there is the Sustainable Development Scenario, which assumes more drastic action will take place to transform global energy use and meet international climate goals. Under this scenario, the demand for disruptive materials could rise as high as 300% relative to 2020 levels.

However, under both scenarios there’s still significant demand for each type of material.

Disruptive Material

Stated Policies Scenario Demand Relative to 2020

Sustainable Development Scenario Demand Relative to 2020

Lithium13X42X
Graphite8X25X
Cobalt6X21X
Nickel7X19X
Manganese3X8X
Rare earth elements3X7X
Copper2X3X

Overall, lithium is expected to see the most explosive surge in demand, as it could reach anywhere from 13 to 42 times the level of demand seen in 2020, based on the above scenarios.

Introducing the Global X Disruptive Materials ETF

The Global X Disruptive Materials ETF (Ticker: DMAT) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Disruptive Materials Index.

Investors can use this passively managed solution to gain exposure to the rising demand for disruptive materials and climate technologies.

The Global X Disruptive Materials ETF is a passively managed solution that can be used to gain exposure to the rising demand for disruptive materials. Click the link to learn more.

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