U.S. Rare Earth Magnet Projects Support New Technologies

April 25, 2024--Researched by Industrial Info Resources (Sugar Land, Texas)--Magnets created from rare earth elements such as neodymium and samarium show exceptional strength when compared to ordinary magnets. As the strongest type of magnet available commercially, rare earth magnets are employed in applications where strong magnetic fields are required. These are increasingly used for greener sectors, such as the wind power and electric vehicle (EV) sectors, but also include other segments such as medicine (e.g., magnetic resonance imaging machines), and aerospace and defense applications, such as missile-guidance systems. With their growing use in these continually developing technologies, U.S. manufacturers are underway with a number of projects involving rare-earth magnets production.

Companies featured: POSCO (NYSE:PKX), General Motors Company (NYSE:GM)