 |
| Magnet |
The global demand for rare earth neodymium-iron-boron (NdFeB) magnets is set to experience varied trends across different sectors in 2024, according to the latest insights from Chen Zhanheng, the secretary-general of China's Rare Earth Industry Association, Acrei. This analysis reveals significant fluctuations influenced by technological advances and market dynamics.
Key Sector Insights
The New Energy Vehicles (NEVs) sector remains the primary consumer of NdFeB magnets, accounting for 35% of the global demand. Chen projects an increase in magnet demand for NEVs by 2.42% to 43,018 tonnes in 2024. Conversely, other sectors like wind turbines and electric bicycles are expected to see a downturn in demand. Specifically, magnet demand for wind turbines is anticipated to drop significantly by 32% to 4,848 tonnes.
Inverter air conditioners are another significant sector, with expected demand to rise by approximately 29% to 30,154 tonnes, demonstrating robust growth. However, the forecast for the smartphone industry shows a minor decrease of 0.87% in magnet demand.
Economic and Production Factors
Chen attributes these demand shifts to multiple factors including economic policies, production outputs, and sector-specific growth. For instance, China's elevator production saw a decline, which correlates with the decreased magnet demand in the energy-saving elevator sector.
The overall output of air conditioners globally is also expected to rise by 10.75% in 2024, reflecting a direct impact on magnet demand in this sector. However, the slowdown in China's real estate and infrastructure development has negatively impacted several sectors, including elevators and wind turbines.
We publish to analyze metals and the economy to ensure our progress and success in fierce competition.
No comments
Post a Comment