General Science Current Affairs Analysis
India is holding talks with companies to establish long-term stockpiles of rare earth magnets by offering fiscal incentives for domestic production, aiming to reduce dependence on China which controls 90% of magnet processing and recently restricted exports.
Rare earth magnets are a type ofpermanent magnet made from alloys of rare earth elements
They are known for theirexceptional magnetic strength,high energy density,andsuperior performancecompared to other types of magnets.
These magnets are widely used in various industries due to theirability to generate strong magnetic fields in compact sizes.
Theirglobal supply chainis currentlydominated by China, which accounts for about90% of processing capacity.
Rare Earth Magnets Types
Neodymium (Nd-Fe-B) and Samarium Cobalt (SmCo)are the twomost common typesof rare earth magnet materials
Neo magnetsare composed primarily ofneodymium, boron and iron, andsamarium cobaltis composed ofsamarium and cobalt.
Both materials come indifferent grades, or strengths,and havedifferent magnetic and physical properties.
Both types areextremely strong.
These magnetstend to be brittleand arevulnerable to corrosionManufacturers typically nickel-platethe materialto protect it from oxidation.
Rare Earth Magnets Uses
They’re useful in medical applications such as magnetic resonance imaging(MRI) machines, as well asX-Raysand positron emission tomography (PET) imaging
They are also utilized inaviation, national defense, electronic devices, smartphones,consumer goods, jewelry, hard drives,and electric vehicles(EVs),to name several applications
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