Posted on 1st December 2021 in the categories: Magnetics

Rare Earth Magnets Important Role in The Economy

Rare earth magnets

Rare earth magnets are vital to the global economy, powering everything from electric vehicles to wind turbines. With their magnetic strength and energy producing capabilities, they are ideal for almost any application. Therefore, their widespread use on a global scale not only contributes massively to the global economy but also the global supply chain.

Rare earth overview

Simply, rare earth magnets are strong permanent magnets that contain alloys of rare earth elements. They have strong energy-producing capabilities relative to their weight, which makes them ideal in many industries. Due to their valuable properties and wide range of uses, the rare earth magnet industry is growing rapidly.

Promoting economic growth with rare earth magnets

The last decade has seen many initiatives toward clean, green, and low-carbon energy, as well as a global shift toward electric vehicles and automation. These initiatives would not be possible without rare earth magnets. Therefore, rare earth magnets will continue to be heavily used in the future.

Neodymium and Samarium Cobalt magnets are vastly used across vast industries and remain to be vital components to many revolutionary and upcoming industries, including:

Neodymium Magnets

  • Wireless charging
  • Wind turbines
  • Electric vehicles
  • Medical technology
  • Electronics
  • Generators
  • Aerospace

Samarium Cobalt Magnets

  • Pumps
  • Machinery
  • Motors
  • Medical devices
  • Automation

As these industries continue to make technological advancements, the rare earth industry is expected to grow. Generally, due to the diverse uses of permanent magnets, market predictions, and pressure to build infrastructure domestically, the rare earth market could promote economic growth.

Goudsmit UK

High performance magnets from Goudsmit UK are used daily in hundreds of industrial applications worldwide. From filtration to material handling and sorting, our extensive range of solutions can help you improve output quality, productivity, and the lifespan of your applications.

For more information visit our magnetic products page or download our products and services brochure.

Contact our team at or on +44 (0) 2890 271 001.

Share this post:

Sign up to the newsletter

Get latest news, offers, products and more, sent straight to your inbox

By signing up for our newsletter, you are agreeing to our privacy policy, terms and conditions