The requirements for the drive system of electric vehicles are high torque density, high operational reliability, and good torque control capabilities. Therefore, NdFeB requires high magnetic energy product, high coercivity and high operating temperature. Since the magnetic energy product and the coercive force are opposed to each other, a compromise is needed. Generally, neodymium iron boron magnets are used in automobile motors. By adding rare metal dysprosium, the working temperature can be raised to about 400 degrees Celsius to meet the requirements of automobiles.
It is predicted that by 2020, the global output of hybrid electric vehicles (HEV) will exceed 10 million, which will directly bring about 38,000 tons of NdFeB per year. Each HEV uses about 3 kg more NdFeB than traditional cars, bringing NdFeB The demand for boron is 38,000 tons. There are more than 6 million pure electric vehicles (EV) worldwide by 2020, and the demand for NdFeB is 60,000 tons per year. On the whole, the global demand for NdFeB brought by new energy vehicles is 98,000 tons/year.
Consider the scale of demand for traditional neodymium iron boron magnets. From 1996 to 2008, the scale of the global NdFeB industry increased from 900 million US dollars to 3.6 billion US dollars, with a compound growth rate of 12%. By 2020, the size of the traditional NdFeB market will be 11.6 billion US dollars. In 2020, new energy vehicles alone will bring about 46.6 billion NdFeB demand globally, accounting for 60% of traditional demand. It can be said that new energy vehicles will be the most important market for the NdFeB magnet industry in the future.