New energy vehicles, industrial motors and other fields are in the ascendant, and new demand will be released in the future. Industry insiders said that the future supply increment may be mainly concentrated in China, and the high-performance NdFeB magnetic material will enter a new round of capacity expansion cycle.
New energy vehicles and industrial motors are regarded as the main incremental fields of magnetic material demand in the future. The motor energy efficiency improvement plan (2021-2023) proposes that by 2023, the annual output of high-efficiency and energy-saving motors will reach 170 million KW, and the proportion of high-efficiency and energy-saving motors in production will reach more than 20%. According to the calculation of the organization, the implementation of the motor energy efficiency improvement plan may bring about a demand increase of about 77000 tons from 2022 to 2023 (the penetration rate of rare earth permanent magnet motor in high-efficiency and energy-saving motor is 60%).
Rare earth permanent magnet motor has the advantages of small volume, light weight, high efficiency, good characteristics, simple structure, reliable operation and long service life, and the overall energy efficiency can be increased by about 15% or more, with good economic and social benefits. Rare earth permanent magnet motor has a large market space and rapid demand growth in the future.
At present, the production and sales of new energy vehicles continue to improve, and the penetration rate continues to increase. China Automobile Industry Association predicts that the sales volume of new energy vehicles in China will be 5 million in 2022, with a year-on-year increase of 47%.
Neodymium-iron-boron magnetic materials will be used in the driving motor of new energy vehicles. In 2022, the domestic consumption of rare earth permanent magnet materials will reach 173600 tons. It is expected that the capacity increment of overseas rare earth permanent magnet will be limited in the short term, and the global supply increment of high-performance neodymium magnets may be mainly concentrated in China in the future.
Driven by the strong downstream demand for new energy vehicles, industrial motors and wind power generation, high-performance neodymium magnets may enter a new round of capacity expansion cycle. Leading enterprises will continue to expand capacity and improve profitability with the advantages of core technology, cost control and downstream channels.
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