According to research, by 2023, the proportion of neodymium, iron and boron utilization in new energy vehicles will rise to 26%

According to Frost & Sullivan's research, from 2015 to 2020, the global consumption of high-performance NdFeB magnets has increased from 34200 tons to 65000 tons, an annual increase of about 13.7%. According to the data calculation, it is estimated that by 2025, the consumption may increase to 129100 tons, with an estimated annual growth rate of about 14.71%.

As a major producer of new energy vehicles, China's high-performance neodymium magnets have increased from 19400 tons to 40500 tons from 2015 to 2020, an annual increase of 15.86%. It is estimated that China's neodymium magnet consumption will reach 87100 tons in 2025, with an annual compound value-added rate of 16.55%.

From this, it can be seen that the consumption and growth rate of strong magnetic materials in China is the highest in the world. According to known statistics, it has accounted for more than 60% of the world.