Why should rare earth magnets be recycled?
Neodymium-iron-boron (Nd-Fe-B) magnets based on rare earth (RE) metals play a fundamental role in the transition to a clean energy future and form the basis for an industry worth more than three trillion US dollars worldwide. Driven by the increasing adoption of EV (electric vehicle) and green technologies, as well as robotics and automation in the future, global demand for Nd-Fe-B magnets shows a projected growth of 15-20% p.a. over the next decade.
As the EU does not have large, easily exploitable RE deposits, its member states import more than 95% of Nd-Fe-B magnets. The market participation of European companies is thereby limited by the monopoly-like supply of RE by China.
Growing political tensions, import tariff considerations, and supply chains disrupted by the COVID-19 pandemic further increase price volatility and market vulnerability, which is why the alloying components of these magnets have been classified as EU-critical raw materials for years.
In addition to the problem of dependency, conventional processes for extracting rare earths involve enormous energy inputs and leave a large environmental footprint.
By recycling Nd-Fe-B magnets in the EU, HyProMag Gmbh can actively contribute to reducing companies' dependence on China and can offer its customers a sustainable and clean alternative for the extraction of magnets and magnetic powder.
In addition, the EU is aiming for recycling quotas that result in the corresponding need to introduce more recycled products. HyProMag can help companies achieve these quotas by offering them the complete value chain of magnet recycling.