The permanent magnet industry is undergoing major structural changes. The change started in the mid-1990's and is still going on. The economic globalization has prompted the major players to effect major changes in the production of magnets.
In the past the invention of hard ferrite magnets
brought revolution in the field of automobile industries.
It led to the development of permanent magnet motors. Automobiles industries as we know depend largely on these motors. Ferrite magnets in a current industrial scenario are widely produced worldwide and are used in number of applications. Due to its utility, the techno intellects say "Ferrite Magnets are Ubiquitous."
Initially it was the west which was the major producer of magnets but
in current economic scenario there has been "paradigm shift". The shift can be seen in the extensive usage of Neodymium
- Iron - Boron Magnets both Sintered and Bonded and the rise of magnet industry in Asia. The vast population and the supportive policy of the respective governments, low labor rates, big internal markets have helped in the promotion of these industries. In short it could be said that all of the above factors, have major impact on the global production.
The ongoing change in structure of the global permanent magnet industry is still going on and it has to go a long way. In the long term the industry will be vibrant - one.