Rare earth magnets were developed in the 1970s utilizing alloys of elements to create a strong permanent magnet. Therefore, in order to make the alloys the elements must first be mined. China mines around 95% of the elements used in rare earth magnets for the entire world. The other 5% comes from areas including Japan, Australia, and California. California is the only region in the western hemisphere that produces these elements. However, a shortage of the elements has developed recently.
What is Causing the Shortage?
The recent development has to do with trade and commerce practices of one country in particular. On March 13, the United States, Japan, and European Union filed a World Trade Organization complaint against China for restricting exports of these minerals. Since China supplies the majority of this product to the world, this restriction drove the price of the elements up. Trade officials are attempting to find a resolution to this dilemma. However, many scientists around the world are searching for substitutes to resolve the issue in that manner.
Many question why there is not a higher level of production of these elements in other regions. Although these minerals are actually not rare at all, their dispersion throughout the earth's soil makes the small clusters that they are found in hard to locate. Combine this with the fact that not only is the extraction process costly, but also damaging to the environment. For these reasons, increasing the regions in which the elements can be mined becomes quite difficult.
Why Does the Shortage Matter?
While the mining process of the elements is not environmentally friendly, the world's clean energy technology is based on at least 5 rare earth magnets. With most of the developed nations having standing legislature that requires the expanse of clean energy, the increased cost in the rare earth magnets are driving the up the cost of achieving the standards dictated by the laws.
Beyond the added expense to the clean energy industry, rare earth magnets made many of the advancements in technology possible since their advent. These types of magnets are utilized in commodities such as computers, mobile devices, cameras, electric cars, and many more. Consumers will take the burden of the increased manufacturing costs by paying higher prices for the commodities that are reliant on these rare earth magnets.
As mentioned before, rare earth magnets were essential in making many of the advancements in electronics possible for the simple reason that they are the necessary component needed to miniaturize electronics. For products such as the electric car, the reduced size and weight of the electronics within the vehicle ensure that it can perform to its maximum efficiency level.
Marie M Adams is a writer for Amazing Magnets. Get wholesale pricing on Rare Earth Magnet and fast shipping. Visit their website today, http://www.amazingmagnets.com
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Source: http://newsandsocietyblog-energy.blogspot.com/2012/09/is-supply-of-rare-earth-magnets-running.html
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