The automotive industry is the largest consumer area of rare earth permanent magnet materials. Among them, traditional automobile EPS demand accounts for more than 30%, and the rapid development of new energy vehicles after 2016 continues to drive the growth in demand for high-performance NdFeB.

The home appliance industry is the second largest consumer of NdFeB: benefiting from the trend of low-carbon and environmental protection, the penetration rate of energy-saving variable frequency air conditioners and energy-saving elevators continues to increase, and their demand accounts for 17.4%.