With the progress of science and technology, not only are rare earth permanent magnet materials used in the small and special motor of computer, auto, meter, household appliances, aerospace industry etc and the components of NMR equipment, magnetic separation equipment, magnetism therapy instrument etc, but also some emerging fields such as new energy vehicles, inverter home appliances, energy-saving elevators and energy-saving oil pumping machine need more and more these advanced materials. Rare earth permanent magnets own huge application space.

Since the year 2012, rare earth prices in our country have fallen sharply, which leads to the production and use cost reduction of rare earth permanent magnet materials. Whereas in developed countries the production costs keep high while the market prices keep falling, so it is hard for these countries to continue production. At present, global production base of rare earth permanent magnet industry is now shifting to China, and China has been worldwide supplier of rare earth permanent magnet materials.

In July this year, the Ministry of Industry and Information Technology (MIIT) and the Ministry of Finance (MOF) jointly released the notice "National Subsidy Fund Administrative Measures for the Development of the Internet of Things Industry and the Rare Earth Industry". It gives support to the following five aspects: One is the rare earth resources mining regulation; Second is environmental protection technical innovation of rare earth mining and smelting; Three is a key technology and standards development of rare earth in common; Four is high-end rare earth application technology research and development and industrialization; Five is the public technical service platform construction. As the highest technical content in the rare earth industry chain, rare earth permanent magnet materials will surely benefit most.