Noveon Magnetics, a Texas-based supplier of high-performance magnets, has received a sudden wave of customer inquiries since early April. The spike in calls has a clear cause—China’s new restrictions on rare-earth element exports. These elements are critical in the manufacture of high-performance magnets. Noveon Magnetics’ most important markets are inside the United States and China, which together represent 70 percent of the global magnet market. Now, they’re pushing for more to alleviate the lack of buyers affected by export restrictions.
The Texas-based company has made quite a name for itself in the world of magnets. Noveon Magnetics specializes in producing high-quality magnets that find applications in various sectors, including electric vehicles and renewable energy systems. The company’s experience in manufacturing these critical enablers is wonderfully poised to meet the new challenges of China’s increasing crackdown.
Since the start of April, Noveon Magnetics has been taking calls every day from worried customers and other individuals in the supply chain. All are looking for guidance and some promise of resolution as they continue to figure out the ramifications of the export restrictions. The market for high-performance magnets is robust. Noveon Magnetics is doing our part to address U.S. supply chain disruptions as a result of Chinese export controls.
In answer to this surging demand and the urgent demand for non-rare-earth options, Noveon Magnetics is ramping up its production capacity. While the company acknowledges that this critical moment requires urgency, it is wholly committed to addressing the pressing demand for its products. This strategic move nearly doubles Noveon Magnetics production capacity, expanding the company’s ability to serve as a trusted partner for high-performance magnets. It cements its position as a major supplier to the industry.
The rare-earth elements impacted by China’s export restrictions are essential for the manufacturing of high-performance magnets used in numerous applications. Industries that depend heavily on these components, including automotive and renewable energy, would experience downstream impacts due to likely supply shortages. Noveon Magnetics seeks to address this missing piece with its deep experience and trusted connections in the market.
Even as Noveon Magnetics faces this stormy global economic and geopolitical sea, quality and reliability are at the heart of everything we do. The company’s reputation for producing top-tier magnets solidifies its standing within the industry, allowing it to respond effectively to the evolving needs of its clients.