Sintered neodymium magnets were invented back in 1983. The invention made a revolutionary change to the permanent magnet industry. In 1985, Japan, China and Europe all started to commercialize the production. With further development in magnet grades and applications, the neodymium magnet market expanded into a wide range of different markets.
The total production capacity of neodymium magnets was barely 69 tons per annum back in 1985, by 2008, the figure had gone up to 66,600 tons, the global production capacity increasing by almost 100 times during this period. According to the Chinese Statistic
Bureaus estimation, China would be able to offer 1.3 – 1.5 million tons per annum.