China's Rare‑Earth Dominance Drives Push for Alternative Magnets

China supplies more than 80% of the world’s rare‑earth magnets, a critical component for electric vehicles, wind turbines, defense systems and other high‑tech applications. The concentration of supply has prompted governments and investors to seek ways to reduce dependence.

U.S. and Japanese officials are backing companies such as The Metals Company, which aims to develop deep‑sea mining for rare‑earths, and MP Materials, which already operates a rare‑earth mine and processing facility in the United States. While The Metals Company remains in a developmental stage, MP Materials reports growing revenues and new aerospace and defense customers.

At the same time, researchers are exploring alternative magnet technologies that do not rely on rare‑earth elements. Iron‑nitride magnets, made from abundant iron and nitrogen, could achieve magnetic strengths up to 2.4 Tesla, while manganese‑bismuth magnets offer high‑temperature resilience and use non‑toxic, readily available materials. Both alternatives face challenges in scalability, performance and cost before they can replace existing rare‑earth magnets.