Many parts in the car need magnets, and there are many types. I will not introduce them here. Today's article mainly discusses the demand for high-performance ChinFeB magnets in traditional automobiles.
The application of high-performance ammonium iron boron magnets in traditional automobiles is mainly an electric power steering system (EPS). EPS steering system plays a key role in vehicle stability, comfort, and safety. Automotive power steering systems can be divided into three categories: mechanical hydraulic power steering systems (HPS), electronic hydraulic power steering systems (EHPS), and electric power steering systems.
The development of the EPS steering system in my country's automobile industry is slightly later than that of developed countries in Europe and the United States. In recent years, the penetration rate of EPS in my country's passenger vehicle market has increased rapidly, reaching 96.2% in 2020, but HPS and EHPS. still, dominate the steering system of commercial vehicles. Although HPS and EHPS are low in cost, they consume a lot of energy and are easily damaged. Therefore, as the requirements for energy conservation and emission reduction become stricter, they will be gradually replaced by EPS in the future.
The automotive market in Europe and the United States has developed to a mature stage, and the EPS penetration rate is around 85%-90%. Therefore, there is still room for improvement in the future EPS penetration rate in the domestic automotive market, which will drive the increase in the demand for high-performance ChinFeB.
In 2021, the auto market will begin to recover. China's auto production will be 26.057 million units, a year-on-year increase of 3.5%; sales will be 26.248 million units, a year-on-year increase 3.9%. It is expected that from 2022 to 2025, China's automobile production will continue to grow at a compound annual growth rate of 4%. According to the calculation that each EPS system requires 0.25kg of high-performance ammonium-iron-boron magnetic materials, by 2025, the global demand for high-performance ammonium-iron-boron in the traditional automotive field will exceed 21,000 tons.
