Super strong neodymium magnet is an ideal accessory when it comes to product development. Neodymium magnets can help the product to fill a niche to improve the existing products or create a new unique product, and thus help many companies find new growth in performance or even make a new company.
For example, magnetic lacing solution of ZUBITS, magnetic wall mounted bottle opener of DropCatch, and magnetic spice jars of Gneiss Spice are all products we can often use in our daily lives. They all use powerful NdFeB magnets. And small neo magnets give them more value: simplicity, convenience, beauty, etc.
You can also easily find some new winning product opportunities on neodymium magnets, right? If yes, you need to know the neodymium magnet price now.
Magnet prices have been rising for more than 15 consecutive months since November 2021. Magnets are now much more expensive than they used to be. For example, a magnet that cost $1 in the first half of 2020 may now cost $2.50 to buy. Many loyal customers who have been using magnets for a long time are complaining that they can no longer afford to use magnets.
This is indeed the current price increase dilemma to face. But this can't stop people from loving magnetic products. This is because:
Inflation is a worldwide problem. This price increase is universal and not just for magnets. People can accept the price increase of other non-magnetic products, of course, can also accept the price increase of magnetic products
Magnets can really provide better value for products. As the saying goes, “There are always people who want the right things at the right price, and things of high value are scarce.”
When you have a unique magnet design in product development, it's easy to get swept up in the excitement. However, before you dive right into developing your product, it's important to take a step back and think about how much it will actually cost to bring your magnetic concept to life. Neodymium magnet costs may get out of control if you're not careful.
This simple guide to neodymium magnet cost will help you make more informed design choices that won't eat away at your bottom line. By keeping product development overhead costs as low as possible without compromising the quality of your overall design, you'll end up with a product you can be proud of and one that could potentially turn a healthy profit.
According to the data from China's neodymium magnet manufacturing industry, direct material, direct labor, and production cost are the three main factors that determine the price of NEO magnets. The approximate percentages are as shown in the figure below. The exact percentage of the three elements will vary from company to company depending on their individual circumstances. Generally speaking, large magnet companies have higher management labor costs. At the same time, these magnet manufacturers have more financial strength, and the proportion of material costs is relatively small.
Raw material: Neodymium magnets are relatively high-cost magnets. The high price is mainly due to the high price of raw materials, namely, Praseodymium neodymium metal (Pr-Nd) and dysprosium-iron alloy (Dy-Fe), both of these materials are rare earth metals. The rare earth metal materials are fluctuating at a high level frequently, so the price of NdFeB magnets is not low.
Labor: Labor costs are determined by the general environment and are generally more stable.
Production: Production costs are affected by a number of factors. Such as production equipment, processing technology, processing quantity, material properties, product shape, size, and precision, etc.
Sintered NdFeB magnets are the strongest magnets available in the world. A very small piece of magnet can hold objects several times its own weight. The raw material neodymium is the key factor for neodymium magnets in terms of costs. The sharp price increase for neodymium and other rare earth metals needed for the manufacture of neodymium magnets therefore changes the prices of your magnetic product a lot suddenly.
When designing products, keep the magnet simple and small.
NdFeB magnets are brittle and difficult to machine. The simpler the shape, the easier the magnet is to process, the lower the scrap rate, and the cheaper the processing cost.
If you are new to magnets, you may need to seek the advice of a magnet expert. AH MAGNET is happy to help you with any question about your magnet design, from magnet material selection, magnetic circuit design, and simulation calculations to prototype production.
Try more samples.
There are many grades of NdFeB magnets according to different magnetic properties and working temperatures. Choosing a magnet is not simply a matter of choosing a high grade with a high magnetic force. Excess magnetism can lead to the waste of rare earth and increased costs.
You need to work through a variety of neodymium magnets to find a balance between size and pull strength. N42 grade offers high performance at an economical price. It is the most commonly used neodymium magnet among the N rating. For even higher temperatures, N50M, N48H, and N42SH are popular for industrial applications.
Find the right magnet supplier.
An experienced magnet supplier should not only provide support in magnet price but also provide a full set of support in all aspects such as magnet selection, sample, transportation, and after-sales service, improve communication efficiency and save customers' time. As the saying goes, time is money.
Although price comparison is the most important basis for understanding whether magnet procurement is cost-effective, we also need to understand our specific situation. In addition to magnet price, we also need to focus on whether there is an advantage in total cost. When a product needs to be available as soon as possible to capture the market, we need to choose a supplier based on the speed of delivery. In addition, whether the end product can afford the fluctuation of NdFeB magnet price is also a very important issue.
AH MAGNET is committed to providing each customer with the highest standard of magnet and customer service. To make sure your inquiry or order has been taken care of, please feel free to contact us by email. We are available 24/7.