Niron Magnetics this week struck a supply agreement with Japan’s ASPINA to help develop motor designs that cut reliance on rare earths, underscoring how U.S. magnet developers are finding customers abroad.
East Asia is drawing that business because magnet manufacturing is expanding faster there than in the U.S., where domestic demand remains sluggish even as supply-chain risks stay in focus.
Industrial Info Resources is tracking more than $5.8 billion in active and proposed U.S. rare-earth magnet projects, but only MP Materials currently operates commercial-scale rare-earth mining in the country.
MP Materials and Vulcan Elements each aim for 10,000 metric tons a year at planned U.S. plants, while Niron is pursuing a 1,500-ton Minnesota facility that could eventually double output.
China still controls more than 90% of the rare-earth supply chain, a dominance that has spurred a bipartisan 2026 U.S. bill offering tax credits for both rare-earth and rare-earth-free magnet production.