West Challenges China's Rare Earth Dominance: New Magnet Factories Emerge

• Western nations are rapidly building domestic "mine-to-magnet" supply chains to reduce reliance on China for rare earth magnets.
• Rare earth magnets are crucial for EVs, wind turbines, defense, and tech, gaining strategic importance amid US-China tensions.
• Companies like Neo Performance Materials are opening new magnet factories in Europe, with significant production targets.
• US magnet production capacity is projected to increase sixfold by 2036, supported by government initiatives and loans like Vulcan Elements' $620M.
• Despite China controlling over 90% of global magnet manufacturing, Western efforts are strengthening their position in the market.

Why It Matters: Western countries are aggressively investing to break China's rare earth magnet monopoly, boosting domestic production.