Neodymium iron boron, as the third generation rare earth permanent magnet material, has a high performance price ratio and is widely used in industries such as energy, transportation, machinery, medical, IT, home appliances, etc. Especially with the development of knowledge economy represented by information technology, it continuously brings new uses to functional materials such as rare earth permanent magnet neodymium iron boron industry, which brings broader market prospects for the neodymium iron boron industry.

At present, China has become the world's center for manufacturing neodymium iron boron permanent magnets. China has currently formed its own neodymium iron boron industry system, relying on resource and cost advantages, and the industry is developing rapidly. In 2003, the production accounted for over 50% of the world's production, and the world's neodymium iron boron industry is shifting to China.

In addition, the global manufacturing industry is currently shifting to China, including downstream manufacturing industries that use neodymium iron boron, such as home appliances, audio systems, and motors. The development of the downstream market of neodymium iron boron in China will drive the demand for neodymium iron boron, and local production and sales can reduce the cost of products. Therefore, the transfer of downstream manufacturing industry applying neodymium iron boron to China will also drive the transfer of neodymium iron boron industry to China.