Russia is seeing a growing demand for high-performance permanent magnets, particularly in sectors like automotive, wind energy, and electronics, as the country modernizes its manufacturing capabilities and shifts away from fossil fuel dependence. The government is making strategic investments in the electric vehicle (EV) sector, where permanent magnets are essential for the efficient operation of electric motors. In 2023, Russia announced plans to boost the production of zero-emission vehicles to approximately 18,000 units.
The aerospace sector in Russia is also expanding, supported by increased investment in aircraft production. The country’s aviation industry is known for producing competitive military aircraft models such as the MiG-29 and Su-27. To strengthen domestic manufacturing, the Russian government unveiled a US$14.5 million investment plan in June 2022 aimed at enhancing the share of locally produced aircraft. This ongoing development in the aerospace industry presents significant opportunities for the permanent magnet market, as these magnets are critical components in various aerospace applications.
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