Many of the industrial motors used today are induction motors. However, permanent magnet motors are generally more efficient than induction motors and can be more cost-effective in the long run, especially for factories and plants that run constantly. Currently, most permanent magnet motors rely on critical materials, specifically rare-earth-based high-performance magnets, which are costly and exceed the performance needs of many industrial applications.
Scientists are working to find alternatives to rare-earth-based magnets that can function well in motors, because rare-earth materials are expensive and can experience supply chain issues. However, finding a cost-effective, functional alternative material is challenging. A motor magnet needs strong magnetism that is unaffected by high temperatures and exposure to magnetic interference.