Dongyang, a county-level city in Jinhua, Zhejiang province boasts a fully integrated magnetic materials industry, spanning from upstream ferrite pre-sintered materials to downstream magnetic devices and motor products.
As one of the nation's largest producers of ferrite and rare earth permanent magnetic materials, Dongyang offers over 4,000 specifications of magnetic products.
As of the end of 2023, Dongyang was home to over 150 magnetic material manufacturing enterprises, including 69 enterprises above designated size, which generated an impressive output value of 23.2 billion yuan ($3.21 billion) last year alone.
This remarkable performance can be attributed to several strategic initiatives by local authorities, including attracting major projects, establishing industrial platforms, and promoting digital upgrades and transformations.
A notable example is the ongoing construction of a new materials industrial park, with an investment of 2 billion yuan. Once completed, the park is expected to produce 20,000 metric tons of high-performance energy-efficient motor magnets, 6,000 tons of high-performance neodymium-iron-boron magnetic steel, and 1,500 tons of bonded magnetic products.
These products will be widely applied in electric vehicle motors, 5G communications, industrial motors, and other advanced fields.
Dongyang is also dedicated to building a comprehensive and multi-dimensional industrial system focused on high-performance magnetic materials. The future development will emphasize quantum new materials and various emerging demand materials as extensions.
In addition, the city is investing heavily in digital and intelligent transformation. Authorities are guiding magnetic material enterprises to increase their investments in key software, hardware, and equipment, thereby enhancing production intelligence and the high-end added value of their products.
To date, the city's magnetic materials industry has implemented 510 machine substitution and intelligent transformation projects, deploying 1,250 new industrial robots.
