Wind Turbines and NdFeB Magnets (China)

In 2024, the world's four largest wind turbine manufacturers were Chinese for the first time, led by Goldwind with over 20 GW installed (GWEC). Beyond the machines, direct-drive turbines rely on NdFeB permanent magnets, of which China supplies about 94% of sintered production and 91% of rare-earth refining in 2024 (IEA). This dual concentration, turbines and magnetic materials, leaves the wind sector exposed to Beijing's industrial and export-control decisions.