We use the electric component of EM radiation to create the EM radiation and to detect it (antennas and Etc.), but does anyone know of a situation where the magnetic component of EM radiation is used? I've read that it is so vanishingly small that it is almost non measurable, but this seems odd because they both hold the same amount of energy. Thanks!
We do not use just the electric component, this is not possible.
An EM radiation is an oscillation in media or void of electric and magnetic fields. As described by Maxwell equations, the electric field oscillation generating the magnetic one and vice versa. So is kind of an electric wave and a magnetic one co-dependent with each other.
It is true that we generate EM signals with antennas by means of an oscillating current, i.e. movement of charges generating electrical field oscillation, but immediately this electric field generates the magnetic one and so forth.
Thus when the radiation interacts it loses all its energy to the interacting medium, i.e. not just that of one component. And in fact, the interaction with charges in media occurs with both magnetic and electric components of the wave.
You can check Wikipedia which is very well represented and explained.