Author
Prem Kumar with profound experience and sound knowledge across a wide range of market forecasting methods, demand f.....
Rare Earth Magnet Market: By Type, Samarium Cobalt Magnet ), Product, Application and Region Forecast 2019-2030
Rare Earth Magnet Market size was valued at US$ 18,265.8 Million in 2023 and is poised to grow at a CAGR of 7.9% from 2024-2030. A rare-earth magnet is a powerful permanent magnet constructed of rare-earth alloys that generate magnetic fields that are significantly stronger than those produced by other types of magnets and have a field strength of more than 1.4 Tesla. The increased demand for electric vehicles, especially for hybrid and all-electric vehicles, which has increased the demand for rare earth magnets in the production of motors and drivetrains is expected to drive the market. According to IEA, electric cars’ share of the overall car market has risen from around 4% in 2020 to 14% in 2022 and is set to increase further to 18% this year creating a demand for rare earth magnets. Furthermore, the market for rare earth magnets has an opportunity to supply magnets for wind turbines, hydroelectric generators, and other renewable energy technologies as nations throughout the world continue to highlight the switch to renewable energy sources.
Moreover, the usage of rare earth magnets can also be found in the aerospace and defense sectors, in things like military hardware and aircraft systems. The improvement and growth of technology have an impact on the demand in this industry. But despite their great performance, rare earth magnets have drawbacks like corrosion susceptibility and magnetism loss at high temperatures. Moreover, the production of rare earth magnets heavily relies on the availability of rare earth elements, which are not evenly distributed geographically. These limitations hinder market growth. However, rapid urbanization, industrialization, growing penetration of electricity, and increasing levels of automation in several industries is anticipated to heighten the overall growth of the market.
Study Period
2025-2031Base Year
2024CAGR
7.90%Largest Market
North-AmericaFastest Growing Market
Asia-Pacific
The market is expected to rise owing to the increased popularity of Neodymium-Iron-Boron Magnet (NdFeB) due to their remarkable magnetic qualities, high coercivity, and high energy output NdFeB magnets, have become the most common kind of rare earth magnet. The introduction of neodymium-based magnets is driven by the rising demand for high-performance magnets in fields like electric vehicles and renewable energy technology. Neodymium magnets play a significant role in the wind energy industry's wind turbine generators, which helps to increase the capacity of renewable energy sources. Moreover, medical equipment that requires powerful magnetic fields, such as MRI machines and other equipment, also uses neodymium magnets. Additionally, the strength and lightweight properties of neodymium magnets make them valuable in industrial automation and robotics applications.
Report Benchmarks |
Details |
Report Study Period |
2025-2031 |
Market CAGR |
7.90% |
By Type |
|
By Product Type |
|
By Application |
|
By Region |
|
Download Free Sample Report
Rare earth magnet market size was valued at US$ 18,265.8 million in 2023 and is poised to grow at a CAGR of 7.9% from 2024-2030.
The market for rare earth magnets has an opportunity to supply magnets for wind turbines, hydroelectric generators, and other renewable energy technologies as nations throughout the world continue to highlight the switch to renewable energy sources.
The increased demand for electric vehicles, especially for hybrid and all-electric vehicles, which has increased the demand for rare earth magnets in the production of motors and drivetrains drives the market
Hitachi Metals Group, Shin-Etsu, TDK, VAC, Arnold Magnetic Technologies, ADAMS Magnetic Products Co., Bunting Magnetics Co., Eclipse Magnetics Ltd., Hangzhou Permanent Magnet Group (HPMG)Ltd., Ningbo NGYC (Ninggang Permanent Magnetic) Materials Co. Ltd., Ningbo Ketian Magnet Co.Ltd., Thomas & Skinner Inc., Beijing Zhong Ke San Huan Hi-Tech, Yunsheng Company, YSM, JL MAG, ZHmag, Jingci Material Science, and ATandM are a few companies operating in the market.
1.Executive Summary |
2.Global Rare Earth Magnet Market Introduction |
2.1.Global Rare Earth Magnet Market - Taxonomy |
2.2.Global Rare Earth Magnet Market - Definitions |
2.2.1.Type |
2.2.2.Product Type |
2.2.3.Application |
2.2.4.Region |
3.Global Rare Earth Magnet Market Dynamics |
3.1. Drivers |
3.2. Restraints |
3.3. Opportunities/Unmet Needs of the Market |
3.4. Trends |
3.5. Product Landscape |
3.6. New Product Launches |
3.7. Impact of COVID 19 on Market |
4.Global Rare Earth Magnet Market Analysis, 2020 - 2024 and Forecast 2025 - 2031 |
4.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031, (Sales Value USD Million) |
4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) |
4.3. Market Opportunity Analysis |
5.Global Rare Earth Magnet Market By Type, 2020 - 2024 and Forecast 2025 - 2031 (Sales Value USD Million) |
5.1. Neodymium-Iron-Boron Magnet (NdFeB) |
5.1.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031, (Sales Value USD Million) |
5.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
5.1.3. Market Opportunity Analysis |
5.2. Samarium Cobalt Magnet (SmCo) |
5.2.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031, (Sales Value USD Million) |
5.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
5.2.3. Market Opportunity Analysis |
6.Global Rare Earth Magnet Market By Product Type, 2020 - 2024 and Forecast 2025 - 2031 (Sales Value USD Million) |
6.1. Countersunk Magnets |
6.1.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031, (Sales Value USD Million) |
6.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
6.1.3. Market Opportunity Analysis |
6.2. Circular Disc Magnets |
6.2.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031, (Sales Value USD Million) |
6.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
6.2.3. Market Opportunity Analysis |
6.3. Hook & Eyebolt Magnets |
6.3.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031, (Sales Value USD Million) |
6.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
6.3.3. Market Opportunity Analysis |
6.4. Cylindrical Rod Magnets |
6.4.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031, (Sales Value USD Million) |
6.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
6.4.3. Market Opportunity Analysis |
6.5. Circular Ring Magnets |
6.5.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031, (Sales Value USD Million) |
6.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
6.5.3. Market Opportunity Analysis |
6.6. Rectangular |
6.6.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031, (Sales Value USD Million) |
6.6.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
6.6.3. Market Opportunity Analysis |
6.7. Self-Adhesive |
6.7.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031, (Sales Value USD Million) |
6.7.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
6.7.3. Market Opportunity Analysis |
6.8. Pot & Clamping Magnets |
6.8.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031, (Sales Value USD Million) |
6.8.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
6.8.3. Market Opportunity Analysis |
7.Global Rare Earth Magnet Market By Application, 2020 - 2024 and Forecast 2025 - 2031 (Sales Value USD Million) |
7.1. Automotive Industry |
7.1.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031, (Sales Value USD Million) |
7.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
7.1.3. Market Opportunity Analysis |
7.2. Food & Drink Processing |
7.2.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031, (Sales Value USD Million) |
7.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
7.2.3. Market Opportunity Analysis |
7.3. Aerospace Industry |
7.3.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031, (Sales Value USD Million) |
7.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
7.3.3. Market Opportunity Analysis |
7.4. Renewable Energy |
7.4.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031, (Sales Value USD Million) |
7.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
7.4.3. Market Opportunity Analysis |
7.5. Consumer Electronics |
7.5.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031, (Sales Value USD Million) |
7.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
7.5.3. Market Opportunity Analysis |
7.6. Deep-Sea Exploration |
7.6.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031, (Sales Value USD Million) |
7.6.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
7.6.3. Market Opportunity Analysis |
7.7. Others |
7.7.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031, (Sales Value USD Million) |
7.7.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
7.7.3. Market Opportunity Analysis |
8.Global Rare Earth Magnet Market By Region, 2020 - 2024 and Forecast 2025 - 2031 (Sales Value USD Million) |
8.1. North America |
8.1.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031, (Sales Value USD Million) |
8.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
8.1.3. Market Opportunity Analysis |
8.2. Europe |
8.2.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031, (Sales Value USD Million) |
8.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
8.2.3. Market Opportunity Analysis |
8.3. Asia Pacific (APAC) |
8.3.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031, (Sales Value USD Million) |
8.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
8.3.3. Market Opportunity Analysis |
8.4. Middle East and Africa (MEA) |
8.4.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031, (Sales Value USD Million) |
8.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
8.4.3. Market Opportunity Analysis |
8.5. Latin America |
8.5.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031, (Sales Value USD Million) |
8.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
8.5.3. Market Opportunity Analysis |
9.North America Rare Earth Magnet Market ,2020 - 2024 and Forecast 2025 - 2031 (Sales Value USD Million) |
9.1. Type Analysis 2020 - 2024 and Forecast 2025 - 2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
9.1.1.Neodymium-Iron-Boron Magnet (NdFeB) |
9.1.2.Samarium Cobalt Magnet (SmCo) |
9.2. Product Type Analysis 2020 - 2024 and Forecast 2025 - 2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
9.2.1.Countersunk Magnets |
9.2.2.Circular Disc Magnets |
9.2.3.Hook & Eyebolt Magnets |
9.2.4.Cylindrical Rod Magnets |
9.2.5.Circular Ring Magnets |
9.2.6.Rectangular |
9.2.7.Self-Adhesive |
9.2.8.Pot & Clamping Magnets |
9.3. Application Analysis 2020 - 2024 and Forecast 2025 - 2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
9.3.1.Automotive Industry |
9.3.2.Food & Drink Processing |
9.3.3.Aerospace Industry |
9.3.4.Renewable Energy |
9.3.5.Consumer Electronics |
9.3.6.Deep-Sea Exploration |
9.3.7.Others |
9.4. Country Analysis 2020 - 2024 and Forecast 2025 - 2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
9.4.1.United States of America (USA) |
9.4.2.Canada |
10.Europe Rare Earth Magnet Market ,2020 - 2024 and Forecast 2025 - 2031 (Sales Value USD Million) |
10.1. Type Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
10.1.1.Neodymium-Iron-Boron Magnet (NdFeB) |
10.1.2.Samarium Cobalt Magnet (SmCo) |
10.2. Product Type Analysis 2020 - 2024 and Forecast 2025 - 2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
10.2.1.Countersunk Magnets |
10.2.2.Circular Disc Magnets |
10.2.3.Hook & Eyebolt Magnets |
10.2.4.Cylindrical Rod Magnets |
10.2.5.Circular Ring Magnets |
10.2.6.Rectangular |
10.2.7.Self-Adhesive |
10.2.8.Pot & Clamping Magnets |
10.3. Application Analysis 2020 - 2024 and Forecast 2025 - 2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
10.3.1.Automotive Industry |
10.3.2.Food & Drink Processing |
10.3.3.Aerospace Industry |
10.3.4.Renewable Energy |
10.3.5.Consumer Electronics |
10.3.6.Deep-Sea Exploration |
10.3.7.Others |
10.4. Country Analysis 2020 - 2024 and Forecast 2025 - 2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
10.4.1.Germany |
10.4.2.France |
10.4.3.Italy |
10.4.4.United Kingdom (UK) |
10.4.5.Spain |
11.Asia Pacific (APAC) Rare Earth Magnet Market ,2020 - 2024 and Forecast 2025 - 2031 (Sales Value USD Million) |
11.1. Type Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
11.1.1.Neodymium-Iron-Boron Magnet (NdFeB) |
11.1.2.Samarium Cobalt Magnet (SmCo) |
11.2. Product Type Analysis 2020 - 2024 and Forecast 2025 - 2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
11.2.1.Countersunk Magnets |
11.2.2.Circular Disc Magnets |
11.2.3.Hook & Eyebolt Magnets |
11.2.4.Cylindrical Rod Magnets |
11.2.5.Circular Ring Magnets |
11.2.6.Rectangular |
11.2.7.Self-Adhesive |
11.2.8.Pot & Clamping Magnets |
11.3. Application Analysis 2020 - 2024 and Forecast 2025 - 2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
11.3.1.Automotive Industry |
11.3.2.Food & Drink Processing |
11.3.3.Aerospace Industry |
11.3.4.Renewable Energy |
11.3.5.Consumer Electronics |
11.3.6.Deep-Sea Exploration |
11.3.7.Others |
11.4. Country Analysis 2020 - 2024 and Forecast 2025 - 2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
11.4.1.China |
11.4.2.India |
11.4.3.Australia and New Zealand (ANZ) |
11.4.4.Japan |
11.4.5.Rest of APAC |
12.Middle East and Africa (MEA) Rare Earth Magnet Market ,2020 - 2024 and Forecast 2025 - 2031 (Sales Value USD Million) |
12.1. Type Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
12.1.1.Neodymium-Iron-Boron Magnet (NdFeB) |
12.1.2.Samarium Cobalt Magnet (SmCo) |
12.2. Product Type Analysis 2020 - 2024 and Forecast 2025 - 2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
12.2.1.Countersunk Magnets |
12.2.2.Circular Disc Magnets |
12.2.3.Hook & Eyebolt Magnets |
12.2.4.Cylindrical Rod Magnets |
12.2.5.Circular Ring Magnets |
12.2.6.Rectangular |
12.2.7.Self-Adhesive |
12.2.8.Pot & Clamping Magnets |
12.3. Application Analysis 2020 - 2024 and Forecast 2025 - 2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
12.3.1.Automotive Industry |
12.3.2.Food & Drink Processing |
12.3.3.Aerospace Industry |
12.3.4.Renewable Energy |
12.3.5.Consumer Electronics |
12.3.6.Deep-Sea Exploration |
12.3.7.Others |
12.4. Country Analysis 2020 - 2024 and Forecast 2025 - 2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
12.4.1.GCC Countries |
12.4.2.South Africa |
12.4.3.Rest of MEA |
13.Latin America Rare Earth Magnet Market ,2020 - 2024 and Forecast 2025 - 2031 (Sales Value USD Million) |
13.1. Type Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
13.1.1.Neodymium-Iron-Boron Magnet (NdFeB) |
13.1.2.Samarium Cobalt Magnet (SmCo) |
13.2. Product Type Analysis 2020 - 2024 and Forecast 2025 - 2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
13.2.1.Countersunk Magnets |
13.2.2.Circular Disc Magnets |
13.2.3.Hook & Eyebolt Magnets |
13.2.4.Cylindrical Rod Magnets |
13.2.5.Circular Ring Magnets |
13.2.6.Rectangular |
13.2.7.Self-Adhesive |
13.2.8.Pot & Clamping Magnets |
13.3. Application Analysis 2020 - 2024 and Forecast 2025 - 2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
13.3.1.Automotive Industry |
13.3.2.Food & Drink Processing |
13.3.3.Aerospace Industry |
13.3.4.Renewable Energy |
13.3.5.Consumer Electronics |
13.3.6.Deep-Sea Exploration |
13.3.7.Others |
13.4. Country Analysis 2020 - 2024 and Forecast 2025 - 2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
13.4.1.Brazil |
13.4.2.Mexico |
13.4.3.Rest of LA |
14. Competition Landscape |
14.1. Market Player Profiles (Introduction, Brand/Product Sales, Financial Analysis, Product Offerings, Key Developments, Collaborations, M & A, Strategies, and SWOT Analysis) |
14.2.1.Hitachi Metals Group |
14.2.2.Shin-Etsu |
14.2.3.TDK |
14.2.4.VAC |
14.2.5.Arnold Magnetic Technologies |
14.2.6.ADAMS Magnetic Products Co. |
14.2.7.Bunting Magnetics Co. |
14.2.8.Eclipse Magnetics Ltd. |
14.2.9.Hangzhou Permanent Magnet Group (HPMG)Ltd. |
14.2.10.Ningbo NGYC (Ninggang Permanent Magnetic) Materials Co. Ltd. |
14.2.11.Ningbo Ketian Magnet Co.Ltd. |
14.2.12.Thomas & Skinner Inc. |
14.2.13.Beijing Zhong Ke San Huan Hi-Tech |
14.2.14.Yunsheng Company |
14.2.15.YSM |
14.2.16.JL MAG |
14.2.17.ZHmag |
14.2.18.Jingci Material Science |
14.2.19.ATandM |
15. Research Methodology |
16. Appendix and Abbreviations |
Key Market Players