Rare Earth Magnet Market: By Type (Neodymium-Iron-Boron Magnet (NdFeB), Samarium Cobalt Magnet (SmCo)), Product (Countersunk Magnets, Circular Disc Magnets, Hook & Eyebolt Magnets, Cylindrical Rod Magnets, Circular Ring Magnets, Rectangular, Self-Adhesive, Pot & Clamping Magnets), Application (Automotive Industry, Food & Drink Processing, Aerospace Industry, Renewable Energy, Consumer Electronics, Deep Sea Exploration, Others) and Geography

Rare Earth Magnet Market was valued at USD 18,265.8 Million in 2023 and is poised to grow at a CAGR of 7.9% over 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 rare earth magnet 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.

Rare Earth Magnet Market Key Developments:

• In April 2023, Neo Performance Materials Inc. acquired SG Technologies Group Limited, one of Europe's leading advanced, specialty manufacturers of rare-earth-based and other high-performance magnets for industrial and commercial markets.
• In February 2023, Energy Fuels Inc., acquired seventeen (17) mineral concessions between the towns of Prado and Caravelas in the State of Bahia, Brazil totalling 15,089.71 hectares.