- Neodymium-Iron-Boron Magnet (NdFeB)
- Samarium Cobalt Magnet (SmCo)
Rare Earth Magnet Market was valued at USD 18,265.8 Million in 2022 and is poised to grow at a CAGR of 7.9% over 2023-2029. 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.
Fastest Growing Market
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.
The rare earth magnet market valued at USD 18,265.8 Million in 2022 and is expected to grow at 7.9% CAGR over the forecast period 2023 – 2029.
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 rare earth magnet 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 rare earth magnet market.