The global neodymium-iron-boron magnet market size reached US$ 15.6 Billion in 2023. Looking forward, the market is projected to reach US$ 28.1 Billion by 2032, exhibiting a growth rate (CAGR) of 6.76% during 2023-2032.
Neodymium-iron-boron (NdFeB) magnets are rare earth magnets manufactured from neodymium, iron, and boron. They are permanent magnets with the highest magnetic properties compared to samarium cobalt (SmCo), alnico, and ferrite magnets. They are highly cost-effective while offering high resistance to demagnetization. They are used in metal separators to filter iron powder from oil reserves effectively. In addition, NdFeB magnets assist in manufacturing jewelry clips, identification badges, and baby strollers that are attached to carriers via magnets. They are also integrated in magnetic resonance imaging devices to diagnose and treat chronic pain syndrome, arthritis, wound healing, insomnia, and headache by generating a static magnetic field.
This, coupled with the rising application of these magnets as a motion-generating device in orthodontic treatments, molar distillation, and palatal expansion, is propelling the growth of the market. Moreover, the growing demand for NdFeB magnets in manufacturing speakers to create an opposing magnetic field that creates vibrations is offering a positive market outlook. Apart from this, the escalating demand for permanent magnets in electrical appliances, such as air conditioners (ACs), washing machines, dryers, cooling fan motors in computers, fans, and microwaves, is bolstering the growth of the market.
Neodymium-iron-boron (NdFeB) magnets are rare earth magnets manufactured from neodymium, iron, and boron. They are permanent magnets with the highest magnetic properties compared to samarium cobalt (SmCo), alnico, and ferrite magnets. They are highly cost-effective while offering high resistance to demagnetization. They are used in metal separators to filter iron powder from oil reserves effectively. In addition, NdFeB magnets assist in manufacturing jewelry clips, identification badges, and baby strollers that are attached to carriers via magnets. They are also integrated in magnetic resonance imaging devices to diagnose and treat chronic pain syndrome, arthritis, wound healing, insomnia, and headache by generating a static magnetic field.
Neodymium-Iron-Boron Magnet Market Trends
At present, there is a rise in the demand for renewable energy sources, such as wind and solar, to reduce the dependency on fossil fuels. This, along with the growing utilization of NdFeB magnets in wind turbine generators to increase their efficiency, represents one of the key factors driving the market. Besides this, the increasing employment of NdFeB magnets in robotics to power wheels, sensors, and motion is contributing to the growth of the market. In addition, there is an increase in the demand for NdFeB magnets to maintain the muscular tonus of astronauts during space flights across the globe.This, coupled with the rising application of these magnets as a motion-generating device in orthodontic treatments, molar distillation, and palatal expansion, is propelling the growth of the market. Moreover, the growing demand for NdFeB magnets in manufacturing speakers to create an opposing magnetic field that creates vibrations is offering a positive market outlook. Apart from this, the escalating demand for permanent magnets in electrical appliances, such as air conditioners (ACs), washing machines, dryers, cooling fan motors in computers, fans, and microwaves, is bolstering the growth of the market.
Key Market Segmentation
This report provides an analysis of the key trends in each sub-segment of the global neodymium-iron-boron magnet market report, along with forecasts at the global and regional level from 2024-2032. The report has categorized the market based on application.Breakup by Application:
- Automobile
- Electronics
- Power Generators
- Medical Industry
- Wind Power
- Others
Regional Insights:
- China
- Japan
- Europe
- Others
Competitive Landscape
The report has also examined the competitive landscape of global neodymium-iron-boron magnet market.Key Questions Answered in This Report
- How has the global neodymium iron boron (NdFeB) magnet market performed so far and how will it perform in the coming years?
- What are the key regional markets in the global neodymium iron boron (NdFeB) magnet industry?
- What has been the impact of COVID-19 on the global neodymium iron boron (NdFeB) magnet industry?
- Which are the key end-use industries for neodymium iron boron (NdFeB) magnet?
- What are the various stages in the value chain of the global neodymium iron boron (NdFeB) magnet industry?
- What are the key driving factors and challenges in the global neodymium iron boron (NdFeB) magnet industry?
- What is the structure of the global neodymium iron boron (NdFeB) magnet industry and who are the key players?
- What is the degree of competition in the global neodymium iron boron (NdFeB) magnet industry?
- What are the profit margins in the global neodymium iron boron (NdFeB) magnet industry?
- What are the key requirements for setting up a neodymium iron boron (NdFeB) magnet manufacturing plant?
- How is a neodymium iron boron (NdFeB) magnet manufactured?
- What are the various unit operations involved in a neodymium iron boron (NdFeB) magnet plant?
- What is the total size of land required for setting up a neodymium iron boron (NdFeB) magnet plant?
- What are the machinery requirements for setting up a neodymium iron boron (NdFeB) magnet plant?
- What are the raw material requirements for setting up a neodymium iron boron (NdFeB) magnet plant?
- What are the packaging requirements for a neodymium iron boron (NdFeB) magnet?
- What are the transportation requirements for a neodymium iron boron (NdFeB) magnet?
- What are the utility requirements for setting up a neodymium iron boron (NdFeB) magnet plant?
- What are the manpower requirements for setting up a neodymium iron boron (NdFeB) magnet plant?
- What are the infrastructure costs for setting up a neodymium iron boron (NdFeB) magnet plant?
- What are the capital costs for setting up a neodymium iron boron (NdFeB) magnet plant?
- What are the operating costs for setting up a neodymium iron boron (NdFeB) magnet plant?
- What will be the income and expenditures for a neodymium iron boron (NdFeB) magnet plant?
- What is the time required to break-even?
Table of Contents
1 Preface3 Executive Summary12 Loans and Financial Assistance
2 Scope and Methodology
4 Introduction
5 Global Rare Earth Magnet Industry
6 Global Neodymium-Iron-Boron (NdFeB) Magnet Industry
7 Performance of Key Regions
8 Market Breakup by Application
9 Competitive Landscape
10 Neodymium-Iron-Boron Magnet (NdFeB) Manufacturing Process
11 Project Details, Requirements and Costs Involved
13 Project Economics
List of Figures
List of Tables
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 137 |
| Published | April 2024 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value ( USD | $ 15.6 Billion |
| Forecasted Market Value ( USD | $ 28.1 Billion |
| Compound Annual Growth Rate | 6.7% |
| Regions Covered | Global |
