The global rare earth magnet market size reached US$ 18.5 Billion in 2023. Looking forward, the publisher expects the market to reach US$ 29.7 Billion by 2032, exhibiting a growth rate (CAGR) of 5.4% during 2023-2032.
Rare-earth magnets refer to a type of permanent magnets which are made from the alloys of rare earth elements. They generate strong magnetic fields that assist in product miniaturization, improving product performance and reducing manufacturing costs. As these magnets are brittle and prone to corrosion, they are generally plated or coated to avert breaking, chipping or crumbling into powder. Owing to their numerous advantages, they find applications in the manufacturing of motors, separators, printers, microphones, automotive starters, acoustic transducers and computer disc drives.
Earlier, the application of rare earth magnets was largely confined to the motors and automotive industry. However, the global rare earth magnet market has recently experienced a rise in the demand from several new industries such as electronics, medical devices and actuators manufacturing. Moreover, on account of rapid urbanization, industrialization, growing penetration of electricity and increasing levels of automation in several industries, the electric motor industry is experiencing moderate growth. As the motor industry represents one of the largest end-users of rare earth magnets, this growth is creating a positive impact on their demand. Apart from this, expansion of the wind energy generation plants on account of the growing population and increasing demand for electricity is anticipated to boost the market growth in the upcoming years.
2. What are the major global rare earth magnet market drivers?
3. What are the major global rare earth magnet market trends?
4. What is the impact of COVID-19 on the global rare earth magnet market?
5. What will be the rare earth magnet market outlook during the forecast period (2024-2032)?
6. What is the global rare earth magnet market breakup by magnet type?
7. What is the global rare earth magnet market breakup by application?
8. What are the major regional markets in the global rare earth magnet industry?
9. Who are the leading players in the global rare earth magnet industry?
Rare-earth magnets refer to a type of permanent magnets which are made from the alloys of rare earth elements. They generate strong magnetic fields that assist in product miniaturization, improving product performance and reducing manufacturing costs. As these magnets are brittle and prone to corrosion, they are generally plated or coated to avert breaking, chipping or crumbling into powder. Owing to their numerous advantages, they find applications in the manufacturing of motors, separators, printers, microphones, automotive starters, acoustic transducers and computer disc drives.
Earlier, the application of rare earth magnets was largely confined to the motors and automotive industry. However, the global rare earth magnet market has recently experienced a rise in the demand from several new industries such as electronics, medical devices and actuators manufacturing. Moreover, on account of rapid urbanization, industrialization, growing penetration of electricity and increasing levels of automation in several industries, the electric motor industry is experiencing moderate growth. As the motor industry represents one of the largest end-users of rare earth magnets, this growth is creating a positive impact on their demand. Apart from this, expansion of the wind energy generation plants on account of the growing population and increasing demand for electricity is anticipated to boost the market growth in the upcoming years.
Key Market Segmentation:
The publisher provides an analysis of the key trends in each sub-segment of the global rare earth magnet market report, along with forecasts at the global and regional level from 2024-2032. The report has categorized the market based on magnet type and application.Breakup by Magnet Type:
- Neodymium-Iron-Boron (NdFeB) Magnets
- Samarium-Cobalt (SmCo) Magnets
Breakup by Application:
- NdFeB Magnets
- Automobile
- Electronics
- Power Generators
- Medical Industry
- Wind Power
- Others
- SmCo Magnets
- Defense
- Aerospace
- Electronics
- Medical Devices
- Others
Regional Insights:
- China
- Japan
- Europe
- USA
Competitive Landscape:
- The competitive landscape of the industry has also been examined along with the profiles of the key players being Arnold Magnetic Technologies, ADAMS Magnetic Products Co., Bunting Magnetics Co., Eclipse Magnetics Ltd. (Spear & Jackson), Hangzhou Permanent Magnet Group. Ltd., Ningbo Ninggang Permanent Magnetic Materials Co., Ltd., Ningbo Ketian Magnet Co. Ltd. and Thomas & Skinner Inc
Key Questions Answered in This Report
1. What was the global rare earth magnet market size in 2023?2. What are the major global rare earth magnet market drivers?
3. What are the major global rare earth magnet market trends?
4. What is the impact of COVID-19 on the global rare earth magnet market?
5. What will be the rare earth magnet market outlook during the forecast period (2024-2032)?
6. What is the global rare earth magnet market breakup by magnet type?
7. What is the global rare earth magnet market breakup by application?
8. What are the major regional markets in the global rare earth magnet industry?
9. Who are the leading players in the global rare earth magnet industry?
Table of Contents
1 Preface3 Executive Summary12 Loans and Financial Assistance
2 Scope and Methodology
4 Introduction
5 Global Rare Earth Magnets Industry
6 Market Performance by Magnet Type
7 Market Performance by Key Regions
8 Market Breakup by Application
9 Competitive Landscape
10 Rare Earth Magnet Manufacturing Process
11 Project Details, Requirements and Costs Involved
13 Project Economics
14 Key Player Profiles
List of Figures
List of Tables
Companies Mentioned
- Arnold Magnetic Technologies
- ADAMS Magnetic Products Co. Bunting Magnetics Co. Eclipse Magnetics Ltd. (Spear & Jackson)
- Hangzhou Permanent Magnet Group. Ltd.
- Ningbo Ninggang Permanent Magnetic Materials Co. Ltd.
- Ningbo Ketian Magnet Co. Ltd
- Thomas & Skinner Inc.
Methodology
LOADING...
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 148 |
| Published | March 2024 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value ( USD | $ 18.5 Billion |
| Forecasted Market Value ( USD | $ 29.7 Billion |
| Compound Annual Growth Rate | 5.4% |
| Regions Covered | Global |
| No. of Companies Mentioned | 6 |
