According to the latest report by IMARC Group, titled "Neodymium-Iron-Boron Magnet Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global neodymium-iron-boron magnet market reached a value of US$ 14.6 Billion in 2022. A neodymium-iron-boron magnet (NdFeB) refers to a kind of permanent magnet that has a tetragonal crystalline structure. It is made from an alloy of neodymium, iron and boron. It is considered to be one of the strongest and most affordable types of rare earth magnets. Available in a wide array of shapes, sizes and grades, these magnets have low curie temperature and are susceptible to oxidation. Consequently, they often require a surface finish or protective coating to minimize the effects of corrosion. Additionally, they are characterized by high magnetic stability, magnetic field strength and energy efficiency. As a result, they are widely used for several applications, such as electric motors, sensors, loudspeakers, DC motors and power tools.
Global Neodymium-Iron-Boron Magnet Market Trends:
The market is primarily driven by the rapidly expanding industrial applications of NdFeB magnets on the global level. There has been a growing demand for magnets with high magnetic strength and stability from numerous end sectors, including medical, defense, automotive and electronics. Significant growth in the end use industries is, in turn, providing a thrust to the market growth. The rising trend of equipment miniaturization is acting as a major growth-inducing factor. This is supported by rapid urbanization, inflating disposable incomes of the masses and advancements in digital technologies. Furthermore, governments of numerous countries are undertaking initiatives to promote the use of green technologies to minimize greenhouse gas (GHG) emissions, which is facilitating the uptake of these magnets. The limited availability of substitutes for NdFeB magnets is favoring the market growth. Looking forward, the global neodymium-iron-boron magnet market is expected to grow at a CAGR of 7.53% during 2023-2028.
- Based on the application, the market has been divided into the automobile, electronics, power generators, medical industry, wind power and others.
- On the geographical front, China holds the leading position in the market, accounting for the majority of the total market share. Other major countries include Japan, Europe and others.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
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