Global Neodymium-Iron-Boron Magnet Market to Grow at 6.6% During 2024-2032, Impelled by Rising Trend of Equipment Miniaturization

July 29, 2020 | Chemical & Materials

According to the latest report by IMARC Group, titled "Neodymium-Iron-Boron Magnet Market Report by Application (Automobile, Electronics, Power Generators, Medical Industry, Wind Power, and Others), and Region 2024-2032," the global neodymium-iron-boron magnet market reached a value of US$ 15.6 Billion in 2023. 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 6.6% during 2024-2032.

Market Summary:

  • 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.

Report Scope:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion, Metric Tons
Segment Coverage Application, Region
Region Covered China, Japan, Europe, Others
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 3899
Five User License: US$ 4899
Corporate License: US$ 5899
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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Global Neodymium-Iron-Boron Magnet Market to Grow at 6.6% During 2024-2032, Impelled by Rising Trend of Equipment Miniaturization
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