According to the latest report by IMARC Group, titled "Rare Earth Magnet Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global rare earth magnet market size reached US$ 16.4 Billion in 2021. Rare earth magnets are a type of permanent magnets that are made from alloys of rare earth elements. These magnets are ferromagnetic in nature and can be magnetized like iron. They are characterized by higher magnetic field strength and magnetic stability when compared with ferrite or alnico magnets. This aids in product miniaturization, enhancing product performance and minimizing overall manufacturing costs. Since they are also extremely brittle and prone to corrosion, they are most commonly coated or plated with other metals to avoid chipping, breaking or crumbling into powder. These magnets are combined with various transition metals, including iron, nickel and cobalt, to improve their natural magnetic properties. They are widely used in the manufacturing of printers, motors, microphones, separators and automotive starters.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Rare Earth Magnet Market Trends:
The global market is primarily driven by significant growth in the automotive industry. Rare earth magnets are widely utilized in the manufacturing of automobiles. This, along with improving living standards, inflating disposable income levels and constant technological advancements in the sector, is providing a thrust to the market growth. Increasing automation across numerous industries has also facilitated the uptake of electric motors, which, in turn, is increasing the sales of these magnets. The market is further driven by the significant growth in the wind energy generation industry. The increasing number of power generation plants, developments in the existing infrastructure and the rising demand for uninterrupted power supply across the globe are creating a positive outlook for the market. The growing application of these magnets across the electronics and healthcare sectors is further contributing to the market growth. On account of the aforementioned factors, the market is projected to grow at a CAGR of 5.88% during 2022-2027.
- On the basis of the magnet type, the market has been bifurcated into Neodymium-Iron-Boron (NdFeB) and Samarium-Cobalt (SmCo) magnets, wherein NdFeB magnets account for the majority of the total market share.
- Based on the application, the market has been divided into NdFeB (automobile, electronics, power generators, medical industry, wind power and others) and SmCo (defense, aerospace, electronics, medical devices and others) magnets.
- On the geographical front, China holds the leading position in the market. Some of the other key regions include Japan, Europe and the United States of America.
- 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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