Global Rare Earth Magnet Market to Grow at 5.2% During 2024-2032, Impelled by Significant Growth in Automotive Sector

July 09, 2020 | Chemical & Materials

According to the latest report by IMARC Group, titled "Rare Earth Magnet Market Report by Magnet Type (Neodymium-Iron-Boron (NdFeB) Magnets, Samarium-Cobalt (SmCo) Magnets), Application (NdFeB Magnets, SmCo Magnets), and Region 2024-2032," the global rare earth magnet market size reached US$ 18.5 Billion in 2023. 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.

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 5.2% during 2024-2032.

Market Summary:

  • 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, the market has been segregated into China, 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. Some of the key players include 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.

Report Scope:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion, 000’ Metric Tons
Segment Coverage Magnet Type, Application, Region
Region Covered China, Japan, Europe, USA
Companies Covered 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.
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.

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Global Rare Earth Magnet Market to Grow at 5.2% During 2024-2032, Impelled by Significant Growth in Automotive Sector
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