Rare earth magnets are strong permanent magnets made from the alloys of rare-earth elements and were developed in the 1970s and 1980s. Rare-earth elements are ferromagnetic in nature which can be magnetized like iron. Unlike, ferrite or alnico magnets, rare-earth magnets have comparatively higher magnetic field strength and magnetic stability. However, these magnets have a lower Curie temperature due to which they exhibit magnetism only at low temperatures. Therefore, in order to enhance their natural magnetic properties, rare-earth magnet compounds are mixed with transition metals like iron, nickel and cobalt, which have higher Curie temperatures.
According to the latest report by IMARC Group titled, “Rare Earth Magnet Market: Global Industry Trends, Share, Size, Growth, Forecast and Opportunity 2019-2024”, the global rare earth magnet market has grown at a CAGR of 7.45% during 2011-2018, reaching a value of around US$ 12.62 Billion in 2018. The major factor which has contributed to the growth of the market is the lack of substitutes for rare earth magnets. Some of the other factors which have influenced the market in recent years include the initiatives undertaken by governments to encourage the use of eco-friendly technologies to reduce carbon emissions and the increasing awareness about advanced energy technologies among the consumers.
Highlights of the Global Rare-Earth Magnet market:
- Rare-earth magnets are made from the alloys of the rare-earth elements and represent the strongest type of permanent magnets
- There are two types of permanent magnets - samarium cobalt (SmCo) magnets and neodymium-iron-boron (NdFeB) magnets
- China is the largest producer of rare-earth magnets.
The report has divided the market on the basis of magnet type as neodymium-iron-boron (NdFeB) magnet and samarium cobalt (SmCo) magnet. These magnets are used in a number of industries for their functional properties. SmCo magnets are used in sectors such as defence, aerospace, electronics, motors, medical etc. for the manufacturing of various equipment, ammunitions and medical devices. NdFeB magnets are used in the manufacturing of high energy motors, generators, magnetic resonance imaging, sensors, loudspeakers, brushless DC motors and other equipment where strong, compact permanent magnets are required.
An evaluation of the regional segmentation of the rare-earth magnet market finds that China is the largest producer of rare-earth magnets followed by Japan, Europe and the US. An analysis of the competitive landscape includes the details of the key manufacturers operative in the market. Some of the largest manufacturers are Ningbo NGYC, Ningbo Yunsheng High-Tech Magnetics Co., Ltd., Adams Magnetic Products Corporation, Shin-Etsu Chemical Co. Ltd., Eclipse Magnetics Ltd., etc.
The report by IMARC Group has examined the global rare earth magnets market on the basis of:
Market by Type:
- Neodymium-iron-boron magnets (NdFeB)
- Samarium cobalt magnets (SmCo)
- Ningbo NGYC
- Ningbo Yunsheng High-Tech Magnetics Co. Ltd.
- Adams Magnetic Products Corporation
- Shin-Etsu Chemical Co. Ltd.
- Eclipse Magnetics Ltd.
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