The India rare earth magnet market size reached USD 637.4 Million in 2024. Looking forward, IMARC Group expects the market to reach USD 993.0 Million by 2033, exhibiting a growth rate (CAGR) of 5.1% during 2025-2033. The growing focus on clean energy and sustainability, along with government policies supporting domestic production, is bolstering the growth of the market. Efforts to expand renewable energy and electric vehicle (EV) infrastructure, combined with policy initiatives, are also catalyzing the demand for efficient, high-performance magnets.
Report Attribute
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Key Statistics
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Base Year
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2024 |
Forecast Years
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2025-2033
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Historical Years
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2019-2024
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Market Size in 2024 | USD 637.4 Million |
Market Forecast in 2033 | USD 993.0 Million |
Market Growth Rate 2025-2033 | 5.1% |
Growing Demand for Clean Energy Technologies
The increasing focus on clean energy and sustainability significantly influences the India rare earth magnet market. According to the Central Electricity Authority, India's overall renewable energy installed capacity had jumped significantly by 24.2 GW (13.5%) within a single year, reaching 203.18 GW in October 2024, compared to 178.98 GW in October 2023. As India speeds up its shift towards renewable energy, the need for high-quality, energy-efficient magnets is growing, especially with an increase in electric vehicles (EVs), wind turbines, and solar energy systems. Rare earth magnets, recognized for their exceptional magnetic power and energy efficiency, are essential to these technologies. The initiative of the governing body to advance renewable energy infrastructure, which includes producing EVs and enlarging wind and solar energy capacity, is strengthening the growth of the market. Moreover, India’s dedication to lowering carbon emissions is driving the need for effective power systems and motors, which depend significantly on these magnets. As the nation strives to achieve its green energy objectives, the demand for rare earth magnets in electricity generation, energy storage solutions, and eco-friendly technologies is rising, contributing to substantial market growth.
Government Initiatives and Policy Support
Acknowledging the strategic significance of rare earth elements for economic and technological progress, the governing body is implementing several policies designed to bolster domestic production and decrease reliance on imports. These policies encompass tax breaks, grants for research and development (R&D), and funding for infrastructure to enhance mining, refining, and magnet production. Moreover, India's involvement in international trade agreements concerning essential minerals is improving its access to markets and technology for the production of rare earth magnets. This proactive engagement by the government is anticipated to boost investor confidence and draw in both local and international investments in the rare earth magnet supply chain. The government's emphasis on achieving self-sufficiency in essential sectors is directly boosting the demand for rare earth magnets. For instance, in 2024, the Technology Development Board (TDB) approved funding for Midwest Advanced Materials Pvt Ltd in Hyderabad to enhance the domestic production of Neodymium materials and Rare Earth Permanent Magnets. This initiative, utilizing sustainable Molten Salt Electrolysis technology, aimed to support e-mobility and renewable energy applications. The project was expected to reach an annual production capacity of 5,000 tons by 2030, marking a significant step toward India's self-reliance in critical technologies.
IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the regional level for 2025-2033. Our report has categorized the market based on magnet type and application.
Magnet Type Insights:
The report has provided a detailed breakup and analysis of the market based on the magnet type. This includes neodymium-iron-boron (NdFeB) magnets and samarium-cobalt (SmCo) magnets.
Application Insights:
A detailed breakup and analysis of the market based on the application have also been provided in the report. This includes NdFeB magnets (automobile, electronics, power generators, medical industry, wind power, and others) and SmCo magnets (defense, aerospace, electronics, medical devices, and others).
Regional Insights:
The report has also provided a comprehensive analysis of all the major regional markets, which include North India, South India, East India, and West India.
The market research report has also provided a comprehensive analysis of the competitive landscape. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.
Report Features | Details |
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Base Year of the Analysis | 2024 |
Historical Period | 2019-2024 |
Forecast Period | 2025-2033 |
Units | Million USD |
Scope of the Report |
Exploration of Historical Trends and Market Outlook, Industry Catalysts and Challenges, Segment-Wise Historical and Future Market Assessment:
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Magnet Types Covered | Neodymium-Iron-Boron (NdFeB) Magnets, Samarium-Cobalt (SmCo) Magnets |
Applications Covered |
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Regions Covered | North India, South India, East India, West India |
Customization Scope | 10% Free Customization |
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) |
Key Questions Answered in This Report:
Key Benefits for Stakeholders: