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The global neodymium-iron-boron magnet market is expected to reach a volume of 168,364 Tons by 2026, exhibiting a CAGR of 4.5% during 2021-2026. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
Neodymium-Iron-Boron (NdFeB) magnets are the strongest and most affordable types of rare earth magnets. These magnets exhibit numerous characteristics due to which they have become quite popular in recent years. Although, NdFeB magnets have a lower curie temperature and are susceptible to oxidation, they offer the highest magnetic field strength and magnetic stability. As a result, they are used in electric motors, power tools, and other products requiring strong, compact permanent magnets. The rapidly expanding industrial applications, limited substitutes for Neodymium magnets and the government initiatives to stimulate the use of green technologies so as to decrease the greenhouse gas emissions are some of the factors which are expected to drive a steady growth of the global Neodymium-Iron-Boron magnet market.
IMARC group’s latest study “Neodymium-Iron-Boron Magnet Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026” provides a techno-commercial roadmap for setting up a Neodymium-Iron-Boron magnet manufacturing plant. The study, which has been done by one of the world’s leading research and advisory firms, covers all the requisite aspects of the Neodymium-Iron-Boron magnet market. This ranges from macro overview of the market to micro details of the industry performance, processing and manufacturing requirements, project cost, project funding, project economics, expected returns on investment, profit margins, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have or plan to have any kind of stake in the Neodymium-Iron-Boron magnet market.
The report has segmented the market on the basis of application. Currently, Motor and Generators represent the largest sector followed by HDD/CD/DVD, Transportation, Energy Production and Storage, Transducers and Drives, Clutches and Braking. Country-wise, China is the leading producer as well as the consumer due to its monopolistic hold over the raw materials used to produce them. Japan represents the second largest market for NdFeB magnets followed by Europe and the USA. As China provides a secure and economical supply of the major raw materials, most of the rare earth magnets manufacturers are based in China. Other manufacturers are located in the USA, Europe and Japan.
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