China Neodymium Iron Boron Magnet Market to Grow at 4.3% During 2024-2032, Impelled by Abundant Availability of Raw Materials

October 28, 2021 | Chemical & Materials

According to the latest report by IMARC Group, titled “China Neodymium Iron Boron Magnet Market Report by Application (Automobile, Electronics, Power Generators, Medical Industry, Wind Power, and Others), Domestic Consumption and Exports (Domestic Consumption, Exports), and Region 2024-2032," the China neodymium iron boron Magnet market reached a volume of 102,200 Tons in 2023. Neodymium-Iron-Boron (NdFeB) magnets are the strongest and most affordable type of rare earth magnet that are composed of an alloy of neodymium, iron, and boron. As compared to other metals, they exhibit a stronger magnetic field, higher energy mass product, and lower curie temperature. These characteristics enable strong magnetic force, significant product miniaturization, reduced manufacturing costs, and improved product performance. NdFeB magnets are commercially available in different sizes, shapes, and grids for varied applications, such as loudspeakers, electric motors, magnetic separation, sensors, anti-corrosive coatings, and magnetic resonance imaging (MRI).

China Neodymium Iron Boron Magnet Market Trends: 

The China neodymium iron boron magnet market is majorly being driven by the abundant availability of raw materials and the rising establishment of manufacturing plants in the country. Moreover, the increasing product deployment in various industry verticals, such as consumer electronics, automotive, defense, and healthcare, due to their high magnetic strength and stability is catalyzing the market growth. For instance, in the automotive sector, neodymium iron boron magnets are extensively used in the manufacturing of electronic vehicles (EVs). Additionally, the emerging trend of equipment miniaturization in existing applications is acting as another growth-inducing factor. This is also supported by rapid urbanization, inflating disposable incomes, and advancements in digital technologies. Furthermore, the Government of the People’s Republic of China (PRC) is undertaking several initiatives to promote the use of green technologies to reduce greenhouse gas (GHG) emissions, which, in turn, is facilitating the product demand. Other factors responsible for the market growth across the country include continuous investments in research and development (R&D) activities and rapid modernization in the production techniques. Looking forward, the market is expected to grow at a CAGR of 4.3% during 2024-2032.

Market Summary:

  • Based on the application, the market has been divided into automobile, electronics, power generators, medical industry, wind power, and others.
  • On the basis of the domestic consumption and exports, the market has been bifurcated into domestic consumption and exports.
  • On the geographical front, the market has been segmented into Guangdong, Jiangsu, Shandong, Zhejiang, Henan, and others.
  • The report has also analyzed the competitive landscape of the market, along with the profiles of the key players.

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China Neodymium Iron Boron Magnet Market to Grow at 4.3% During 2024-2032, Impelled by Abundant Availability of Raw Materials
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