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

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

Report Format: PDF+Excel | Report ID: SR112024A527
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Market Overview:

The global rare earth magnet market size reached US$ 18.5 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 29.7 Billion by 2032, exhibiting a growth rate (CAGR) of 5.2% during 2024-2032.

Report Attribute 
Key Statistics
Base Year
2023
Forecast Years
2024-2032
Historical Years
2018-2023
Market Size in 2023
US$ 18.5 Billion
Market Forecast in 2032
US$ 29.7 Billion
Market Growth Rate 2024-2032 5.2%


Rare-earth magnets refer to a type of permanent magnets which are made from the alloys of rare earth elements. They generate strong magnetic fields that assist in product miniaturization, improving product performance and reducing manufacturing costs. As these magnets are brittle and prone to corrosion, they are generally plated or coated to avert breaking, chipping or crumbling into powder. Owing to their numerous advantages, they find applications in the manufacturing of motors, separators, printers, microphones, automotive starters, acoustic transducers and computer disc drives.

Rare Earth Magnet Market

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Earlier, the application of rare earth magnets was largely confined to the motors and automotive industry. However, the global rare earth magnet market has recently experienced a rise in the demand from several new industries such as electronics, medical devices and actuators manufacturing. Moreover, on account of rapid urbanization, industrialization, growing penetration of electricity and increasing levels of automation in several industries, the electric motor industry is experiencing moderate growth. As the motor industry represents one of the largest end-users of rare earth magnets, this growth is creating a positive impact on their demand. Apart from this, expansion of the wind energy generation plants on account of the growing population and increasing demand for electricity is anticipated to boost the market growth in the upcoming years.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global rare earth magnet market report, along with forecasts at the global and regional level from 2024-2032. Our report has categorized the market based on magnet type and application.

Breakup by Magnet Type:

 

 
 

 

Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.

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  • Neodymium-Iron-Boron (NdFeB) Magnets
  • Samarium-Cobalt (SmCo) Magnets 
     

Currently, NdFeB magnets account for the majority of the total market share as they are widely used in the field of energy. This can be accredited to their portable size, strong magnetic force and energy saving ability. As a result, these magnets are used in wind turbines, energy-efficient elevators, electric bicycles, hybrid vehicles, computer hard disk drives, medical equipment, consumer electronics, etc. 

Breakup by Application:

  • NdFeB Magnets
    • Automobile
    • Electronics
    • Power Generators
    • Medical Industry
    • Wind Power
    • Others
  • SmCo Magnets
    • Defense
    • Aerospace
    • Electronics
    • Medical Devices
    • Others
       

Rare earth magnets currently find myriad applications across various sectors. While NdFeB magnets are mostly utilized in the manufacturing of automobile, SmCo magnets are used in the defense sector. 

Regional Insights:

  • China
  • Japan
  • Europe
  • USA


Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players being 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 Coverage:

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$: 3899
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Corporate License US$: 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)

Key Questions Answered in This Report

The global rare earth magnet market reached a value of US$ 18.5 Billion in 2023. 

The demand for rare earth magnets is propelled by the growing penetration of electricity and the increasing level of automation in numerous industries. Along with this, constant technological advancements in the automotive sector are further driving the market.

One of the significant market trends is the growing application of rare earth magnets in the electronics and healthcare sectors.

The outbreak of the coronavirus disease (COVID-19) and the implementation of social distancing measures in numerous countries have led to a slowdown in industrial activities. This is expected to negatively impact the market growth.

The global rare earth magnet market is expected to exhibit a CAGR of 5.2% during 2024-2032.

Based on the magnet type, the market has been bifurcated into Neodymium-Iron-Boron (NdFeB) and Samarium-Cobalt (SmCo) magnets. At present, NdFeB magnets account for the majority of the total market share.

On the basis of the application, the market has been classified into automobiles, electronics, power generators, medical industry, wind power and others for NdFeB magnets; and defense, aerospace, electronics, medical devices, and others for SmCo magnets.

On a regional level, the market has been classified into China, Japan, Europe and USA.

The leading players are 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.

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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
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