The global rare earth magnet market reached a value of US$ 12.6 Billion in 2018. 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.
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. As per IMARC’s estimates, the market is further projected to reach US$ 18.7 Billion by 2024, at a CAGR of 6.7% during 2019-2024.
Breakup by Magnet Type:
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:
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.
China presently enjoys a leading position in the global rare earth magnet market on account of the easy availability of raw materials in the region.
The competitive landscape of the market has been analyzed in the report along with the detailed profiles of the major players operating in the industry.
Key Questions Answered in This Report:
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