Global Rare Earth Magnet Market to Reached US$ 20,158.30 Million in 2023

Rare earth magnets are the strongest type of permanent magnets made from the alloys of rare earth elements. Two types of rare earth magnets currently available are Neodymium-iron-boron magnets (NdFeB) and Samarium-Cobalt magnets (SmCo). Samarium-Cobalt magnets are considered as the first generation of rare earth magnets while Neodymium magnets are regarded as the second generation of rare earth magnets. These magnets possess strong magnetic field but are extremely brittle, susceptible to corrosion and vulnerable to breakage, chipping or crumbling. Hence, they are generally plated or coated as a measure of protection. 

With limited substitutes, these magnets have today become a significant part of a number of industries. Some of the industries include automotive, generators, motors, medical, aerospace, electronics, military, etc. According to a new report by Expert Market Research, the global rare earth magnet market reached a value of US$ 20,158.30 Million in 2023.

Key findings from the report:

• Two types of rare earth magnets are neodymium magnet and samarium-cobalt magnet. Neodymium magnets offer the highest magnetic field strength and magnetic stability but have a lower curie temperature. On the other hand, samarium cobalt magnets have a weaker magnetic field strength but a higher curie temperature as compared to neodymium magnets.

• In 2018, neodymium-iron-boron magnet accounted for the majority of the global rare earth magnet volumes.

• Rare earth magnets serve a number of application domains which include automotive motors, industrial motors, HDD, CD, DVD, electric bicycles, transducers and loudspeakers. Other applications include magnetic separation, MRI, torque coupled drivers, sensors and generators.

• Region-wise, the biggest markets for rare earth magnets are China, Japan, Europe, the United States and Others.

• Based on competitive landscape, most of the players operating in the global rare earth magnets market are based in China as a result of a secure and economical supply of key raw materials. Other players are located in the United States, Europe and Japan.

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Expert Market Research has analysed the global rare earth magnet market according to magnet type, key application areas and major regions:

Market breakup by Magnet Type

• NdFeB Magnets

• SmCo Magnets

Market breakup by Application

• NdFeB Magnets
  • Automobile6-
  • Electronics 
  • Power Generators
  • Medical Industry  
  • Wind Power
  • Others

• SmCo Magnets
  • Defence
  • Aerospace
  • Electronics
  • Medical Devices
  • Motors, Actuators and Industrial Application

Market breakup by Region

• China

• Japan

• Europe

• United States

• Others

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