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The global neodymium-iron-boron magnet market size reached a value of almost USD 15.53 billion in the year 2023. The neodymium-iron-boron magnet industry is further expected to grow at a CAGR of 7.5% between 2024 and 2032 to reach a value of almost USD 29.78 billion by 2032.
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The global neodymium-iron-boron magnet industry is driven by the flourishing energy harvesting sector. China is the leading country in the neodymium-iron-boron magnet market across the globe. This can be attributed to the high demand for these magnets from the key end-user industries in the region. China also enjoys a monopoly over the raw materials that are used to produce these magnets, which enhance the production of these magnets in the country.
Japan represents the second-largest market for neodymium-iron-boron (NdFeB) magnet across the globe, followed by Europe and the United States of America. The industry for the NdFeB magnet is further driven by the factors such as limited substitutes for neodymium magnets, rapidly expanding industrial applications, and the government initiatives to spur the use of green technologies in order to reduce the greenhouse gas emissions.
Neodymium-Iron-Boron (NdFeB) magnets are the strongest rare earth magnets, which are also affordable and cost-efficient. Even though NdFeB magnets have a lower curie temperature and are affected by oxidation, they provide the highest magnetic field strength and magnetic stability. Owing to this, they find uses in power tools, electric motors, and other products requiring strong, compact, and permanent magnets.
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The neodymium-iron-boron magnet market is divided on the basis of applications into:
The report also covers the regional markets of neodymium-iron-boron magnet like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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The global neodymium-iron-boron magnet market is driven by the rising high-level magnetic strength and miniaturisation of equipment in the existing and emerging applications. The market is further aided by the several government initiatives that are aimed to stimulate the use of green technologies so as to decrease the greenhouse gas emissions. Some of the other factors enhancing the industry growth of NdFeB magnet across the globe include their increasing and extensive applications in sectors such as defence, automotive, electronics, industrial, medical, and others, flourishing end-use industries, and limited substitutes. However, low Curie temperature, high cost, and propensity to undergo oxidation present some of the major constraints to the applications of NdFeB magnets.
The report gives a detailed analysis of the following key players in the global neodymium-iron-boron magnet market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Application |
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Breakup by Region |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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The global neodymium-iron-boron magnet market reached a value of USD 15.53 billion in 2023.
The market is projected to grow at a CAGR of nearly 7.5% in the forecast period of 2024-2032.
The market is estimated to reach a value of about USD 29.78 billion by 2032.
The robust growth of the energy harvesting sector, the expanding industrial applications of neodymium-iron-boron magnets, and the introduction of favourable government initiatives aimed at promoting green energy are driving the market growth.
The key trends guiding the market include the surging trend of miniaturisation of equipment, the growing use of NdFeB magnets in the electronics, defence, medical, and industrial sectors, and the increasing attempts to reduce greenhouse gas emissions.
North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa are the leading regions in the market.
Automobile, electronics, power generators, medical industry, and wind power, among others, are the significant applications of neodymium-iron-boron magnet.
The leading players in the market are Integrated Magnetics, Arnold Magnetic Technologies, Ningbo Relay Magnetics Co., Ltd, and Dura Magnetics, Inc., among others.
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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61 448 06 17 27
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63 287899028, +63 967 048 3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84865399124
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