Global Rare Earth Magnet Market Report and Forecast 2024-2032

Rare earth magnets are permanent magnets made from magnetised materials that produce their magnetic field. These include rare earth alloys such as neodymium, samarium, and dysprosium, among others. Rare earth permanent magnets, unlike electromagnets, do not lose their magnetic properties until they are heated above the Curie temperature.

Being the strongest permanent magnets available, rare earth magnets’ performance is significantly better than ceramic/ferrite magnets and alnico magnets (composed of strontium, carbonate, and iron oxide, and, aluminium, nickel and cobalt, respectively).

Rising demand for electric vehicles, enhanced investment in wind energy, breakthroughs in high-temperature magnet technology, and an emphasis on sustainable production and recycling are propelling the rare earth magnet market expansion.

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Key Trends and Developments

Rare Earth Magnet Market Trends

Major factors expected to drive the market during the forecast period include growth of the automotive sector due to technological advances as well as increased consumer goods demand. Due to the growing consumer spending and the increasing internet penetration across the world, the market is being driven by the rising sales of electronic devices such as mobile phones, tablets, televisions, and computers. Thanks to rising customer awareness and government initiatives and schemes, sales of electric and hybrid vehicles are increasing around the world, propelling the rare earth magnet market expansion.

Furthermore, the market is expected to benefit from the substantial expansion of the wind energy generation industry as a result of rapid industrialisation, population growth, and increased demand for electricity. However, the rare earth magnet market can be hampered by price fluctuations in rare earth materials such as dysprosium and neodymium as a result of China's ban on exporting rare earth elements to other regions.

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Market Segmentation

The various applications of NdFeB magnets include Automobile, Electronics, Power Generators, Medical Industry, and Wind Power, among others, whereas the different applications of SmCo magnets are defence, aerospace, electronics, medical devices, and motors, actuators and industrial application.

NdFeB magnets are expected to dominate the rare earth magnet market share in the forecast period, due to their excellent magnetic properties

NdFeB (Neodymium Iron Boron) magnets are generally considered the leading magnet type. NdFeB magnets are known for their strong magnetic properties and high energy density, making them widely used in various applications, including electronics, automotive, medical devices, and renewable energy.

SmCo (Samarium Cobalt) magnets also possess strong magnetic properties but are typically more expensive than NdFeB magnets. The choice between NdFeB and SmCo magnets often depends on specific application requirements, cost considerations, and temperature stability.

The rare earth magnet market is thriving on account of surging HEV adoption and rising demand for high-performance vehicles

Over the forecast period, the market is expected to benefit from the expanding application spectrum of NdFeB magnets in HEVs and an increase in demand for high-performance vehicles. Magnets play a crucial role in electric motors and powertrains of HEVs, contributing to improved efficiency and overall performance.

Increasing research activities to explore the potential of neodymium magnets for both diagnostic and therapeutic applications are expected to further aid the market growth in the coming years.

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Competitive Landscape

Some of the major players in the rare earth magnet market are increasingly investing in the development of innovative manufacturing processes for rare earth magnets.

Proterial Ltd

Proterial Ltd is a cutting-edge materials technology company, specialising in advanced magnetic materials. Its innovative solutions cater to diverse industries, offering high-performance materials for applications ranging from electronics to renewable energy, contributing to technological advancements globally.

Shin-Etsu Chemical Co., Ltd

Shin-Etsu Chemical Co., Ltd stands as a prominent global chemical company. Renowned for its expertise in manuf...

Arnold Magnetic Technologies

Arnold Magnetic Technologies is a leading manufacturer of high-performance magnets, magnetic assemblies, and p...

Bunting Magnetics Co.

Bunting Magnetics Co. is a well-established name in the magnetic equipment industry. Specialising in magnetic ...

*Please note that this is only a partial list; the complete list of key players is available in the full report. Additionally, the list of key players can be customized to better suit your needs.*

Other key players in the global rare earth magnet market are Electron Energy Corporation, Others, and others.

Niron, a startup in Minneapolis, United States, has started testing the production of permanent magnets with iron nitride. The company has received funding of USD 100 million to scale up its project and produce the magnets without using rare-earth materials from China.

Rare Earth Magnet Market Analysis by Region

The United States market is anticipated to grow rapidly as organisations in the country are actively exploring initiatives to fortify their domestic rare earth supply chain, recognising the critical significance of securing a sustainable and diverse source for these essential elements. This strategic effort aligns with national security imperatives and aims to bolster technological development within the country.

While China currently leads in rare earth production and supply, other regions, including Japan, Europe, and the United States, are actively exploring strategies to diversify sources and secure their rare earth supply chains.

Rare Earth Magnet Market Report Snapshots

Rare Earth Magnet Market Size

Rare Earth Magnet Market Trends

Rare Earth Magnet Companies