Reports
Global Rare Earth Magnet Market Analysis, Share, Growth: By Magnet Type: NdFeB Magnets, SmCo Magnets; By Application: NdFeB Magnets, SmCo Magnets; Regional Analysis; Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis, Key Indicators for Demand, Key Indicators for Price; Competitive Landscape; 2024-2032
Global Rare Earth Magnet Market Outlook
The global rare earth magnet market reached a value of USD 20,158.30 million in 2023. The market is further expected to grow at a CAGR of 9.1% in the forecast period of 2024-2032.
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China to Account for a Significant Share in the Global Rare Earth Magnet Industry
Due to strict regulatory policies on environmental protection, supportive government measures towards energy conservation, and increasing customer knowledge about product quality, the rare earth magnet industry is experiencing profitable growth in China. Since the past few years, there has been a continuous rise in demand for permanent magnets with the growing demand for industrial goods in the Asia Pacific region, which is aiding the industry growth. Moreover, the new technology offers a major reduction in maintenance costs, which is why it has been well received by a large number of buyers from various industries. The manufacturers are investing in Asian economies such as India and China because of their low production costs and growing industrialisation. The size of the rare earth magnet industry is expected to be driven by a positive outlook for the automotive and electronic sectors, as well as rapid industrialisation in the country. Furthermore, the increasing public and private sector investments in small and medium scale industries are anticipated to drive the regional market growth in the future. Further, the Unites States follows China in terms of production, however, the country still heavily imports rare earth materials and metals to meet the unmet domestic demands for the product.
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Market Segmentation
Rare earth magnets are permanent magnets made from magnetised materials that produce their own magnetic field. Rare earth element alloys such as neodymium, samarium, and dysprosium are among them. 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). The most common types of rare earth magnets are Neodymium (Nd-Fe-B) and Samarium Cobalt (SmCo). Both the types have similar properties and crystal structures as they come from the same series of metals. They are extremely strong and tend to be brittle.
The market is divided based on magnet type into:
- NdFeB Magnets
- SmCo Magnets
On the basis of application, the industry is segmented into:
- NdFeB Magnets
- Automobile
- Electronics
- Power Generators
- Medical Industry
- Wind Power
- Others
- SmCo Magnets
- Defence
- Aerospace
- Electronics
- Medical Devices
- Motors, Actuators and Industrial Application
The major regional markets for the product include China, Japan, Europe, and the United States, among others.
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Technological Advancements to Bolster the Growth of the Global Rare Earth Magnet Industry
Major factors expected to drive the rare earth magnet industry during the forecast period include growth in the automotive industry due to technological advances, population growth, and increased consumer goods demand. Due to the growing consumer spending and the increasing internet penetration across the world, the global rare earth elements 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, the selling of electric and hybrid vehicles is increasing around the world, propelling the rare earth elements market forward. Furthermore, the rare earth magnet industry is expected to benefit from substantial expansion of the wind energy generation industry as a result of rapid industrialisation, population growth, and increased demand for electricity. The rare earth magnet demand is expected to 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. Rare earth magnets are produced in an industrial setting by casting or sintering magnetic metallic elements and composites of rare earth materials. Rare earth permanent magnets include neodymium-iron-boron (NdFeB), samarium cobalt (SmCo), and SmFeN, to name a few. NdFeB and SmCo, the most common rare earth magnet material types, come in different grades, and strengths. As both these materials are vulnerable to corrosion and tend to be brittle, they are typically nickel-plated by the manufacturers to protect them from oxidation. Over the next few years, the market is expected to benefit from the expanding application spectrum of magnets in HEVs and an increase in demand for higher-performing vehicles. 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.
Key Players in the Global Rare Earth Magnet Market
The report gives a detailed analysis of the following key players in the global rare earth magnet market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
- Proterial Ltd.
- Shin-Etsu Chemical Co., Ltd.
- Arnold Magnetic Technologies
- Bunting Magnetics Co.
- Electron Energy Corporation
- Others
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.
Key Highlights of the Report
| 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- Magnet Type, Application, Region |
| Breakup by Magnet Type | NdFeB Magnets, SmCo Magnets |
| Breakup by Application (NdFeB Magnets) | Automobile, Electronics, Defence, Power Generators, Medical Industry, Wind Power, Others |
| Breakup by Application (SmCo Magnets) | Defence, Aerospace, Electronics, Motors, Medical Devices, Actuators and Industrial Application |
| Breakup by Region | China, Japan, Europe, United States, Others |
| Market Dynamics | SWOT, Porter's Five Forces, Key Indicators for Price and Demand |
| Competitive Landscape | Market Structure, Company Profiles- Company Overview, Product Portfolio, Demographic Reach and Achievements, Certifications |
| Companies Covered | Proterial Ltd, Shin-Etsu Chemical Co., Ltd, Arnold Magnetic Technologies, Bunting Magnetics Co., Electron Energy Corporation, Others |
| 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. |
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Snapshot
6.1 Global
6.2 Regional
7 Industry Opportunities and Challenges
8 Global Rare Earth Magnet Market Analysis
8.1 Key Industry Highlights
8.2 Global Rare Earth Magnet Historical Market (2018-2023)
8.3 Global Rare Earth Magnet Market Forecast (2024-2032)
8.4 Global Rare Earth Magnet Market by Magnet Type
8.4.1 NdFeB Magnets
8.4.1.1 Market Share
8.4.1.2 Historical Trend (2018-2023)
8.4.1.3 Forecast Trend (2024-2032)
8.4.2 SmCo Magnets
8.4.2.1 Market Share
8.4.2.2 Historical Trend (2018-2023)
8.4.2.3 Forecast Trend (2024-2032)
8.5 Global Rare Earth Magnet Market by Application
8.5.1 NdFeB Magnets
8.5.1.1 Automobile
8.5.1.1.1 Market Share
8.5.1.1.2 Historical Trend (2018-2023)
8.5.1.1.3 Forecast Trend (2024-2032)
8.5.1.2 Electronics
8.5.1.2.1 Market Share
8.5.1.2.2 Historical Trend (2018-2023)
8.5.1.2.3 Forecast Trend (2024-2032)
8.5.1.3 Power Generators
8.5.1.3.1 Market Share
8.5.1.3.2 Historical Trend (2018-2023)
8.5.1.3.3 Forecast Trend (2024-2032)
8.5.1.4 Medical Industry
8.5.1.4.1 Market Share
8.5.1.4.2 Historical Trend (2018-2023)
8.5.1.4.3 Forecast Trend (2024-2032)
8.5.1.5 Wind Power
8.5.1.5.1 Market Share
8.5.1.5.2 Historical Trend (2018-2023)
8.5.1.5.3 Forecast Trend (2024-2032)
8.5.1.6 Others
8.5.2 SmCo Magnets
8.5.2.1 Defence
8.5.2.1.1 Market Share
8.5.2.1.2 Historical Trend (2018-2023)
8.5.2.1.3 Forecast Trend (2024-2032)
8.5.2.2 Aerospace
8.5.2.2.1 Market Share
8.5.2.2.2 Historical Trend (2018-2023)
8.5.2.2.3 Forecast Trend (2024-2032)
8.5.2.3 Electronics
8.5.2.3.1 Market Share
8.5.2.3.2 Historical Trend (2018-2023)
8.5.2.3.3 Forecast Trend (2024-2032)
8.5.2.4 Medical Devices
8.5.2.4.1 Market Share
8.5.2.4.2 Historical Trend (2018-2023)
8.5.2.4.3 Forecast Trend (2024-2032)
8.5.2.5 Motors, Actuators and Industrial Application
8.5.2.5.1 Market Share
8.5.2.5.2 Historical Trend (2018-2023)
8.5.2.5.3 Forecast Trend (2024-2032)
8.6 Global Rare Earth Magnet Market by Region
8.6.1 Market Share
8.6.1.1 China
8.6.1.2 Japan
8.6.1.3 Europe
8.6.1.4 United States
8.6.1.5 Others
9 Regional Analysis
9.1 China
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Japan
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
9.3 Europe
9.3.1 Historical Trend (2018-2023)
9.3.2 Forecast Trend (2024-2032)
9.4 United States
9.4.1 Historical Trend (2018-2023)
9.4.2 Forecast Trend (2024-2032)
10 Market Dynamics
10.1 SWOT Analysis
10.1.1 Strengths
10.1.2 Weaknesses
10.1.3 Opportunities
10.1.4 Threats
10.2 Porter’s Five Forces Analysis
10.2.1 Supplier’s Power
10.2.2 Buyers Power
10.2.3 Threat of New Entrants
10.2.4 Degree of Rivalry
10.2.5 Threat of Substitutes
10.3 Key Indicators for Demand
10.4 Key Indicators for Price
11 Value Chain Analysis
12 Manufacturing Process
12.1 Overview
12.2 Detailed Process Flow
12.3 Operations Involved
13 Project Details and Cost Analysis
13.1 Land, Location and Site Development
13.2 Construction
13.3 Plant Layout
13.4 Plant Machinery
13.5 Raw Material Requirement
13.6 Packaging
13.7 Transportation
13.8 Utilities
13.9 Manpower
13.10 Other Capital Investment
14 Competitive Landscape
14.1 Market Structure
14.2 Company Profiles
14.2.1 Proterial Ltd.
14.2.1.1 Company Overview
14.2.1.2 Product Portfolio
14.2.1.3 Demographic Reach and Achievements
14.2.1.4 Certifications
14.2.2 Shin-Etsu Chemical Co., Ltd
14.2.2.1 Company Overview
14.2.2.2 Product Portfolio
14.2.2.3 Demographic Reach and Achievements
14.2.2.4 Certifications
14.2.3 Arnold Magnetic Technologies
14.2.3.1 Company Overview
14.2.3.2 Product Portfolio
14.2.3.3 Demographic Reach and Achievements
14.2.3.4 Certifications
14.2.4 Bunting Magnetics Co.
14.2.4.1 Company Overview
14.2.4.2 Product Portfolio
14.2.4.3 Demographic Reach and Achievements
14.2.4.4 Certifications
14.2.5 Electron Energy Corporation
14.2.5.1 Company Overview
14.2.5.2 Product Portfolio
14.2.5.3 Demographic Reach and Achievements
14.2.5.4 Certifications
14.2.6 Others
15 Industry Events and Developments
List of Key Figures and Tables
1. Global Rare Earth Magnet Market: Key Industry Highlights, 2018 and 2032
2. Global Rare Earth Magnet Historical Market: Breakup by Magnet Type (USD Million), 2018-2023
3. Global Rare Earth Magnet Market Forecast: Breakup by Magnet Type (USD Million), 2024-2032
4. Global Rare Earth Magnet Historical Market: Breakup by Application (USD Million), 2018-2023
5. Global Rare Earth Magnet Market Forecast: Breakup by Application (USD Million), 2024-2032
6. Global Rare Earth Magnet Historical Market: Breakup by Region (USD Million), 2018-2023
7. Global Rare Earth Magnet Market Forecast: Breakup by Region (USD Million), 2024-2032
8. Global Rare Earth Magnet Market Structure
Key Questions Answered in the Report
In 2023, the global rare earth magnet market attained a value of nearly USD 20,158.30 million.
The market is projected to grow at a CAGR of 9.1% between 2024 and 2032.
The major drivers of the market include the increased population growth, growing internet penetration, rising sales of electronic devices, rising customer awareness through government initiatives and schemes, low production costs, expansion of wind energy generation plants, rapid industrialisation, and increased demand for electricity.
The growth in the automotive industry fuelled by the technological advances and increased consumer demand are the key industry trends propelling the market growth.
The major regions in the industry are China, Japan, Europe, the United States, and others.
The market is divided, based on magnet type, into NdFeB magnets and SmCo magnets.
In terms of application, NdFeB magnets can be categorised into automobile, electronics, power generators, medical industry, and wind power, among others. Meanwhile, SmCo magnets can be distributed into defence, aerospace, electronics, and medical devices, among others.
The major players in the industry are Proterial Ltd, Shin-Etsu Chemical Co., Ltd, Arnold Magnetic Technologies, Bunting Magnetics Co., Electron Energy Corporation, Others, among others.
Analyst Review
The global rare earth magnet market attained a value of nearly USD 20,158.30 million in 2023, driven by the growing automotive industry and the increased demand for consumer goods. Aided by the rising sales of electronic devices, the market is expected to witness a further growth in the forecast period of 2024-2032, growing at a CAGR of 9.1%.
EMR's meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. The market is divided based on magnet type into NdFeB magnets and SmCo magnets. On the basis of application, NdFeB magnets can be categorised into automobile, electronics, power generators, medical industry, and wind power, among others. Meanwhile, SmCo magnets can be distributed into defence, aerospace, electronics, medical devices, and motors, actuators and industrial application. The major regional markets for rare earth magnet are China, Japan, Europe, the United States, and others. The major players in the industry are Proterial Ltd, Shin-Etsu Chemical Co., Ltd, Arnold Magnetic Technologies, Bunting Magnetics Co., Electron Energy Corporation, Others, among others..
EMR's research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable and help them remain ahead of their competition.
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