Reports

Rare Earth Magnet Market

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.

 

Rare Earth Magnet Market

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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.

 

Rare Earth Magnet Market By Segments

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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.

 

Rare Earth Magnet Market By Region

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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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