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Global Rare Earth Magnet Market Analysis, Share, Trends: 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 size reached a value of around USD 20,158.30 million in 2023. The market is projected to grow at a CAGR of 9.1% in the forecast period of 2024-2032. The market is being driven by the rising demand for electric and high-performance vehicles.
Key Takeaways
| Market Growth | Investments in Supply Chain | Rising Focus on Recycling |
| Growing demand for electric vehicles, wind energy, automotive technology, and consumer electronics fuels the rare earth magnet market growth. | According to the U.S. Energy Department, USD 30 million was funded to research labs to secure domestic supply chains for critical materials in September 2021. | By 2040, there is anticipated to be a shortage of 240,000 tonnes of rare earth magnets, boosting focus on recycling and circularity. |
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
Increasing demand for rare earth magnets in electric vehicles; growing investments in renewable wind energy; advancements in high-temperature applications; and focus on recycling and sustainable practices are propelling market expansion.
| Date | Event |
| Oct 26th 2023 | HyProMag was chosen for the Minerals Security Partnership project to expand the recycled rare earth magnet supply chain and develop rare earth magnets with low carbon footprints. |
| Sep 19th 2023 | The United States Department of Defense made a substantial investment of $94.1 million in E-VAC Magnetics, aiming to establish a rare earth permanent magnet factory. |
| May 10th 2023 | A ₹165 crore rare earth permanent magnet plant was inaugurated at Bhabha Atomic Research Centre, Visakhapatnam, enhancing India's manufacturing capabilities. |
| Dec 21st 2022 | China, the leading rare earth processor, prohibited the export of key technologies for extracting and separating rare earth metals, including production and preparation technologies for magnets. |
| Factor | Impact |
| Increased Adoption of Electric Vehicles (EVs) | The global shift towards electric mobility fuels the demand for rare earth magnets in EV motors. |
| Advancements in Wind Energy Technologies | Rising investments in renewable energy, particularly wind turbines, amplify the need for high-efficiency rare earth magnets, supporting sustainable energy solutions. |
| Innovation in High-Temperature Applications | Continuous R&D efforts lead to the development of rare earth magnets capable of operating under extreme temperatures, expanding their application range. |
| Recycling and Sustainable Practices | Growing environmental concerns push for the recycling of rare earth magnets and the adoption of sustainable manufacturing practices, reducing reliance on mining. |
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
“Global Rare Earth Magnet Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:
| Market Breakup | Categories |
| Magnet Type | NdFeB Magnets, SmCo Magnets |
| Application | NdFeB Magnets, SmCo Magnets |
| Region | China, Japan, Europe, United States, Others |
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
| Company | Description |
| 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 manufacturing rare earth magnets, the company plays a crucial role in various industries, including electronics, automotive, and renewable energy, contributing to technological progress and sustainability. |
| Arnold Magnetic Technologies | Arnold Magnetic Technologies is a leading manufacturer of high-performance magnets, magnetic assemblies, and precision thin metals. Its innovative solutions cater to diverse applications, including aerospace, medical, and automotive industries, providing cutting-edge magnetic technologies for enhanced performance and efficiency. |
| Bunting Magnetics Co. | Bunting Magnetics Co. is a well-established name in the magnetic equipment industry. Specialising in magnetic separation, metal detection, and material handling solutions, the company serves diverse sectors, including recycling, mining, and manufacturing, contributing to efficient and sustainable material processing worldwide. |
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.
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:
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| Breakup by Magnet Type |
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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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*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 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 growing internet penetration, rising sales of electronic devices, rising customer awareness through government initiatives and schemes, expansion of wind energy generation plants, and rapid industrialisation.
The growth in the automotive industry, fuelled by technological advances, and increased consumer demand are the key market trends.
The major regions in the market 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, the different applications of SmCo magnets are defence, aerospace, electronics, and medical devices, among others.
The major players in the market are Proterial Ltd, Shin-Etsu Chemical Co., Ltd, Arnold Magnetic Technologies, Bunting Magnetics Co., and Electron Energy Corporation, Others, among others.
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