Rare Earth Magnet Market Size is valued at USD 18.51 Bn in 2022 and is predicted to reach USD 35.97 Bn by the year 2031 at a 7.7% CAGR during the forecast period for 2023-2031.
A rare-earth magnet is an exceptionally powerful permanent magnet composed of rare-earth element alloys. Rare earth magnets are exceptionally strong permanent magnets made of neodymium, iron, and boron. They are small but powerful and have applications in electronics, motors, medical devices, sensors, etc. However, they are sensitive to high temperatures and corrosion. Their strength makes them valuable but has raised supply and environmental concerns.
Alloys of rare earth elements are used to create rare-earth magnets, the strongest permanent magnet on the market. Growth in the automotive sector due to technological advancements, population growth, and higher consumer goods demand are all projected to propel the rare earth magnet market during the forecast period. The expanding sales of electronic gadgets, including mobile phones, tablets, TVs, and laptops, are driving the worldwide rare earth elements market due to rising consumer expenditure and internet penetration worldwide.
In addition, governments across the globe continue to stress the importance of transitioning to renewable energy sources. The market for rare earth magnets can provide magnets for wind turbines and other such technologies. In addition, rare earth magnets are used in the aerospace and defence industries for applications, including military hardware and aviation systems. Growth and development in technology affect the demand in this sector. However, rapid urbanization, industrialization, expanding access to energy, and rising degrees of automation across a variety of industries are expected to boost the market.
However, despite their excellent performance, rare earth magnets have limitations, such as susceptibility to corrosion and magnetism loss at high temperatures. The availability of rare earth elements, which are not uniformly distributed around the globe, is also crucial to manufacturing rare earth magnets. In addition to COVID-19, the rare earth magnet industry took a huge hit, as nearly every government decided to shut down all production facilities except those engaged with creating vital items. Due to the lockdown, progress on the rare-earth magnet system's manufacture was slowed. In the wake of the lockout, the increased demand for rare earth magnets in the manufacturing of electric vehicles, consumer goods, and technologies has contributed to the expansion of the rare earth magnet market.
Competitive Landscape
Some Major Key Players In The Rare Earth Magnet Market:
- Hitachi Metals Group
- Shin-Etsu
- TDK
- VAC
- Arnold Magnetic Technologies
- ADAMS Magnetic Products Co.
- Bunting Magnetics Co.
- Eclipse Magnetics Ltd.
- Hangzhou Permanent Magnet Group (HPMG) Ltd.
- Ningbo NGYC (Ninggang Permanent Magnetic) Materials Co. Ltd.
- Ningbo Ketian Magnet Co.Ltd.
- Thomas & Skinner Inc.
- Beijing Zhong Ke San Huan Hi-Tech
- Yunsheng Company
- Yantai Dongxing Magnetic Materials Inc
- JL MAG
- ZHmag
- Jingci Material Science
- Urban Mining
- Lynas Corporation
- MP Materials Inc.
- USA Rare Earth
- Texas Mineral Resources Corp.
- Earth-Panda Advance Magnetic Material Co., Ltd.
- Others
Market Segmentation:
The rare earth magnet market is segmented based on Type, Product and Application. Based on type, the market is segmented into neodymium-iron-boron magnets (NdFeB) and samarium cobalt magnets (SmCo). By Product, the market is segmented into countersunk magnets, circular disc magnets, hook & eyebolt magnets, cylindrical rod magnets, circular ring magnets, rectangular, self-adhesive, and pot & clamping magnets. By application, the market is segmented into the automotive industry, food & drink processing, aerospace industry, renewable energy, consumer electronics, deep sea exploration, and others.
Based On The Type, The Neodymium-Iron-Boron Magnet Rare Earth Magnet Market Segment Is Accounted As A Major Contributor To The Rare Earth Magnet Market.
The neodymium-iron-boron magnet rare earth magnet category is expected to record a major global market share in 2022 because there is a rising need for compact versions of many kinds of machinery. Their superior magnetic qualities make them the most popular type of permanent magnet.
Consumer Electronics Segment To Witness Growth At A Rapid Rate.
The consumer electronics segment will likely to grow rapidly in the global rare earth magnet market. Products in the consumer electronics market are rising in popularity because of the high level of sophistication they provide. Products like this not only keep us amused but also facilitate our productivity, especially in countries like the US, Germany, the UK, China, and India.
In The Region, The North American Rare Earth Magnet Market Holds A Significant Revenue Share.
The North American rare earth magnet market activity is anticipated to record the maximum market share in revenue in the near future. It can be attributed to the rising numbers of people, greater demand for electric vehicles, and higher electricity prices have all contributed to the development of new wind farms. In addition, Asia Pacific is estimated to grow rapidly in the global rare earth magnet market because as the population grows and more people buy electric cars, wind power-producing plants must boost their output to meet the rising electricity demand.
Recent Developments:
- In April 2020, Texas Mineral Resources Corp. (TMRC) announced that USA Rare Earth LLC had acquired the neodymium iron boron (NdFeB) permanent magnet manufacturing apparatus that was previously owned and operated in North Carolina by Hitachi Metals America, Ltd.
- In October 2022, Hitachi Metals collaborated with manufacturers to develop electric vehicles that had less dependency on rare earth metals, predominantly sourced from China. The company was engaged in developing ferrite-based magnets, which had a cost advantage of approximately 80% compared to neodymium magnets. These ferrite magnets were mostly composed of iron oxide, a readily accessible material.
Rare Earth Magnet Market Report Scope
|
Report Attribute |
Specifications |
|
Market Size Value In 2022 |
USD 18.51 Bn |
|
Revenue Forecast In 2031 |
USD 35.97 Bn |
|
Growth Rate CAGR |
CAGR of 7.7 % from 2023 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Bn and CAGR from 2023 to 2031 |
|
Historic Year |
2019 to 2022 |
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Forecast Year |
2023-2031 |
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Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
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Segments Covered |
By Type, Product, Application |
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Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico ;The UK; France; Italy; Spain; China; Japan; India; South Korea; South East Asia; South Korea; South East Asia |
|
Competitive Landscape |
Hitachi Metals Group, Shin-Etsu, TDK, VAC, Arnold Magnetic Technologies, ADAMS Magnetic Products Co., Bunting Magnetics Co., Eclipse Magnetics Ltd., Hangzhou Permanent Magnet Group (HPMG) Ltd., Ningbo NGYC (Ninggang Permanent Magnetic) Materials Co. Ltd., Ningbo Ketian Magnet Co.Ltd., Thomas & Skinner Inc., Beijing Zhong Ke San Huan Hi-Tech, Yunsheng Company, YSM, JL MAG, ZHmag, Jingci Material Science, Urban Mining, Lynas Corporation, MP Materials Inc., Texas Mineral Resources Corp., Earth-Panda Advance Magnetic Material Co., Ltd., Others. |
|
Customization Scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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