Rare Earth Magnet Market Outlook
According to a new report by Expert Market Research titled “Global Rare Earth Magnet Market Size, Share, Price, Analysis, Report, Demand, Forecast 2023-2028″, the global rare earth magnet market reached a value of USD 18,476.9 million in 2022. Aided by rapid industrialisation and growing demand in electronic applications, the market is projected to further grow at a CAGR of 9.1% between 2023 and 2028.
Rare earth magnets are potent permanent magnets composed of alloys of rare earth elements. They are subdivided into two types: Neodymium (NdFeB) and Samarium-cobalt (SmCo). Due to their remarkable magnetic properties, rare earth magnets are integral to a myriad of applications, spanning from electronics, automotive, energy generation, and even medical devices. Their capability to maintain a magnetic field in a compact form renders them indispensable in miniaturised technological devices.
The rare earth magnet market growth can be attributed to the burgeoning consumer electronics industry. With technological advancements, the proliferation of gadgets like smartphones, tablets, and other smart devices has soared, leading to an augmented demand for rare earth magnets. Moreover, the booming automotive industry, especially with the uptick in electric vehicles, is significantly contributing to the demand for these magnets, as they are fundamental in electric motor designing.
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One of the key rare earth magnet market trends includes the rising adoption of renewable energy sources. Wind turbines, which are integral in generating wind energy, utilise rare earth magnets for their efficiency and compactness. Given the global shift towards sustainable energy, this application is poised to provide a significant impetus to the market.
The medical sector also contributes to the rare earth magnet market demand. Medical imaging devices, such as MRI machines, leverage the strong magnetic fields produced by these magnets. This is yet another testament to the versatility and indispensability of rare earth magnets across industries.
Ongoing research to recycle and reclaim rare earth metals from electronic waste is a promising trend boosting the rare earth magnet market size. As industries and governments globally recognise the strategic importance of these magnets, efforts are being channelled towards sustainable mining, research in alternatives, and efficient recycling techniques. Rare earth magnets, with their deep-seated roots in modern technology and diverse applications, are likely to witness robust demand from diverse application sectors in the coming years.
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Rare Earth Magnet Market Segmentation
The market can be divided based on magnet type, application, and region.
Market Breakup by Magnet Type
- NdFeB Magnets
- SmCo Magnets
Market Breakup by Application
- NdFeB Magnets
- Power Generators
- Medical Industry
- Wind Power
- SmCo Magnets
- Medical Devices
- Motors, Actuators and Industrial Application
Market Breakup by Region
- United States
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the rare earth magnet market. Some of the major players explored in the report by Expert Market Research are as follows:
- Proterial Ltd.
- Shin-Etsu Chemical Co., Ltd.
- Arnold Magnetic Technologies
- Bunting Magnetics Co.
- Electron Energy Corporation
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