Neodymium Iron Boron Magnet Market Size, Share, Growth, and Industry Growth by Type (Bonded NdFeB, Sintered NdFeB, and Neodymium Iron Boron Magnet), By Application (Consumer Electronics, General Industrial, Automotive, and Medical Technology), and Regional Forecast By 2031

Updated On: 08 April 2024

Neodymium Iron Boron Magnet Market Report Overview

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The global neodymium iron boron magnet market size USD 7933.6 million in 2022, as per our research, the market is expected to generate USD 12953.41 million by 2031, growing at a CAGR of 5.6% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with the neodymium iron boron magnet market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

A neodymium iron boron magnet, also known as neodymium iron boron magnet or NIB magnet, is a type of rare earth magnet. It is made from an alloy of neodymium, iron, and boron and is known for its strength and high magnetic properties. neodymium iron boron magnets are the strongest type of permanent magnet available, with a maximum energy product of up to 52 MGOe (Mega Gauss Oersted), which is about 10 times stronger than ceramic magnets.

They have a high coercivity, which means they can maintain their magnetism even in high-temperature environments. neodymium iron boron magnets are used in many applications, including motors, generators, magnetic bearings, loudspeakers, MRI machines, and various types of sensors. However, they are also brittle and prone to corrosion, so they require special handling and protective coatings to prevent damage.

COVID-19 Impact: Pandemic Restrictions Hampered Market Demand.

COVID-19 had a life changing impact globally. The global neodymium iron boron magnet market share was significantly affected. The virus had various impacts on different markets. Lockdowns were imposed in several nations. This erratic pandemic caused disruptions on all sorts of businesses. Restrictions tightened during the pandemic due to increasing number of cases. Numerous Industries were affected. However, the market for neodymium iron boron magnet experienced an increased demand.

One of the main raw materials used in the production of neodymium iron boron magnets is rare earth elements, which are sourced primarily from COVID-19 hotspots. The pandemic led to disruptions in mining operations and transportation, causing a shortage of rare earth elements and increased prices. This, in turn, affected the production and supply of neodymium iron boron magnets.

Many neodymium iron boron magnets manufacturers were forced to close or reduce their production capacity due to lockdowns and restrictions on movement and gatherings, which affected the supply chain and availability of magnets. Nonetheless, the demand for neodymium iron boron magnets has remained strong, particularly in industries such as electric vehicles, wind turbines, and other renewable energy applications. The global neodymium iron boron magnet market size is expected to grow.

LATEST TRENDS

"Improved Manufacturing Techniques to Benefit Market Prospects"

Scientists have developed new manufacturing techniques that improve the consistency and quality of neodymium iron boron magnets, such as hot deformation and spark plasma sintering. Researchers have developed new techniques to increase the magnetic strength of neodymium iron boron magnets, such as using additives and changing the manufacturing process.

neodymium iron boron magnets rely on rare earth elements such as neodymium and dysprosium, which are expensive and environmentally damaging to extract. Researchers have developed new magnet formulations that reduce the reliance on these elements while maintaining magnetic strength. Scientists have developed new formulations that improve the temperature stability of neodymium iron boron magnets, making them more suitable for high-temperature applications. These latest developments are anticipated to benefit the global neodymium iron boron magnets market share.

Neodymium Iron Boron Magnet Market Segmentation

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• By Type

Based on type, the market is divided into Bonded NdFeB, Sintered NdFeB, and Neodymium Iron Boron Magnet.

• By Application

Based on application, the market is bifurcated into Consumer Electronics, General Industrial, Automotive, and Medical Technology.

DRIVING FACTORS

"Increasing Demand to Boost Market Share"

NdFeB magnets have become increasingly popular due to their high magnetic strength, making them ideal for use in a wide range of applications, from electric vehicles to wind turbines and medical equipment. Researchers are exploring alternative materials to NdFeB magnets, such as rare earth-free magnets, to reduce dependence on rare earth elements.

"New Applications to Boost Market Size"

Researchers are working on developing more efficient methods of producing NdFeB magnets, which will increase their performance while reducing production costs. NdFeB magnets are being used in new applications, such as magnetic refrigeration and spintronics. As NdFeB magnets contain rare earth elements, efforts are being made to recycle them to reduce waste and reliance on mining. These factors will drive the global neodymium iron boron magnets market share.

RESTRAINING FACTORS

"Availability of Raw Materials to Hamper Market Share"

Neodymium and boron are rare earth elements, and their mining and refining processes are complex and expensive. Any disruption in the supply chain could impact the availability of raw materials needed to manufacture neodymium iron boron magnets. The production of neodymium iron boron magnets generates a significant amount of waste, and the mining and refining of rare earth elements can also have adverse environmental impacts. These factors will hamper the global neodymium iron boron magnets market share.

Neodymium Iron Boron Magnet Market Regional Insights

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"Asia-Pacific Dominates the Neodymium Iron Boron Magnet Market"

APAC is the major shareholder for the global neodymium iron boron magnets market share. This is mainly due to the presence of major neodymium iron boron magnets manufacturers in this region, which have a strong manufacturing base and supply chain infrastructure. Additionally, the growing demand for neodymium iron boron magnets in industries such as automotive, electronics, and renewable energy in the region is also driving the growth of the market. North America is the second major shareholder for the global neodymium iron boron magnets market share.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead in the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolio.

List of Market Players Profiled

• Neo Electronics Inc [U.K.]
• Ugimag Trading [France]
• Audemars Microtec [Switzerland]
• Nippon Steel [Japan]
• TDK [Japan]
• Daido Steel Co [Japan]
• Shin-Etsu Chemical [Japan]
• Hitachi Metals [Japan]
• Ta Tong Magnet [Taiwan]
• Chengdu Galaxy Magnets [China]
• Beijing Zhong Ke San Huan High-Tech Co Ltd [China]
• Ningbo Co-star Materials Hi-tech Co [China]
• Hengdian Group DMEGC Magnetics Co [China]
• Jingci Material Science Co [China]
• Earth Bear [China]
• Baotou Tianhe Magnetics Technology Co. [China]
• Guangzhou Golden South Magnetism Material Co [China]
• Jiangxi Yingguang Magnet [China]
• Ningbo Yunsheng Co. [China]

REPORT COVERAGE

This research profiles a report with extensive studies that take into description of the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics changes.