Rare Earth Magnet Market Size, Share, Growth, And Industry Analysis, By Type (Neodymium-Iron-Boron (NdFeB) Magnets, Samarium-Cobalt (SmCo) Magnets), By Application (Automobile, Electronics, Power Generators, Medical Industry, Wind Power, Others), Regional Forecast To 2031

Updated On: 29 April 2024

RARE EARTH MAGNET MARKET REPORT OVERVIEW 

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global rare earth magnet market size was USD 10108.4 million in 2021 and market is projected to touch USD 22192 Million By 2031, exhibiting a CAGR of 8.18% during the forecast period.

Permanent magnets that are manufactured from alloy of rare-earth elements are referred to as rare earth magnet. They produce powerful magnetic fields that aid in product downsizing, enhance performance, and lower production costs. These magnets are typically coated or plated to prevent breaking, chipping, or crumbling into powder because they are fragile and prone to corrosion. They are used in the production of engines, separator, printer, mics, automotive starters, acoustic transducers, and computer disc drives because to their many advantages.

COVID-19 Impact: Interruption in Supply Chains to Deplete Market Growth

The eruption of COVID-19 has done act as a substantial restraint on some market in 2020, as businesses have been disrupted due to global government lockdowns. COVID-19 is a contagious disease that causes flu-like symptoms such as fever, coughing, and difficulty breathing. National governments' efforts to limit transfer have led to a decrease in business growth and confined trade in goods and services, with nations entering a 'lock down' state. Businesses suffered as a result of the outbreak in 2020 and 2021. Many markets were been affected from this because the main focus was on the respiratory issues. The market growth is expected to rebound from the shock over the forecast period.

Latest Trends

"Automotive Sector to Intensify Market Magnification"

Prior to now, the use of rare earth magnet was primarily restricted to the automobile and motor industry. However, the need for earth magnet has recently increased from a number of new industries, including the production of electronics, medical devices, and actuators. Additionally, the electric motor sector is growing moderately as a result of fast urbanization, industrialization, greater electricity penetration, and rising degrees of automation in a number of sectors. This development is positively affecting the demand for rare earth magnet market because the automotive sector is one of the main end users of these materials. In addition, the future market growth is predicted to be boosted by the expansion of wind energy producing facilities due to the increasing population and rising need for power.

RARE EARTH MAGNET MARKET SEGMENTATION 

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• By Type Analysis

According to type, the market can be segmented into neodymium-iron-boron (NdFeB) magnets, samarium-cobalt (SmCo) magnets

Neodymium-iron-boron (NdFeB) magnets are the leading part of the type segment

• By Application Analysis

According to application, the market can be segmented into automobile, electronics, power generators, medical industry, wind power, others

Automobile are the leading part of the application segment

Driving Factors

"Elevation in Industrialization Practices to Boost Market Share"

Positive outlooks for the automobile and electronic industries, in addition to the quick industrialization, are anticipated to be the main drivers of the development of the market growth. In addition, it is projected that rising both private and public sector investment in small and medium-sized enterprises will fuel rare earth magnet market share expansion in the coming years.

"High Performance of the Magnet to Expand Market Forwarding"

Permanent magnets called rare earth magnet are created by magnetizing materials, and they generate their inherent magnetic field. Among these are alloys made of rare earth elements like neodymium, samarium, and dysprosium. Unlike electromagnets, rare earth permanent magnet retains their magnetic properties even after being heated over the Curie point. Rare earth magnet are the powerful permanent magnets currently on the market, and they perform much better than alnico and ceramic/ferrite magnets (primarily a collection of strontium, carbonate followed by aluminum, nickel and cobalt, separately). Neodymium (Nd-Fe-B) & samarium cobalt rare earth magnet are the two most used varieties (SmCo). Due to the fact that they originate from the same metal series, both varieties have comparable characteristics and crystal structures. They are typically brittle but quite sturdy.

Restraining Factors

"Fluctuating Raw Material Costs to Deplete Market Advancement"

One of the main things preventing the expansion of the market is fluctuating raw material costs. It has broad repercussions for manufacturing businesses. Unexpected challenges are destabilizing distribution channels and making it harder for manufacturers to provide high-quality goods at competitive rates and make a profit, from increasing energy costs to unanticipated fluctuations in raw material prices. Rare magnet and other similar raw materials utilized to make permanent magnets have seen price variations. The added expenses are passed on to consumers by manufacturers. This occasionally leads to lower consumption of permanent magnets and damages their reputation as affordable materials. Prices for earth magnet have increased recently, however, this occasionally leads to lower consumption of the magnets and damages their reputation as affordable materials. Due to growing supply restrictions from, the price of rare earth minerals is extremely erratic in the instance of earth magnet. All the mentioned factor will further cause a hindrance in rare earth magnet market growth.

RARE EARTH MAGNET MARKET REGIONAL INSIGHTS 

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"Appealing Marketing Tactics to Foster Market Growth in Asia Pacific and North America "

The rare earth magnet market is expanding profitably in Asia Pacific as a result of stringent environmental protection regulations, encouraging government energy conservation initiatives, and growing customer awareness of product quality. With the rising need for industrial products in Asia Pacific over the last few years, permanent magnet demand has been steadily increasing, which is assisting the industry's expansion. 

With the rising need for industrial products in North America over the last few years, permanent magnet demand has been steadily increasing, which is assisting the industry's expansion.  Additionally, the new technology delivers a significant reduction in maintenance expenses, which accounts for the positive reception it has gotten from a significant number of consumers across numerous industries. Because of their relatively low manufacturing costs and increasing industrialization, economies like North America are attracting investments from manufacturers.

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 of 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 portfolios.

The analyst provides a comprehensive picture of the market through the study, synthesis, and summarization of data from various sources, as well as an examination of important variables such as financial gain, sales prices, competition, and promotions. It identifies the key industry influencers and presents various market facets. The information provided is thorough, reliable, and the result of extensive primary and secondary research. The market report provides a comprehensive competitive landscape as well as an in-depth vendor evaluation methodology and analysis based on both qualitative and quantitative studies to accurately forecast market growth.

The reports cover important advances with in market, as well as inorganic and organic growth strategies. Various companies are concentrating on organic business expansion such as product announcements, product approvals, and other things like patents and events. Acquisitions, partnerships, and collaborations were among the inorganic growth strategies observed in the market. The above activities have paved the way for market participants to expand their business and customer base. With the growing demands for filter products in the international market, market participants in the market are expected to benefit from substantial growth opportunities in the near future.

List of Market Players Profiled

• Bunting Magnetics Co. (U.S.)
• Hitachi Metals, Ltd (Japan)
• Arnold Magnetic Technologies (U.S.)
• Shin-Etsu Chemical Co., Ltd (Japan)

Report Coverage

The industry's growth was significantly influenced by the tactics employed by market participants in recent years, such as extensions. The report provides details and information on the companies and their interactions with the market. The data is gathered and published through appropriate research, technological advancements, expansions, and expanding machinery and equipment. Other criteria considered for this market are the firms that develop and provide new products, the areas in which they operate, mechanisation, innovative techniques, making the most money, and using their products to have a large social impact. This analysis examines the global and regional effects of the outbreak mostly on the market. The study describes the market share features, and market growth by type, industry, and customer sector.

This research profiles a report with extensive studies that take into description 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 change.