New York, United States , June 27, 2023 (GLOBE NEWSWIRE) -- The Global Neodymium Magnet Market Size is to grow from USD 2.3 Billion in 2022 to USD 3.83 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 5.2% during the projected period.
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The most common type of rare-earth magnet is a neodymium magnet, sometimes known as a Neo magnet. Neodymium magnets are also frequently used in magnetic separation devices, filtration systems, ionizers, on-off switch manufacturing, the safety sector, and surveillance systems. Neodymium magnets are used in medical devices for the diagnosis and treatment of conditions such as chronic pain syndrome, arthritis, wound healing, headaches, sleep disorders, and a variety of other diseases, in addition to their ability to produce a static magnetic field. Furthermore, as the use of neodymium magnets in consumer products expands, so does the need for these magnets. Because of their high magnetic strength and low cost, they are often the preferred choice for many consumer, commercial, industrial, and technical applications. Neodymium magnets are also commonly used in transportation-related applications such as magnetic suspension trains and permanent magnet devices for luxury automobiles. As a result of the rising use of neodymium as a permanent magnet, the global neodymium magnet market is likely to grow over the forecast time range.
Browse key industry insights spread across 200 pages with 120 Market data tables and figures & charts from the report on, "Global Neodymium Magnet Market Size, Share, and COVID-19 Impact Analysis, By Product (Sintered, Bonded), End-Use (Automotive, Electrical & Electronics, Energy & Power, Semiconductors, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032." Get Detailed Report Description Here:
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The sintered segment accounted for the largest revenue share of more than 54.2% over the forecast period.
On the basis of product, the global neodymium magnet market is segmented into sintered and bonded. Among these, the sintered segment is dominating the market with the largest revenue share of 54.2% over the forecast period. Sintered magnets are typically made of an iron-boron-neodymium alloy. Copper, cobalt, gadolinium, and dysprosium are among the components used to make it corrosion-resistant. The increasing use of neodymium magnets in electric vehicles, electronics, power plants, medical devices, and other applications will drive the market forward.
The electrical & electronics segment is dominating the market with the largest revenue share over the forecast period.
On the basis of end-use, the global neodymium magnet market is segmented into the automotive, electrical & electronics, energy & power, semiconductors, and others. Among these, the electrical & electronics segment is dominating the market with the largest revenue share of 48.6% over the forecast period. Magnets' rising use in this business has been attributed to an increase in the demand for electrical and electronic equipment. Furthermore, the vehicle business is predicted to grow considerably during the next few years. Strong magnet demand will be fueled by expanding demand for hybrid and electric vehicles, as well as the developing automotive industry.
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Asia Pacific dominates the market with the largest market share over the forecast period.
Asia Pacific is dominating the market with more than 87.3% market share over the forecast period. The Asia Pacific region's potential for progress is seen in its strong economic development, greater financial independence, and an increase in the manufacturing of passenger automobiles, electronic goods, and wind power generators. Furthermore, guidelines from various governments in the Asia Pacific region and other developing countries are expected to propel the neodymium magnet market even higher due to increased demand from industrial businesses. On the other hand, North America is predicted to expand the fastest during the forecast period. The US is a significant market for rare earth elements. The region's need for NdFeB magnets is expected to grow rapidly due to rising demand from high-end applications such as robots, wearable devices, EVs, and wind energy.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Neodymium Magnet Market include MP MATERIALS, Peak Rare Earths, China Rare Earth Holdings Limited, Chengdu Galaxy Magnets, TDK Corporation, Arnold Magnetic Technologies, Hitachi Metals, Goudsmit Magnetics, Yantai Shougang Magnetic Materials Inc., Ningbo Yunsheng Co Ltd., Shin Etsu Chemical Co Ltd., Electron Energy Corporation, Tengam Engineering Inc, Texas Mineral Resources Corp., ARAFURA RESOURCES, Greenland Minerals Ltd., HEFA Rare Earth, and among others.
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Recent Developments
On April 2023, Arafura Rare Earths Limited has agreed to deliver Neodymium and Praseodymium (NdPr) rare earths from the company's Nolans Project in Central Australia to Siemens Gamesa Renewable Energy. The offtake agreement calls for the project to deliver NdPr to Siemens Gamesa for a five-year period that might be extended by mutual agreement for another two years. The contract volumes for NdPr metal are 200 tonnes per annum (tpa) beginning in 2026, growing to 360tpa in year two and 400tpa in years three to five to match with the project's ramp-up, according to Arafura.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Neodymium Magnet Market based on the below-mentioned segments:
Neodymium Magnet Market, Product Analysis
- Sintered
- Bonded
Neodymium Magnet Market, End-Use Analysis
- Automotive
- Electrical & Electronics
- Energy & Power
- Semiconductors
- Others
Neodymium Magnet Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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