Rockville, MD , Sept. 17, 2024 (GLOBE NEWSWIRE) -- The NdFeB Magnets Market is expected to grow from US$ 2,144.2 million in 2024 to US$ 4,586.6 million in 2034. Fact. MR’s extensive study shows that the market will expand at a growth rate of 7.9% from 2024 to 2034.
The Neodymium Iron Boron (NdFeB) magnets are known to have outstanding magnetic strength and high coercivity with resistance to demagnetization. With a maximum energy product reaching as much as nearly 50 MGOe, these magnets are perfect for high-temperature applications and compact designs. Application type of sintered NdFeB magnets covers all starting from industrial machinery and electric vehicles to wind turbines, magnetic separation, generators, and motors.
In the next couple of years, the demand for the NdFeB magnet will increase drastically, driven primarily by the electric vehicle sector that dominates the largest market share. High demand is likely to come from wind turbine applications in the Asia Pacific region and consumer electronic applications like smartphones and laptops. Noticeable demand has been triggered by a key EV manufacturer that uses 10,000 of these magnets in their motors for improved efficiency of 20% and reduced energy consumption. This rising demand is, hence, responsible for the rapid growth seen in the NdFeB magnet industry.
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Key Takeaways from Market Study:
- Global NdFeB Magnets market will grow at a CAGR of 7.9%, reaching US$ 4,586.6 million by the end of 2034.
- South Asia & Pacific will expand at a CAGR of 8.0% from 2024 to 2034, capturing 37.8% of the market share in 2024 and offering an absolute opportunity of US$ 937.0 million.
- East Asia will account for 38.9% of market share in 2024, generating an absolute dollar opportunity of US$ 991.3 million between 2024 and 2034.
- Between 2024 and 2034, the consumer electronics end use classification is expected to produce an absolute dollar opportunity US$ 617.7 million.
- With a 58.1% market share, the Sintered NIB Magnets type is estimated to be worth US$ 1,245.8 million in 2024.
"Growing need for consumer electronics, wind turbines, and electric cars is likely to propel the NdFeB magnet market, with Asia-Pacific predicted to be a major contributor”, says a Fact.MR analyst.
Leading Players Driving Innovation in the NdFeB Magnets Market:
Key Players the NdFeB Magnets Market are Arnold Magnetic Technologies, Lynas Corporation Ltd., Electron Energy Corporation, Daido Steel Co., Ltd., Hitachi Metals Ltd., Shin-Etsu Chemical Co., Ltd., Huatai Xinding Metal Materials Co., Zhejiang Zhongke Magnetic Industry Co., Ltd., Linkup Magnet, Urban Mining, MP Materials Inc., USA Rare Earth, Other Prominent Players.
NdFeB Magnets Market News:
These important companies used a variety of primary strategies, such as product releases, mergers and acquisitions, expansions, and deals, to strengthen their positions in the electronic chemicals and materials market. Major attention was paid to the deals and expansions. As an instance-
- In April 2020, NdFeB permanent magnet manufacturing equipment has been acquired by USA Rare Earth. Most of the equipment is needed to restart production of rare earth magnets domestically in the U.S. and can produce at least 2,000 tons annually.
- In Sept 2021, Arnold Magnetic Technologies was acquired by Lumen Technologies, further expanding its foothold in magnet and sensor technology. It designs and develops high-performance magnetic components for industrial and consumer applications.
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NdFeB Magnets Industry News:
- MP Materials Inc. stated in June 2022 that it has signed a long-term contract with General Motors to supply rare earth-based materials, such as neodymium iron boron magnets, for the latter's next-generation electric vehicles.
- In order to provide the market with high-purity neodymium iron boron (NdFeB) magnets, USA Rare Earth and Texas Mineral Resources announced in January 2022 that they would be collaborating to construct a rare earth mine and processing facility in Texas.
More Valuable Insights on Offer:
Fact.MR, in its new offering, presents an unbiased analysis of the global NdFeB magnets market, presenting historical data for 2019 to 2023 and forecast statistics for 2024 to 2034.
The study reveals essential insights based on type (sintered nib magnets, bonded nib magnets), end use (consumer electronics, automotive, oil & gas, aerospace & defense, medical devices, other end uses) and across major seven regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia & Pacific, and the Middle East & Africa).
Segmentation of NdFeB Magnets Market:
By Type :
- Sintered NIB Magnets
- Bonded NIB Magnets
By End Use :
- Consumer Electronics
- Automotive
- Oil & Gas
- Aerospace & Defense
- Medical Devices
- Other End Uses
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