Report ID : 2109 | Published : 2024-03-15 | Pages: 179 | Format: PDF/EXCEL
Rare Earth Magnet Market Size is valued at USD 18.51 Bn in 2022 and is predicted to reach USD 35.97 Bn by the year 2031 at a 7.7% CAGR during the forecast period for 2023-2031. Industrial Permanent Magnets
A rare-earth magnet is an exceptionally powerful permanent magnet composed of rare-earth element alloys. Rare earth magnets are exceptionally strong permanent magnets made of neodymium, iron, and boron. They are small but powerful and have applications in electronics, motors, medical devices, sensors, etc. However, they are sensitive to high temperatures and corrosion. Their strength makes them valuable but has raised supply and environmental concerns.
Alloys of rare earth elements are used to create rare-earth magnets, the strongest permanent magnet on the market. Growth in the automotive sector due to technological advancements, population growth, and higher consumer goods demand are all projected to propel the rare earth magnet market during the forecast period. The expanding sales of electronic gadgets, including mobile phones, tablets, TVs, and laptops, are driving the worldwide rare earth elements market due to rising consumer expenditure and internet penetration worldwide.
In addition, governments across the globe continue to stress the importance of transitioning to renewable energy sources. The market for rare earth magnets can provide magnets for wind turbines and other such technologies. In addition, rare earth magnets are used in the aerospace and defence industries for applications, including military hardware and aviation systems. Growth and development in technology affect the demand in this sector. However, rapid urbanization, industrialization, expanding access to energy, and rising degrees of automation across a variety of industries are expected to boost the market.
However, despite their excellent performance, rare earth magnets have limitations, such as susceptibility to corrosion and magnetism loss at high temperatures. The availability of rare earth elements, which are not uniformly distributed around the globe, is also crucial to manufacturing rare earth magnets. In addition to COVID-19, the rare earth magnet industry took a huge hit, as nearly every government decided to shut down all production facilities except those engaged with creating vital items. Due to the lockdown, progress on the rare-earth magnet system's manufacture was slowed. In the wake of the lockout, the increased demand for rare earth magnets in the manufacturing of electric vehicles, consumer goods, and technologies has contributed to the expansion of the rare earth magnet market.
The rare earth magnet market is segmented based on Type, Product and Application. Based on type, the market is segmented into neodymium-iron-boron magnets (NdFeB) and samarium cobalt magnets (SmCo). By Product, the market is segmented into countersunk magnets, circular disc magnets, hook & eyebolt magnets, cylindrical rod magnets, circular ring magnets, rectangular, self-adhesive, and pot & clamping magnets. By application, the market is segmented into the automotive industry, food & drink processing, aerospace industry, renewable energy, consumer electronics, deep sea exploration, and others.
The neodymium-iron-boron magnet rare earth magnet category is expected to record a major global market share in 2022 because there is a rising need for compact versions of many kinds of machinery. Their superior magnetic qualities make them the most popular type of permanent magnet.
The consumer electronics segment will likely to grow rapidly in the global rare earth magnet market. Products in the consumer electronics market are rising in popularity because of the high level of sophistication they provide. Products like this not only keep us amused but also facilitate our productivity, especially in countries like the US, Germany, the UK, China, and India.
The North American rare earth magnet market activity is anticipated to record the maximum market share in revenue in the near future. It can be attributed to the rising numbers of people, greater demand for electric vehicles, and higher electricity prices have all contributed to the development of new wind farms. In addition, Asia Pacific is estimated to grow rapidly in the global rare earth magnet market because as the population grows and more people buy electric cars, wind power-producing plants must boost their output to meet the rising electricity demand.
Representation of revenue in US$ Bn and CAGR from 2023 to 2031
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends
North America; Europe; Asia Pacific; Latin America; Middle East & Africa
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico ;The UK; France; Italy; Spain; China; Japan; India; South Korea; South East Asia; South Korea; South East Asia
Hitachi Metals Group, Shin-Etsu, TDK, VAC, Arnold Magnetic Technologies, ADAMS Magnetic Products Co., Bunting Magnetics Co., Eclipse Magnetics Ltd., Hangzhou Permanent Magnet Group (HPMG) Ltd., Ningbo NGYC (Ninggang Permanent Magnetic) Materials Co. Ltd., Ningbo Ketian Magnet Co.Ltd., Thomas & Skinner Inc., Beijing Zhong Ke San Huan Hi-Tech, Yunsheng Company, YSM, JL MAG, ZHmag, Jingci Material Science, Urban Mining, Lynas Corporation, MP Materials Inc., Texas Mineral Resources Corp., Earth-Panda Advance Magnetic Material Co., Ltd., Others.
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Chapter 3. Global Rare Earth Magnet Market Snapshot
Chapter 4. Global Rare Earth Magnet Market Variables, Trends & Scope
4.6. Industry Analysis – Porter’s Five Forces Analysis
4.7. Competitive Landscape & Market Share Analysis
Chapter 5. Market Segmentation 1: By Type Estimates & Trend Analysis
5.1. By Type, & Market Share, 2020 & 2031
5.2. Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2020 to 2030 for the following By Type:
Chapter 6. Market Segmentation 2: By Product Estimates & Trend Analysis
6.1. By Product & Market Share, 2020 & 2031
6.2. Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2020 to 2030 for the following By Product:
Chapter 7. Market Segmentation 3: By Application Estimates & Trend Analysis
7.1. By Application & Market Share, 2020 & 2031
7.2. Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2020 to 2030 for the following By Application:
Chapter 8. Rare Earth Magnet Market Segmentation 4: Regional Estimates & Trend Analysis
8.1.1. North America Rare Earth Magnet Market revenue (US$ Million) estimates and forecasts By Type, 2019-2031
8.1.2. North America Rare Earth Magnet Market revenue (US$ Million) estimates and forecasts By Product, 2019-2031
8.1.3. North America Rare Earth Magnet Market revenue (US$ Million) estimates and forecasts By Application, 2019-2031
8.1.4. North America Rare Earth Magnet Market revenue (US$ Million) estimates and forecasts by country, 2019-2031
8.2.1. Europe Rare Earth Magnet Market revenue (US$ Million) By Type, 2019-2031
8.2.2. Europe Rare Earth Magnet Market revenue (US$ Million) By Product, 2019-2031
8.2.3. Europe Rare Earth Magnet Market revenue (US$ Million) By Application, 2019-2031
8.2.4. Europe Rare Earth Magnet Market revenue (US$ Million) by country, 2019-2031
8.3.1. Asia Pacific Rare Earth Magnet Market revenue (US$ Million) By Type, 2019-2031
8.3.2. Asia Pacific Rare Earth Magnet Market revenue (US$ Million) By Product, 2019-2031
8.3.3. Asia Pacific Rare Earth Magnet Market revenue (US$ Million) By Application, 2019-2031
8.3.4. Asia Pacific Rare Earth Magnet Market revenue (US$ Million) by country, 2019-2031
8.4.1. Latin America Rare Earth Magnet Market revenue (US$ Million) By Type, (US$ Million) 2019-2031
8.4.2. Latin America Rare Earth Magnet Market revenue (US$ Million) By Product, (US$ Million) 2019-2031
8.4.3. Latin America Rare Earth Magnet Market revenue (US$ Million) By Application, (US$ Million) 2019-2031
8.4.4. Latin America Rare Earth Magnet Market revenue (US$ Million) by country, 2019-2031
8.5.1. Middle East & Africa Rare Earth Magnet Market revenue (US$ Million) By Type, (US$ Million) 2019-2031
8.5.2. Middle East & Africa Rare Earth Magnet Market revenue (US$ Million) By Product, (US$ Million) 2019-2031
8.5.3. Middle East & Africa Rare Earth Magnet Market revenue (US$ Million) By Application, (US$ Million) 2019-2031
8.5.4. Middle East & Africa Rare Earth Magnet Market revenue (US$ Million) by country, 2019-2031
9.1. Major Mergers and Acquisitions/Strategic Alliances
9.2.9. Hangzhou Permanent Magnet Group (HPMG)Ltd.
9.2.10. Ningbo NGYC (Ninggang Permanent Magnetic) Materials Co. Ltd.
9.2.11. Ningbo Ketian Magnet Co.Ltd.
9.2.13. Beijing Zhong Ke San Huan Hi-Tech
Segmentation of Rare Earth Magnet Market-
Rare Earth Magnet Market By Type -
Rare Earth Magnet Market By Product -
Rare Earth Magnet Market By Application -
Middle East & Africa-
InsightAce Analytic follows a standard and comprehensive market research methodology focused on offering the most accurate and precise market insights. The methods followed for all our market research studies include three significant steps – primary research, secondary research, and data modeling and analysis - to derive the current market size and forecast it over the forecast period. In this study, these three steps were used iteratively to generate valid data points (minimum deviation), which were cross-validated through multiple approaches mentioned below in the data modeling section.
Through secondary research methods, information on the market under study, its peer, and the parent market was collected. This information was then entered into data models. The resulted data points and insights were then validated by primary participants.
Based on additional insights from these primary participants, more directional efforts were put into doing secondary research and optimize data models. This process was repeated till all data models used in the study produced similar results (with minimum deviation). This way, this iterative process was able to generate the most accurate market numbers and qualitative insights.
The secondary research sources that are typically mentioned to include, but are not limited to:
The paid sources for secondary research like Factiva, OneSource, Hoovers, and Statista
Primary research involves telephonic interviews, e-mail interactions, as well as face-to-face interviews for each market, category, segment, and subsegment across geographies
The contributors who typically take part in such a course include, but are not limited to:
In the iterative process (mentioned above), data models received inputs from primary as well as secondary sources. But analysts working on these models were the key. They used their extensive knowledge and experience about industry and topic to make changes and fine-tuning these models as per the product/service under study.
The standard data models used while studying this market were the top-down and bottom-up approaches and the company shares analysis model. However, other methods were also used along with these – which were specific to the industry and product/service under study.
To know more about the research methodology used for this study, kindly contact us/click here.
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Rare Earth Magnet Market Size is valued at USD 18.51 Bn in 2022 and is predicted to reach USD 35.97 Bn by the year 2031
Rare Earth Magnet Market is expected to grow at a 7.7% CAGR during the forecast period for 2023-2031.
ZHmag, Jingci Material Science, Urban Mining, Lynas Corporation, MP Materials Inc., Texas Mineral Resources Corp., Earth-Panda Advance Magnetic Materi
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