(MENAFN- IMARC Group)
IMARC Group, a leading market research company, has recently releases report titled “Rare Earth Magnet Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032 ”, The study provides a detailed analysis of the industry, including the global rare earth magnet market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights:
How big is the Rare Earth Magnet Market ?
The global rare earth magnet market size reached US$ 18.5 Billion in
2023. Looking forward, IMARC Group expects the market to reach US$ 29.7 Billion by
2032, exhibiting a growth rate (CAGR) of 5.2% during
2024-2032.
What is Rare Earth Magnet?
Rare earth magnets are powerful permanent magnets made from alloys of rare earth elements, primarily consisting of neodymium (Nd), iron (Fe), and boron (B). Known for their exceptional magnetic strength, these magnets are much stronger than traditional ferrite or alnico magnets. They come in two main types: neodymium magnets (NdFeB) and samarium-cobalt magnets (SmCo). Neodymium magnets are the most used and are known for their high magnetic strength and relatively low cost. Samarium-cobalt magnets, while slightly less strong, offer higher resistance to heat and corrosion. Rare earth magnets are crucial in various high-tech and industrial applications, including electric motors in hybrid and electric vehicles, wind turbines, hard disk drives, medical equipment, and essential components in consumer electronics.
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Rare Earth Magnet Market Trends:
The growing demand for rare earth magnets in consumer electronics, like smartphones, laptops, and tablets, represents one of the key factors driving the growth of the market across the globe. With the global shift towards electric vehicles, the demand for rare earth magnets in EV motors is rising. These magnets are key components in achieving efficiency and performance in electric motors. The expansion of the renewable energy sector, especially wind turbines, which use these magnets in their generators, is acting as a major growth-inducing factor. Advances in technology and the trend towards miniaturization of devices require powerful, compact magnets, for which rare earth magnets are ideally suited. The rise in industrial automation and robotics, which rely on precision and power offered by rare earth magnets, contributes to the growth of the market. Ongoing research and development (R&D) aimed at enhancing the performance and reducing the cost of rare earth magnets also drives the market growth. The availability and accessibility of rare earth elements, along with supply chain dynamics, significantly impact the market. The global focus on energy efficiency and reducing carbon footprints encourages the adoption of technologies utilizing rare earth magnets which is facilitating the market growth across the globe.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Magnet Type:
Neodymium-Iron-Boron (NdFeB) Magnets Samarium-Cobalt (SmCo) Magnets
Breakup by Application:
NdFeB Magnets Automobile Electronics Power Generators Medical Industry Wind Power Others
SmCo Magnets Defense Aerospace Electronics Medical Devices Others
Breakup By Region:
North America (United States, Canada) Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others) Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others) Latin America (Brazil, Mexico, Others) Middle East and Africa
Leading Companies Operating in the Global Rare Earth Magnet Industry:
Arnold Magnetic Technologies ADAMS Magnetic Products Co. Bunting Magnetics Co. Eclipse Magnetics Ltd. (Spear & Jackson) Hangzhou Permanent Magnet Group. Ltd. Ningbo Ninggang Permanent Magnetic Materials Co., Ltd. Ningbo Ketian Magnet Co. Ltd. Thomas & Skinner Inc.
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.
Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.
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