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The NdFeB magnets market size is estimated to grow by USD 6.57 billion at a CAGR of 8.46% between 2022 and 2027. The increasing focus on renewable energy sources, such as wind and solar power, is driving the demand for NdFeB magnets used in generators and motors for these systems. The rise in the production of consumer electronic devices, such as smartphones and electric vehicles, is also driving demand for NdFeB magnets, which are used in speakers, motors, and sensors. Additionally, the increasing use of NdFeB magnets in the biomedical industry, particularly in medical devices and equipment, is contributing to market growth.
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This market report extensively covers market segmentation by type (sintered and bonded), end-user (automotive, electronics, power generators, medical industry, and others), and geography (APAC, North America, Europe, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
The sintered segment is estimated to witness significant growth during the forecast period. One of the key reasons for the significant growth of this segment in the global neodymium magnets market is due to its various applications and other factors, such as exceptional magnetic properties and their efficiency and cost-effectiveness compared with other magnet types.
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The sintered segment was the largest segment and was valued at USD 4.24 billion in 2017. The main manufacturing process of these Sintered NdFeB magnets includes compressing and heating a mixture of NdFeB, iron, and boron powders, creating a solid block that is then sliced and ground into the desired shape and size. Thus, magnets have a high energy density, magnetic loss, and high coercivity, making them best suitable for use in various industries, such as automotive, consumer electronics, medical devices, and renewable energy. One of the key benefits of these magnets is that they improve the efficiency of electric motors, offering a longer driving range and lower energy consumption compared with traditional internal combustion engines. Therefore, such applications are expected to drive the growth of this segment which in turn will drive the growth of the market during the forecast period.
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APAC is estimated to contribute 52% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. One of the main factors for the significant growth of the market in APAC is because there is a growing demand for high-performance magnets in several industrial applications, such as the automotive, electronics, energy, and healthcare sectors. Due to rapid industrialization, there is huge scope for the growth of the market in APAC.
Another factor is the increasing demand for lightweight and fuel-efficient vehicles, which is significantly contributing to the growth of the market in the APAC as these magnets are widely used in the manufacturing of EV motors and offer various advantages, such as high efficiency, high power density, and low noise. Hence, such factors are expected to drive the growth of the global neodymium (NdFeB) magnets market in the region during the forecast period.
The market is characterized by its application dominance in various industries, especially the automobile industry, where these magnets are essential for electric vehicle components. They also find niche applications in areas requiring strong corrosion resistance and high efficiency. The market's growth is fueled by factors such as economic growth in developing economies and investment in research and development. However, challenges such as import-export dynamics and the impact of domestic players need to be addressed. Overall, neodymium magnets, with their unique properties of Neodymium, Iron, and Boron, are set to witness significant growth in diverse industries. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
One of the key factors driving the market growth is the increasing focus on renewable energy sources. The market is experiencing growth due to the shift towards renewable energy sources, driven by the need to reduce greenhouse gas emissions and combat climate change. Traditional energy sources like solar energy, bioenergy, tidal energy, and wind energy are increasingly scrutinized for their environmental impact. As a result, there is a growing focus on renewable energy alternatives to meet the world's energy demands sustainably. They are crucial in producing renewable energy solutions, particularly in wind turbines and electric vehicles (EVs), making them essential in the global energy transition. This trend is driving import and export, import-export analysis, industry applications, and investment in research and development. The primary application of these is in wind turbine production, and many industry players are investing significantly in these solutions. These applications are expected to drive the market in the forecast period.
A key factor shaping the market is the growing demand for EVs. There is an increasing popularity for EVs globally, which is primarily driving the market as they are an essential component in the production of electric motors that power these vehicles. Due to the growing population of consumers seeking out environmentally friendly and cost-efficient modes of transportation, there is an increase in demand for EVs globally.
For instance, Tesla is one of the popular brands of EVs that are preferred by consumers globally and Tesla's electric motors utilize NdFeB magnets, which provide superior performance and efficiency compared with other magnet types. Some other applications of these include the battery management system and regenerative braking system in EV cars. Hence, such applications are expected to drive the market during the forecast period.
The high cost of production is one of the key challenges hindering the market. One of the essential raw materials involved in the manufacturing process includes Neodymium which is an expensive rare earth metal, and its extraction and refining process is labor-intensive and requires specialized equipment. Also, these magnets include the use of other expensive materials, such as boron and iron as well.
As a result, the rising cost of these directly impacts the pricing of electronic devices that use them. Furthermore, due to this high cost of production, manufacturers find it difficult to keep the price competitive. Another significant challenge is the disruption in the supply chain due to the scarcity of these expensive raw materials. Hence, such factors are expected to hinder the market during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Adams Magnetic Products: The company offers NdFeB magnets such as Neodymium Magnet Discs, Neodymium Magnet Rings, and Neodymium Magnet Blocks.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
The market is witnessing substantial growth, driven by their strong magnetic field strength and high magnetization patterns. These magnets find core application areas in the electrical and electronics industry due to their technological advancements and temperature resistance. Companies like Sumitomo Special Metals are leading the market with their strategic developments and global presence. However, the market faces challenges such as volatility in prices and trade regulations. To capitalize on emerging revenue pockets and global trends, companies are focusing on technological innovations and geographical expansions. The market's growth factors include the penetration of alternatives and green bonds, indicating a promising future.
The market is characterized by its strongest magnetic properties, making it highly sought after in various application niches. These magnets, composed of Neodymium, Iron, and Boron (NIB), offer affordable solutions with their energy-efficient properties. Companies in this market leverage their production capacities and production sites to meet the demand for various shapes and sizes of magnets. To address challenges such as magnetic stability and raw material supply, strategic market growth analysis and value chain optimization are crucial. The market's growth potential is evident through new market initiatives and product launches, driven by research and development activities and segmental analysis to target specific industries.
Market Scope |
|
Report Coverage |
Details |
Page number |
175 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 8.46% |
Market growth 2023-2027 |
USD 6.57 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
7.23 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 52% |
Key countries |
US, China, Japan, India, and Germany |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Adams Magnetic Products, Advanced Technology and Materials Co. Ltd., Arnold Magnetic Technologies Corp., Daido Steel Co. Ltd., DEXTER MAGNETIC TECHNOLOGIES, Guangdong Lingyi Zhizhi Manufacturing Co. Ltd., Hitachi Ltd., Magnequench International LLC, MP MATERIALS CORP., Neill Tools Ltd., Neo Performance Materials Inc., Ningbo ketian Magnet Co. Ltd., Ningbo Zhaobao Magnet Co. Ltd., Shin Etsu Chemical Co. Ltd., Siemens AG, Sumitomo Metal Mining Co. Ltd., TDK Corp., The Electrodyne Company Inc., Zhejiang Innuovo Magnetics Co. Ltd., Earth Panda Advance Magnetic Material Co.Ltd., Goudsmit Magnetics Groep BV, and Ningbo Yunsheng Co. Ltd. |
Market dynamics |
Parent market analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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