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The neodymium magnets market size is estimated to grow by USD 6.69 billion at a CAGR of 8.09% between 2023 and 2028. The growth of the NdFeB magnets market is driven by several key factors, including the increasing focus on renewable energy sources, such as wind and solar power, which require these magnets for use in generators and motors. Additionally, 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. Furthermore, the increasing use of NdFeB magnets in the biomedical industry, particularly in medical devices and equipment, is contributing to market growth. These interconnected trends, spanning the renewable energy, consumer electronics, and biomedical sectors, are collectively fueling the expansion of the NdFeB magnets market as manufacturers work to meet the growing demand for these versatile and essential components across a wide range of applications.
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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 4.49 billion in 2018. 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 plays a critical role in various industries including aerospace, energy storage, and power generation, owing to their strong magnetic resonance imaging capabilities utilized in radiology departments for diagnostic purposes. These permanent magnets are integral in electric steering, electric braking, and auto-clutch systems, enhancing efficiency and reliability in automotive applications. In healthcare, neodymium magnets contribute to magnetic resonance imaging devices, aiding in the diagnosis of conditions like chronic pain syndrome, arthritis, and headaches, while promoting wound healing and addressing insomnia through their curing effects. Arts and crafts also benefit from the use of magic magnets for creative purposes. With their robust magnetic properties derived from rare earth elements found in the Earth’s crust, neodymium magnets continue to advance technological innovations across multiple sectors, emphasizing their pivotal role in modern industry and healthcare applications.
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.
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 companies, 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 forecasting research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024 to 2028, as well as historical data from 2018 to 2023 for the following segments
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The market is pivotal across diverse industries, from medical technology where they are essential in magnetic resonance imaging (MRI) machines in radiology departments, to applications in the oil industry for magnetic separation of contaminants. These rare-earth magnets are crucial in loudspeakers for producing clear sound and in gearbox actuation for precise mechanical control. In everyday items, neodymium magnets are found in baby strollers, identification badges, and jewelry clips, demonstrating their versatility in consumer products. Their curing effect also aids in alleviating headaches and promoting well-being. Moreover, in industrial settings, neodymium magnets contribute to grease filter production and are utilized in magnetic tool belts for convenient access to tools. With their strong magnetic properties derived from iron powder, neodymium magnets continue to drive innovation and efficiency across various sectors, highlighting their indispensable role in modern technology and everyday life. The radiology department faced a headache due to demagnetization issues with their rare-earth magnet used for nuclear magnetic resonance imaging, affecting energy product in their grease filter producers.
Market Scope |
|
Report Coverage |
Details |
Page number |
181 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 8.09% |
Market growth 2024-2028 |
USD 6.69 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
7.32 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 52% |
Key countries |
China, US, Japan, India, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, 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, Earth Panda Advance Magnetic Material Co.Ltd., Goudsmit Magnetics Groep BV, Guangdong Lingyi Zhizhi Manufacturing Co. Ltd., Hitachi Ltd., Magnequench International LLC, MP MATERIALS CORP., Spear and Jackson, Neo Performance Materials Inc., Ningbo ketian Magnet Co. Ltd., Ningbo Yunsheng 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., and Zhejiang Innuovo Magnetics Co. Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the market forecast period |
Customization purview |
If our market 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 Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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