Dallas, TX -- (SBWire) -- 01/24/2020 --The driving factors of global neodymium rare earth magnets market includes increasing use of several different industrial applications, growing consumption areas of neo magnets such as medical equipment and devices, automotive, wind power generation, electrical appliances, and electronic devices, and rising number of properties such as resistance to demagnetization, super strength, and ideal use in different sizes and shapes.
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Global neodymium rare earth magnets market was valued at USD 12.74 billion in 2018. Furthermore, the global market is poised to showcase substantial growth in the coming years with a CAGR of 8.5% over the forecast period from 2019 to 2025. The demand for neodymium magnets is mainly driven by the increasing uptake in the wind energy and electric vehicles segment.
Neodymium is a member of rare earth metals and the magnet derived from it is regarded as the strongest on earth. Neodymium magnet, is usually available as NdFeB in its alloy mixture with iron (Fe) and boron (B). Neodymium magnet is known for its high magnetic strength, which is utilised in the form of different shapes and sizes by several end use industries. Neodymium metal is abundantly found in China which accounts for ~70-80% of the global production.
Due to the increasing production and rising adoption of electric vehicles and hybrid, China is increasing the demand for neodymium magnets and possibly to project tremendous growth with the increasing trend in the near future. Moreover, due to the growing requirement of external electric supply, the magnets are generating their own magnetic field which eliminates the use of electric supply.
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In terms of geography, Asia Pacific is accounting tremendous growth with the highest CAGR as China hold one of a leading market in terms of revenue share. Moreover, China is also considered as one of the largest extractors of rare-earth elements as well as a manufacturer and exporter of finished neodymium magnets.
Global neodymium rare earth magnets market is categorized into several segmentation including market outlook, application outlook, and region. Based on product overview, the global neodymium rare earth magnets market is fragmented into Neodymium Nickel Cobalt (NdFeB), Aluminum Nickel Cobalt (Alnico), Ferrite, Samarium Cobalt (SmCo). On the basis of application overview, the global neodymium rare earth magnets market is subjected into Medical, Automotive, Consumer Goods & Electronics, Industrial, Aerospace & Defence, Energy, and Others. Looping on to the regional overview, the global neodymium rare earth magnets market is a wide range to North America, USA, Canada, Mexico, Egypt, Asia Pacific, China, Japan, Korea, India, Southeast Asia, The Middle East and Africa, UAE, Turkey, Nigeria, South Africa, Argentina, Europe, France, UK, Russia, Italy, South America, Brazil, Saudi Arabia, Germany, and Columbia. Leading players of the global neodymium rare earth magnets market includes Shin-Etsu, Hangzhou Permanent Magnet Group, Adams, Hitachi Group and Molycorp Inc.
Key segments of the global neodymium rare earth magnet market
Type Overview:
- Bonding
- Sintering
End Use Overview:
- Healthcare
- Electrical devices & electronic appliances
- Wind power generation
- Automotive
- Industrial motors
- Others
Regional Overview:
- North America
- Europe
- Asia Pacific
- China
- India
- Japan
- Southeast Asia
- Rest of Asia Pacific
- Rest of the world
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