North American Neodymium Market, Industry Analysis, Growth Trends, Opportunity and Forecast To 2031

North America Neodymium (Nd-Fe-B) Magnet Market: Introduction

The neodymium (Nd-Fe-B) magnet market in North America was valued at US$ 3 Bn in 2020 and is expected to exceed US$ 5.3 Bn by 2031, at a CAGR of 5.6% during the forecast period. Neodymium magnet is a widely used type of rare-earth magnet. Neodymium magnet is a permanent magnet made from an alloy of neodymium, iron, and boron to form the Nd2Fe14B tetragonal crystalline structure. Neodymium magnet is a considerably strong type of permanent magnet that is available commercially. Based on manufacturing processes, neodymium magnet is divided into two subcategories: sintered NIB magnets and bonded NIB magnets. Neodymium magnets have replaced alnico and ferrite magnets in various applications in modern technology where strong permanent magnets are required, as they possess greater strength that allows the use of smaller, lighter magnets for a given application. Neodymium magnet is extensively employed in automotive, aerospace, medical devices, electronics, and power generation industries.

Get A Complete Report Details - https://www.transparencymarketresearch.com/north-america-neodymium-ndfeb-magnet-market.html

Neodymium iron boron (Nd-Fe-B) magnets offer the highest energy product of any material used currently and are available in a wide range of shapes, sizes, and grades. Neo magnets can be used in diverse applications, including high performance motors, brushless DC motors, magnetic separation, magnetic resonance imaging, sensors, switches, and loudspeakers.

Neodymium magnets help increase the efficiency of generator motors, drive motors, and servo motors, resulting in significant power savings. Furthermore, they are imperative in the manufacture of hard drives and other electronic & electrical applications.

Key Drivers of North America Neodymium (Nd-Fe-B) Magnet Market

Neodymium magnets are used in ventilators, and the ongoing pandemic has fueled their demand, as they are crucial to treat respiratory failure and prolong a patient's life. Manufacturers of ventilators, especially in the U.S. and Canada, have increased their production, owing to the surge in demand due to the COVID-19 pandemic. The high demand for medical equipment is driving the neodymium (Nd-Fe-B) magnet market in North America. However, demand for permanent magnets in other end-use industries has been negatively affected during the pandemic. According to the principle that neodymium magnets can attract ferromagnets and other substances, neodymium magnets can be used to remove foreign bodies from certain parts of patients in surgical operations, such as those in eyes or foreign bodies eaten by mistake.

Make an Enquiry Before Buying - https://www.transparencymarketresearch.com/sample/sample.php?flag=EB&rep_id=82306

The electronics application segment is a major consumer of neodymium magnets. The increase in investments in smartphones, laptops, and household electronic devices is expected to augment the demand for neodymium magnets during the forecast period. The rise in production of smartphones is likely to boost the neodymium (Nd-Fe-B) magnet market in North America. The demand for neodymium magnet is anticipated to rise in North America in the near future, due to increase in usage of neodymium magnet in the consumer electronics industry in the region. Primary features of neodymium iron boron magnets are high heat resistance, coercivity, and remanence. The growth in demand for the rare earth metal neodymium, owing to its superior properties such as improved saturation magnetization, has led to its widespread usage in small-sized products with higher magnetic strength and increased pull force. The factors mentioned above coupled with availability of private insurance to meet regulatory requirements for neodymium magnet manufacturers are likely to drive the demand for neodymium magnets in North America during the forecast period.

High Cost of Neodymium (Nd-Fe-B) Magnet Vis-à-vis Other Rare Earth to Hamper Neodymium (Nd-Fe-B) Magnet Market

The high cost of manufacture of neodymium magnet is projected to hamper the neodymium magnet market in North America. The unpredictability associated with the price of rare earth neodymium metals is also estimated to adversely affect the neodymium (Nd-Fe-B) magnet market in North America during the forecast period. Neodymium magnets carry some limitations due to their corrosive behavior. This is also projected to negatively impact the demand for neodymium magnets in various applications, thereby restraining the neodymium (Nd-Fe-B) magnet market in North America.

Request for Custom Research - https://www.transparencymarketresearch.com/sample/sample.php?flag=CR&rep_id=82306

The lack of universal directives pertaining to applications of neodymium magnet is estimated to hamper the neodymium (Nd-Fe-B) magnet market in the near future. Every country has different directives and legislations pertaining to the use of neodymium magnet, and companies find it difficult to comply with these country-wise directives and legislations. This can discourage investment in the neodymium (Nd-Fe-B) magnet market, thereby restraining the neodymium magnet in North America.

North America Neodymium (Nd-Fe-B) Magnet Market: Segmentation

North America Neodymium (Nd-Fe-B) Magnet Market, by Type

Sintered NIB Magnets
Bonded NIB Magnets
North America Neodymium (Nd-Fe-B) Magnet
Market, by Application

Automotive
Aerospace
Medical Devices
Electronics
Power Generation
Others (including General Industrial and Defense)
North America Neodymium (Nd-Fe-B) Magnet

Market, by Country

U.S.
Canada

More Trending Reports by Transparency Market Research -

Paints & Coatings Market - https://www.transparencymarketresearch.com/Paints-coatings-market.html

Nanocoatings Market - https://www.transparencymarketresearch.com/nanocoatings-market.html

Ceramic Inks Market - https://www.transparencymarketresearch.com/ceramic-inks-market.html

Mining Explosives Market - https://www.einpresswire.com/article/578961619/mining-explosives-market-to-reach-valuation-of-us-32-69-bn-by-2031

Epoxy Resins Market - https://www.einpresswire.com/article/575866159/epoxy-resins-market-key-drivers-challenges-growth-and-opportunities-2031

About Us Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.

Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.

Contact

Rohit Bhisey
Transparency Market Research Inc.
CORPORATE HEADQUARTER DOWNTOWN,
1000 N. West Street,
Suite 1200, Wilmington, Delaware 19801 USA
Tel: +1-518-618-1030
USA - Canada Toll Free: 866-552-3453
Email: sales@transparencymarketresearch.com
Website: https://www.transparencymarketresearch.com

This release was published on openPR.