Rare Earth Magnet Market Current Scenario with Forecast to 2031

Rare Earth Magnet Market worth $35.97 Mn by 2031 - Exclusive Report by InsightAce Analytic Pvt. Ltd.

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Rare Earth Magnet Market- (By Type (Neodymium-Iron-Boron Magnet (NdFeB), Samarium Cobalt Magnet (SmCo)), Product (Countersunk Magnets, Circular Disc Magnets, Hook & Eyebolt Magnets, Cylindrical Rod Magnets, Circular Ring Magnets, Rectangular, Self-Adhesive, Pot & Clamping Magnets), Application (Automotive Industry, Food & Drink Processing, Aerospace Industry, Renewable Energy, Consumer Electronics, Deep Sea Exploration, Others)), Trends, Industry Competition Analysis, Revenue and Forecast To 2031."
According to the latest research by InsightAce Analytic, the Global Rare Earth Magnet Market is valued at US$ 18.51 Bn in 2022, and it is expected to reach US$ 35.97 Bn by 2031, with a CAGR of 7.7% during a forecast period of 2023-2031.
Get Free Sample Copy of Report : https://www.insightaceanalytic.com/request-sample/2109

A rare-earth magnet is a strong permanent magnet made from rare-earth alloys, which generates magnetic fields with a field strength of more than 1.5 Tesla, substantially higher than those produced by other types of interests. The market for rare earth magnets is likely driven by the rising recognition of electric vehicles and demand growth in emerging markets for electronics, medical equipment, and actuators. In addition, the electric motor industry is growing at a moderate rate as a result of fast urbanization, industrialization, increased energy penetration, and rising degrees of automation in a number of different sectors. This expansion benefits the demand for rare earth magnets, as the automotive industry is one of the main end-users of these materials.

In addition, in the next years, the market is expected to develop as a result of the construction of wind energy-producing facilities due to rising population and electricity consumption. However, the market expansion may be hampered by the small number of permanent magnets utilized for miniaturization and other applications. It remains too costly in terms of time, resources, and capital.

List of Prominent Players in the Rare Earth Magnet Market:
• Hitachi Metals Group
• Shin-Etsu
• TDK
• VAC
• Arnold Magnetic Technologies
• ADAMS Magnetic Products Co.
• Bunting Magnetics Co.
• Eclipse Magnetics Ltd.
• Hangzhou Permanent Magnet Group (HPMG) Ltd.
• Ningbo NGYC (Ninggang Permanent Magnetic) Materials Co. Ltd.
• Ningbo Ketian Magnet Co.Ltd.
• Thomas & Skinner Inc.
• Beijing Zhong Ke San Huan Hi-Tech
• Yunsheng Company
• Yantai Dongxing Magnetic Materials Inc
• JL MAG
• ZHmag
• Jingci Material Science
• Urban Mining
• Lynas Corporation
• MP Materials Inc.
• USA Rare Earth
• Texas Mineral Resources Corp.
• Earth-Panda Advance Magnetic Material Co., Ltd.
• Others

Market Dynamics:

Drivers-
The growing demand for rare earth magnets is fueled by the due to their superior magnetic properties, high coercivity, and high energy production. Neodymium-iron-boron magnet magnets have surpassed all others as the most widely used type of rare earth magnet. Demand for powerful interests in industries like electric cars and solar power has spurred the development of attractions based on the rare earth element neodymium. The wind energy sector relies heavily on generators powered by wind turbines, and neodymium magnets play a crucial role in this. In addition, neodymium magnets are used in MRI scans and other medical devices that rely on strong magnetic fields. In addition, neodymium magnets' strength and light weight make them useful in robotics and industrial automation. As a result, the need for rare earth magnet products is expected to increase in the coming years.

Challenges:
The prime challenge is the volatility in the prices of raw materials, strict regulations, and cross-cultural pollution markets because of lockdowns and isolation in emerging countries, which is predicted to slow the growth of the rare earth magnet market. However, raw material price swings are a major factor hindering the expansion of the permanent magnet industry. The repercussions for factories are far-reaching. Unexpected challenges are destabilizing supply chains, making it harder for manufacturers to offer high-quality products at low rates and still turn a profit. These challenges range from the rising cost of energy to the unpredictable swings in the price of raw materials.

Regional Trends:
The Asia Pacific rare earth magnet market is anticipated to register a major market share in revenue. It is projected to grow at a high CAGR in the near future due to technological advances, and rare earth metals are in high demand. The region has been aggressively investigating the potential for domestic mining and refining to lessen its reliance on foreign suppliers.

Besides, Europe had a substantial market share because of the rising utilization of neodymium magnets in automobiles. Rise neodymium magnets are gaining popularity in the automotive industry, driving forces behind the industry's development in this sector. Moreover, the existence of major market players and the growing cooperation between major players for market penetration in the area enables an opportunity to grow the global rare earth magnet market.

Curious about this latest version of the report? Enquiry Before Buying: https://www.insightaceanalytic.com/enquiry-before-buying/2109

Recent Developments:

• In April 2020, Texas Mineral Resources Corp. (TMRC) announced that USA Rare Earth LLC had acquired the neodymium iron boron (NdFeB) permanent magnet manufacturing apparatus that was previously owned and operated in North Carolina by Hitachi Metals America, Ltd.

• In October 2022, Hitachi Metals collaborated with manufacturers to develop electric vehicles that had less dependency on rare earth metals, predominantly sourced from China. The company was engaged in developing ferrite-based magnets, which had a cost advantage of approximately 80% compared to neodymium magnets. These ferrite magnets were mostly composed of iron oxide, a readily accessible material.

Segmentation of Rare Earth Magnet Market-
By Type -
• Neodymium-Iron-Boron Magnet (NdFeB)
• Samarium Cobalt Magnet (SmCo)
By Product -
• Countersunk Magnets
• Circular Disc Magnets
• Hook & Eyebolt Magnets
• Cylindrical Rod Magnets
• Circular Ring Magnets
• Rectangular
• Self-Adhesive
• Pot & Clamping Magnets
By Application -
• Automotive Industry
• Food & Drink Processing
• Aerospace Industry
• Renewable Energy
• Consumer Electronics
• Deep Sea Exploration
• Others
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of the Middle East and Africa

For More Customization @ https://www.insightaceanalytic.com/report/rare-earth-magnet-market/2109

Commercial Office Unit No.3050, 3rd Floor Marvel Fuego, Magarpatta Rd, Hadapsar,
Pune, Maharashtra 411028

Contact Us:
InsightAce Analytic Pvt. Ltd.
Tel.: +1 718 593 4405
Email: info@insightaceanalytic.com
Site Visit: www.insightaceanalytic.com
Follow Us on LinkedIn @ bit.ly/2tBXsgS
Follow Us On Facebook @ bit.ly/2H9jnDZ

About Us:
InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions.
Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses.
We help clients gain a competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets, and repositioning products.
Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.

This release was published on openPR.