India Rare Earth Magnet Market to Reach USD 993.0 Million by 2033 - Industry Growing at a CAGR of 5.1%

India Rare Earth Magnet Market 2025-2033

According to IMARC Group's report titled "India Rare Earth Magnet Market Size, Share, Trends and Forecast by Magnet Type, Application, and Region, 2025-2033", The report offers a comprehensive analysis of the industry, including market share, growth, trends, and regional insights.

How Big is the India Rare Earth Magnet Industry ?

The India rare earth magnet market size was valued at USD 637.4 Million in 2024 and is expected to reach USD 993.0 Million by 2033, exhibiting a growth rate (CAGR) of 5.1% during 2025-2033.

India Rare Earth Magnet Market Trends:

The India Rare Earth Magnet Market is currently undergoing drastic transformations in the light of technology enhancements and industrial demands of strategic nature. A shift in the trend has seen increased use of neodymium magnets in renewable energy systems-wind turbine generators and EV motors in line with the country's green energy transition. Concurrent with this, aggressive domestic R&D activities are in full swing where various academic institutions and start-ups are working together to develop high-performance magnets with a minimal dependency on imported raw materials. Alongside that, recycling technologies for rare earth elements are also getting the limelight to address supply chain vulnerabilities and champion circular economy concepts. Miniaturization trends in electronics, on the other hand, are increasing the demand for small magnets with high strength meant for use in smartphones, wearables, and medical devices, including MRI machines.

Essentially, defense seems to be the emerging growth platform for applications, with rare earth magnets being core components of radar systems, satellite subsystems, and drone technologies. Further, with regard to policy intervention, the concerned authorities have given impetus to the local magnet manufacturing industry through a series of subsidies and co-operations with global rare earth suppliers. Additionally, the rise of hybrid magnet solutions-combining rare earth and ferrite materials-is gaining attention for cost-sensitive applications in automotive and industrial automation. The market is also witnessing increased investments in magnet coating technologies to enhance corrosion resistance, particularly for humid Indian climatic conditions.

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India Rare Earth Magnet Market Scope and Growth Analysis:

The rare earth magnets sector in India is set for strong growth as demand comes from across sectors and strategic policy push is given. Going into high gear thanks to the Indian EV revolution, the permanent magnet holds great importance in imparting motor efficiency in two-wheelers, commercial vehicles, etc. Also, these magnets sustain their demand from wind-energy-high-grade magnet projects like solar pump installations and offshore wind farms. On top of that, production incentives under the PLI scheme in electronics manufacturing increase the demand for rare earth magnets in HDDs, speakers, and sensors.

Basically, the medical technology sector is still unexplored, with magnets needed by diagnostic equipment and portable healthcare devices for rural areas. The market is also being pushed by global supply chain diversification, whereby multinational companies seek alternatives to China-dominated rare earth sources. Specialized magnet applications will continue on the rise with defense indigenization programs and space exploration initiatives coming in. Emergence of specialty alloys with customized magnet designs for niche industrial applications further alludes to a long-dated market.

India Rare Earth Magnet Industry Segmentation:

The report has segmented the market into the following categories:

Magnet Type Insights:

• Neodymium-Iron-Boron (NdFeB) Magnets
• Samarium-Cobalt (SmCo) Magnets

Application Insights:

• NdFeB Magnets
o Automobile
o Electronics
o Power Generators
o Medical Industry
o Wind Power
o Others

• SmCo Magnets
o Defense
o Aerospace
o Electronics
o Medical Devices
o Other

Regional Insights:

• North India
• South India
• East India
• West India

Competitor Landscape:

The report offers an in-depth examination of the competitive landscape. It includes a thorough competitive analysis encompassing market structure, key player positioning, leading strategies for success, a competitive dashboard, and a company evaluation quadrant.

Other key areas covered in the report:

• COVID-19 Impact on the Market
• Porter's Five Forces Analysis
• Strategic Recommendations
• Market Dynamics
• Historical, Current and Future Market Trends
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain Analysis
• Comprehensive Mapping of the Competitive Landscape
• Top Winning Strategies
• Recent Industry News
• Key Technological Trends & Development

Ask an analyst: https://www.imarcgroup.com/request?type=report&id=30208&flag=C

Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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