Rare Earth Magnet Market Driven by Rising Use of Neodymium Magnets in Automotive Wind Power and Industrial Automation

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 2034."

According to the latest research by InsightAce Analytic, the Global Rare Earth Magnet Market is valued at USD 19.5 Bn in 2024, and it is expected to reach USD 40.5 Bn by the year 2034, with a CAGR of 7.7% during a forecast period of 2025-2034.

Get Free Access to Demo Report, Excel Pivot and ToC: https://www.insightaceanalytic.com/request-sample/2109

Rare-earth magnets, composed of alloys derived from rare-earth elements, are highly efficient permanent magnets capable of producing magnetic fields exceeding 1.5 Tesla-markedly stronger than those generated by conventional alternatives. The global demand for these magnets is largely driven by the rising adoption of electric vehicles (EVs) and increasing consumption of consumer electronics, medical equipment, and actuator systems in emerging markets. In parallel, the electric motor industry is witnessing consistent growth, supported by ongoing urbanization, industrial expansion, greater energy accessibility, and accelerated automation across diverse industries. Given that the automotive sector constitutes a significant end-user of rare-earth magnets, its continued development is expected to contribute substantially to market growth.

In addition, the advancement of wind energy infrastructure is projected to further stimulate demand for rare-earth magnets, propelled by increasing global electricity needs and population growth. Nonetheless, market growth may be constrained by certain limitations, including the restricted application of permanent magnets in compact or miniaturized devices and the high production costs associated with the extraction and manufacturing processes, which require significant time, capital investment, and resources.

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 largely attributed to their superior magnetic characteristics, including high coercivity and exceptional energy density. Among these, neodymium-iron-boron (NdFeB) magnets have gained prominence as the most widely utilized type, owing to their outstanding performance attributes. The increasing requirement for high-performance magnetic materials in sectors such as electric vehicles and renewable energy-particularly wind and solar power-has further propelled the adoption of neodymium-based solutions.

In the wind energy industry, neodymium magnets serve as critical components within turbine generators, enhancing efficiency and power output. Moreover, these magnets are extensively applied in the healthcare sector, particularly in magnetic resonance imaging (MRI) systems and other advanced diagnostic technologies that rely on strong and stable magnetic fields. Due to their combination of high strength and lightweight properties, neodymium magnets are also well-suited for applications in robotics and industrial automation. As a result, the global demand for rare-earth magnets-especially those derived from neodymium-is expected to experience substantial growth in the foreseeable future.

Expert Knowledge, Just a Click Away: https://calendly.com/insightaceanalytic/30min?month=2025-01

Challenges:
The rare-earth magnet industry is currently facing several critical challenges, primarily driven by raw material price volatility, stringent environmental and trade regulations, and market disruptions in emerging economies caused by pandemic-related restrictions. These factors are projected to constrain overall market growth. The fluctuating costs of essential raw materials have a direct and adverse effect on the permanent magnet sector, creating significant obstacles for manufacturers. Escalating energy expenses and unstable pricing for key inputs are straining supply chains, thereby making it increasingly difficult for producers to maintain consistent product quality, manage production costs, and sustain profitability.

Regional Trends:
The Asia Pacific region is poised to lead the global rare-earth magnet market in terms of revenue and is expected to witness strong growth at a substantial compound annual growth rate (CAGR) over the forecast period. This expansion is largely attributed to accelerated technological innovation and increasing demand for rare-earth metals across multiple industry verticals. Additionally, several nations within the region are actively investing in domestic mining and processing capabilities to reduce reliance on foreign sources.

Europe also holds a notable share of the global market, primarily driven by the rising use of neodymium magnets in the automotive industry. The growing integration of these magnets in electric and hybrid vehicle systems is a major contributor to regional growth. Moreover, the presence of well-established market players and an increase in strategic partnerships aimed at strengthening market presence are expected to further support the advancement of the rare-earth magnet market across Europe.

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.

Unlock Your GTM Strategy: https://www.insightaceanalytic.com/customisation/2109

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

Read Overview Report- https://www.insightaceanalytic.com/report/rare-earth-magnet-market/2109

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 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.

Contact us:
InsightAce Analytic Pvt. Ltd.
Visit: www.insightaceanalytic.com
Tel : +1 607 400-7072
Asia: +91 79 72967118
info@insightaceanalytic.com

This release was published on openPR.