Global Rare Earth Magnet Market to Reach US$ 170 Million by 2022

With limited substitutes, these magnets have today become a significant part of a number of industries. Some of the industries include automotive, generators, motors, medical, aerospace, electronics, military, etc. According to a new report by Expert Market Research, the global rare earth magnet market reached a value of US$ 113 Million in 2016 and is further expected to reach US$ 170 Million by 2022.

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Key findings from the report:
Two types of rare earth magnets are neodymium magnet and samarium-cobalt magnet. Neodymium magnets offer the highest magnetic field strength and magnetic stability but have a lower curie temperature. On the other hand, samarium cobalt magnets have a weaker magnetic field strength but a higher curie temperature as compared to neodymium magnets.

In 2016, neodymium-iron-boron magnet accounted for the majority of the global rare earth magnet volumes.
Rare earth magnets serve a number of application domains which include automotive motors, industrial motors, HDD, CD, DVD, electric bicycles, transducers and loudspeakers. Other applications include magnetic separation, MRI, torque coupled drivers, sensors and generators.
Region-wise, the biggest markets for rare earth magnets are China, Japan, Europe, the United States and Others.
Based on competitive landscape, most of the players operating in the global rare earth magnets market are based in China as a result of a secure and economical supply of key raw materials. Other players are located in the United States, Europe and Japan.

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Expert Market Research has analysed the global rare earth magnet market according to magnet type, key application areas and major regions:

Market breakup by Magnet Type

Neodymium-Iron-Boron Magnet
Samarium-Cobalt Magnet

Market breakup by Application

Automotive Motors
Industrial Motors
HDD, CD, DVD
Electric Bicycles
Transducers and Loudspeakers
Others

Market breakup by Region
China
Japan
Europe
United States
Others

Browse more reports related to Technology & Media Industry: http://www.expertmarketresearch.com/categories/chemicals-market-reports

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This release was published on openPR.