Rare Earth Magnet Market Exclusive Trends Analysis with Forecast to 2034

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 US$ 19.5 Bn in 2024, and it is expected to reach US$ 40.5 Bn by 2034, with a CAGR of 7.7% during a forecast period of 2025-2034.

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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, 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.

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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.

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.

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.

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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

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This release was published on openPR.