Rare Earth Magnet Market Size Expected to Increase with Industrial Automation Demand

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.

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Rare-earth magnets, composed of alloys derived from rare-earth elements, are high-performance permanent magnets capable of generating magnetic fields exceeding 1.5 Tesla, significantly surpassing the strength of conventional magnets. The global market for these magnets is primarily driven by the growing adoption of electric vehicles (EVs), along with increasing demand from consumer electronics, medical devices, and actuator systems, particularly in emerging economies.

Concurrently, the electric motor sector is experiencing steady growth, supported by ongoing urbanization, industrial expansion, improved energy access, and accelerated automation across various industries. Given the automotive industry's status as a major end-user of rare-earth magnets, its sustained development is expected to substantially contribute to market expansion.

Furthermore, the ongoing development of wind energy infrastructure is anticipated to bolster demand for rare-earth magnets, driven by rising global electricity requirements and population growth. However, market growth may be limited by certain challenges, including the restricted applicability of permanent magnets in compact or miniaturized devices and the high production costs associated with the extraction and manufacturing of rare-earth materials, which demand significant capital investment, time, 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

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Market Dynamics:
Drivers:
The global demand for rare-earth magnets is primarily fueled by their superior magnetic properties, including high coercivity and exceptional energy density. Among these, neodymium-iron-boron (NdFeB) magnets have emerged as the most widely adopted type, owing to their exceptional performance characteristics. The increasing requirement for high-performance magnetic materials across key sectors-particularly electric vehicles and renewable energy, including wind and solar power-has further accelerated the adoption of neodymium-based solutions.

In the wind energy sector, neodymium magnets play a crucial role in turbine generators, improving efficiency and enhancing power output. Additionally, these magnets are extensively utilized in the healthcare industry, especially within magnetic resonance imaging (MRI) systems and other advanced diagnostic equipment that rely on strong and stable magnetic fields. Their combination of high strength and lightweight properties also makes them ideal for robotics and industrial automation applications. Consequently, the global demand for rare-earth magnets, particularly neodymium-based variants, is projected to expand significantly in the coming years.

Challenges:
The rare-earth magnet industry faces several key challenges, including volatility in raw material prices, stringent environmental and trade regulations, and market disruptions in emerging economies caused by pandemic-related restrictions. These factors are expected to limit overall market growth. Fluctuating costs of essential raw materials directly impact the permanent magnet sector, presenting substantial challenges for manufacturers. Rising energy expenses and unstable pricing for critical inputs are straining supply chains, complicating efforts to maintain consistent product quality, manage production costs, and sustain profitability.

Regional Trends:
The Asia-Pacific region is anticipated to lead the global rare-earth magnet market in terms of revenue, with robust growth projected at a notable compound annual growth rate (CAGR) over the forecast period. This expansion is largely driven by rapid technological advancements and increasing demand for rare-earth metals across multiple industrial sectors. Several countries in the region are also investing in domestic mining and processing capacities to reduce dependence on foreign sources.

Europe represents another significant market, driven primarily by the increasing use of neodymium magnets in the automotive industry. The integration of these magnets into electric and hybrid vehicle systems is a major growth driver. Moreover, the presence of established market players and rising strategic collaborations aimed at enhancing market presence are expected to further support the growth of the rare-earth magnet market across the region.

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

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

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This release was published on openPR.