The global rare earth magnets market reached a value of US$ 14.4 Billion in 2020. Looking forward, the market is expected to continue its moderate growth during the next five years., according to a new report by IMARC Group.
Rare earth magnets are strong permanent magnets that assist in product miniaturization, improving performance and reducing manufacturing costs. They have significantly higher magnetic stability and field strength than ferrite (ceramic) and alnico magnets. Rare earth magnets, including alloys of neodymium, samarium, and dysprosium, are industrially manufactured through casting or sintering. Unlike electromagnets, rare earth magnets do not lose their magnetic property unless they are heated above the Curie temperature.
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The growth of the automotive industry primarily drives the global rare earth magnet market. However, the rising product application in the manufacturing of motors, separators, printers, microphones, automotive starters, acoustic transducers, and computer disc drives is also bolstering the market growth. Besides this, due to the rapid urbanization, industrialization and the growing penetration of electricity, the electric motor industry has witnessed strong growth. This industry represents one of the largest end users of rare earth magnets, thereby boosting their sales around the world. Furthermore, the significant expansion in the wind energy generation sector due to the increased demand for electricity is expected to create a positive outlook for the market in the upcoming years.
Note: As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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The report by IMARC Group has examined the global rare earth magnets market on the basis of:
Market by Type:
Neodymium-iron-boron magnets (NdFeB)
Samarium cobalt magnets (SmCo)
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