Rare Earth Magnet Market to Expand with Significant CAGR During 2024
Rare earth magnets are permanent magnets manufactured from a magnetized material that creates its own persistent magnetic field. These include alloys of rare earth elements such as neodymium, samarium, and dysprosium. Unlike temporary magnets such as electromagnets, rare earth permanent magnets do not lose their magnetic property unless they are heated above the Curie temperature. They are industrially manufactured through casting or sintering and are produced from magnetic metallic elements and composites of rare earth materials. Neodymium-iron-boron (NdFeB), samarium cobalt (SmCo), and SmFeN are some of the examples of rare earth permanent magnets.
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Growth in the automotive industry due to technological advancements, rise in population, and increase in consumer goods demand are major factors expected to drive the rare earth magnet market during the forecast period. Furthermore, significant expansion of the wind energy generation industry owing to rapid industrialization, growth in population, and increase in demand for electricity are also anticipated to boost the rare earth magnet market. However, volatility in prices of rare earth materials such as dysprosium and neodymium due to ban of export of rare earth elements from China to other regions is estimated to hamper the rare earth magnet market. Increase in application scope of magnets in HEVs and rise in demand for better performing vehicles are projected to offer lucrative opportunities to the market over the next few years.
Based on type, the rare earth magnet market can be bifurcated into sintered rare earth magnets and bonded rare earth magnets. Sintered rare earth magnets are manufactured using mechanical processes called sintering, while bonded rare earth magnets are manufactured through several processes, namely injection molding, calendaring, extrusion, and compression bonding. In terms of composition, the rare earth magnet market can be segmented into NdFeB, SmCo, and SmFeN. NdFeB magnets are the strongest in terms of attraction force. In terms of manufacturing process, the rare earth magnet market can be divided into sintering, calendaring, extrusion, injection molding, and compression bonding. Sintering is one of the widely used processes. Based on application, the rare earth magnet market can be segregated into automotive, aerospace & defense, power generation, medical, consumer goods & electronics, and industrial machinery.
In terms of geography, the global rare earth magnet market can be split into Asia Pacific, Europe, North America, Latin America, and Middle East & Africa. Demand for rare earth magnets is high in Asia Pacific, owing to the rise in demand for these magnets in manufacturing industries such as automotive and electronics. Currently, China accounts for the prominent share of the automotive industry. The automotive industry in the country is projected to expand significantly owing to the rise in population and favorable economic conditions. Besides China, demand for rare earth magnets is also high in other countries in Asia Pacific due to the expansion of the wind power industry. However, demand for rare earth magnets in other regions such as North America is saturated due to the non-availability of rare earth elements and ban of export of rare earth elements from China. The ban has significantly increased the prices of dysprosium and neodymium. This, in turn, is hampering the rare earth magnet market in these regions.
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Key players operating in the global rare earth magnet market include Hitachi Metals, Ltd., SG Magnets Ltd., Arnold Magnetic Technologies Corporation, Yantai Shougang Magnetic Materials Inc., Shin-ETSU Chemical Co., Ltd., and Bunting Magnetics Co.
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