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Report Overview

The global rare earth magnet market attained a value of nearly USD 21992.71 Million in 2024. The market is further expected to grow at a CAGR of 9.10% during the forecast period of 2025-2034 to reach a value of USD 52544.38 Million by 2034.

2024

Base Year

2018-2024

Historical Year

2025-2034

Forecast Year

  • Growing demand for electric vehicles, wind energy, automotive technology, and consumer electronics fuels the rare earth magnet market growth.
  • According to the U.S. Energy Department, USD 30 million was funded to research labs to secure domestic supply chains for critical materials in September 2021.
  • By 2040, there is anticipated to be a shortage of 240,000 tonnes of rare earth magnets, boosting focus on recycling and circularity.

Compound Annual Growth Rate

Value in USD Million

9.1%

2025-2034


Rare Earth Magnet Market Outlook

*this image is indicative*

Global Rare Earth Magnet Market Report Summary Description Value
Base Year USD Million 2023
Historical Period USD Million 2018-2024
Forecast Period USD Million 2025-2034
Market Size 2024 USD Million 20,158.30
Market Size 2034 USD Million 44,144.51
CAGR 2018-2024 Percentage XX%
CAGR 2025-2034 Percentage 9.1%
CAGR 2025-2034 - Market by Region Asia Pacific 10.5%
CAGR 2025-2034 - Market by Country India 12.0%
CAGR 2025-2034 - Market by Country China 10.3%
CAGR 2025-2034 - Market by Magnet Type NdFeB Magnets 10.0%
CAGR 2025-2034 - Market by Application Electronics 10.4%
Market Share by Country 2023 Japan 4.2%

Rare earth magnets are permanent magnets made from magnetised materials that produce their magnetic field. These include rare earth alloys such as neodymium, samarium, and dysprosium, among others. Rare earth permanent magnets, unlike electromagnets, do not lose their magnetic properties until they are heated above the Curie temperature.

Rare Earth Magnet Market

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Being the strongest permanent magnets available, rare earth magnets’ performance is significantly better than ceramic/ferrite magnets and alnico magnets (composed of strontium, carbonate, and iron oxide, and, aluminium, nickel and cobalt, respectively).

Rising demand for electric vehicles, enhanced investment in wind energy, breakthroughs in high-temperature magnet technology, and an emphasis on sustainable production and recycling are propelling the rare earth magnet market expansion.

Key Trends and Developments

Rare Earth Magnet Market Trends

Major factors expected to drive the market during the forecast period include growth of the automotive sector due to technological advances as well as increased consumer goods demand. Due to the growing consumer spending and the increasing internet penetration across the world, the market is being driven by the rising sales of electronic devices such as mobile phones, tablets, televisions, and computers. Thanks to rising customer awareness and government initiatives and schemes, sales of electric and hybrid vehicles are increasing around the world, propelling the rare earth magnet market expansion.

Furthermore, the market is expected to benefit from the substantial expansion of the wind energy generation industry as a result of rapid industrialisation, population growth, and increased demand for electricity. However, the rare earth magnet market can be hampered by price fluctuations in rare earth materials such as dysprosium and neodymium as a result of China's ban on exporting rare earth elements to other regions.

Rare Earth Magnet Market By Segments

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Market Segmentation

“Global Rare Earth Magnet Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

Market Breakup by Magnet Type:

  • NdFeB Magnets
  • SmCo Magnets

Market Breakup by Application:

  • NdFeB Magnets
  • SmCo Magnets

Market Breakup by Region:

  • China
  • Japan
  • Europe
  • United States

The various applications of NdFeB magnets include Automobile, Electronics, Power Generators, Medical Industry, and Wind Power, among others, whereas the different applications of SmCo magnets are defence, aerospace, electronics, medical devices, and motors, actuators and industrial application.

NdFeB magnets are expected to dominate the rare earth magnet market share in the forecast period, due to their excellent magnetic properties

NdFeB (Neodymium Iron Boron) magnets are generally considered the leading magnet type. NdFeB magnets are known for their strong magnetic properties and high energy density, making them widely used in various applications, including electronics, automotive, medical devices, and renewable energy.

SmCo (Samarium Cobalt) magnets also possess strong magnetic properties but are typically more expensive than NdFeB magnets. The choice between NdFeB and SmCo magnets often depends on specific application requirements, cost considerations, and temperature stability.

The rare earth magnet market is thriving on account of surging HEV adoption and rising demand for high-performance vehicles

Over the forecast period, the market is expected to benefit from the expanding application spectrum of NdFeB magnets in HEVs and an increase in demand for high-performance vehicles. Magnets play a crucial role in electric motors and powertrains of HEVs, contributing to improved efficiency and overall performance.

Increasing research activities to explore the potential of neodymium magnets for both diagnostic and therapeutic applications are expected to further aid the market growth in the coming years.

Rare Earth Magnet Market By Region

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Competitive Landscape

Some of the major players in the rare earth magnet market are increasingly investing in the development of innovative manufacturing processes for rare earth magnets.

Proterial Ltd

Proterial Ltd is a cutting-edge materials technology company, specialising in advanced magnetic materials. Its innovative solutions cater to diverse industries, offering high-performance materials for applications ranging from electronics to renewable energy, contributing to technological advancements globally.

Shin-Etsu Chemical Co., Ltd

Shin-Etsu Chemical Co., Ltd stands as a prominent global chemical company. Renowned for its expertis...

Arnold Magnetic Technologies

Arnold Magnetic Technologies is a leading manufacturer of high-performance magnets, magnetic assembl...

Bunting Magnetics Co.

Bunting Magnetics Co. is a well-established name in the magnetic equipment industry. Specialising in...

*Please note that this is only a partial list; the complete list of key players is available in the full report. Additionally, the list of key players can be customized to better suit your needs.*

Other key players in the global rare earth magnet market are Electron Energy Corporation, Others, and others.

Niron, a startup in Minneapolis, United States, has started testing the production of permanent magnets with iron nitride. The company has received funding of USD 100 million to scale up its project and produce the magnets without using rare-earth materials from China.

Rare Earth Magnet Market Analysis by Region

The United States market is anticipated to grow rapidly as organisations in the country are actively exploring initiatives to fortify their domestic rare earth supply chain, recognising the critical significance of securing a sustainable and diverse source for these essential elements. This strategic effort aligns with national security imperatives and aims to bolster technological development within the country.

CAGR 2025-2034 - Market by Country
India 12.0%
China 10.3%
Canada 8.5%
Germany 7.5%
Australia 7.1%
USA XX%
UK XX%
France XX%
Italy 6.4%
Japan XX%
Saudi Arabia XX%
Brazil XX%
Mexico XX%

While China currently leads in rare earth production and supply, other regions, including Japan, Europe, and the United States, are actively exploring strategies to diversify sources and secure their rare earth supply chains.

Rare Earth Magnet Market Report Snapshots

Rare Earth Magnet Market Size

Rare Earth Magnet Market Trends

Rare Earth Magnet Companies

*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*

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Key Questions Answered in the Report

In 2024, the global market attained a value of nearly USD 21992.71 Million.

The market is projected to grow at a CAGR of 9.10% between 2025 and 2034.

The major drivers of the market include growing internet penetration, rising sales of electronic devices, rising customer awareness through government initiatives and schemes, expansion of wind energy generation plants, and rapid industrialisation.

The growth in the automotive industry, fuelled by technological advances, and increased consumer demand are the key market trends.

The major regions in the market are China, Japan, Europe, the United States, and others.

The market is divided, based on magnet type, into NdFeB magnets and SmCo magnets.

In terms of application, NdFeB magnets can be categorised into automobile, electronics, power generators, medical industry, and wind power, among others. Meanwhile, the different applications of SmCo magnets are defence, aerospace, electronics, and medical devices, among others.

The major players in the market are Proterial Ltd, Shin-Etsu Chemical Co., Ltd, Arnold Magnetic Technologies, Bunting Magnetics Co., and Electron Energy Corporation, Others, among others.

The market is estimated to witness a healthy growth in the forecast period of 2025-2034 to reach USD 52544.38 Million by 2034.

Report Summary

Explore our key highlights of the report and gain a concise overview of key findings, trends, and actionable insights that will empower your strategic decisions.

Key Highlights of the Report

Please note that the figures mentioned in the description serve as estimates and may vary from the actual figures presented in the final report.

REPORT FEATURES DETAILS
Base Year 2024
Historical Period 2018-2024
Forecast Period 2025-2034
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:

  • Magnet Type
  • Application
  • Region
Breakup by Magnet Type
  • NdFeB Magnets
  • SmCo Magnets
Breakup by Application
  • NdFeB Magnets
  • SmCo Magnets
Breakup by Region
  • China
  • Japan
  • Europe
  • United States
Market Dynamics
  • SWOT Analysis
  • Porter's Five Forces Analysis
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • Proterial Ltd.
  • Shin-Etsu Chemical Co., Ltd
  • Arnold Magnetic Technologies
  • Bunting Magnetics Co.
  • Electron Energy Corporation
  • Others

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