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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
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Growing demand for electric vehicles, wind energy, automotive technology, and consumer electronics fuels the rare earth magnet market growth.
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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.
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By 2040, there is anticipated to be a shortage of 240,000 tonnes of rare earth magnets, boosting focus on recycling and circularity.
Rare Earth Magnet Market 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
| Company | Description |
| 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 expertise in manufacturing rare earth magnets, the company plays a crucial role in various industries, including electronics, automotive, and renewable energy, contributing to technological progress and sustainability. |
| Arnold Magnetic Technologies | Arnold Magnetic Technologies is a leading manufacturer of high-performance magnets, magnetic assemblies, and precision thin metals. Its innovative solutions cater to diverse applications, including aerospace, medical, and automotive industries, providing cutting-edge magnetic technologies for enhanced performance and efficiency. |
| Bunting Magnetics Co. | Bunting Magnetics Co. is a well-established name in the magnetic equipment industry. Specialising in magnetic separation, metal detection, and material handling solutions, the company serves diverse sectors, including recycling, mining, and manufacturing, contributing to efficient and sustainable material processing worldwide. |
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 Report Snapshots
Rare Earth Magnet Market Trends
*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.
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