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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 Size
The global rare earth magnet market size reached a value of around USD 20,158.30 million in 2023. The market is projected to grow at a CAGR of 9.1% in the forecast period of 2024-2032. The market is being driven by the rising demand for electric and high-performance vehicles.
Key Takeaways
| Market Growth | Investments in Supply Chain | Rising Focus on Recycling |
| 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. |
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.
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.
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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