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Global Rare Earth Magnet Market Analysis, Share, Trends: By Magnet Type: NdFeB Magnets, SmCo Magnets; By Application: NdFeB Magnets, SmCo Magnets; Regional Analysis; Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis, Key Indicators for Demand, Key Indicators for Price; Competitive Landscape; 2024-2032
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.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Rare Earth Magnet Market Analysis
8.1 Key Industry Highlights
8.2 Global Rare Earth Magnet Historical Market (2018-2023)
8.3 Global Rare Earth Magnet Market Forecast (2024-2032)
8.4 Global Rare Earth Magnet Market by Magnet Type
8.4.1 NdFeB Magnets
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 SmCo Magnets
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.5 Global Rare Earth Magnet Market by Application
8.5.1 NdFeB Magnets
8.5.1.1 Automobile
8.5.1.1.1 Historical Trend (2018-2023)
8.5.1.1.2 Forecast Trend (2024-2032)
8.5.1.2 Electronics
8.5.1.2.1 Historical Trend (2018-2023)
8.5.1.2.2 Forecast Trend (2024-2032)
8.5.1.3 Power Generators
8.5.1.3.1 Historical Trend (2018-2023)
8.5.1.3.2 Forecast Trend (2024-2032)
8.5.1.4 Medical Industry
8.5.1.4.1 Historical Trend (2018-2023)
8.5.1.4.2 Forecast Trend (2024-2032)
8.5.1.5 Wind Power
8.5.1.5.1 Historical Trend (2018-2023)
8.5.1.5.2 Forecast Trend (2024-2032)
8.5.1.6 Others
8.5.2 SmCo Magnets
8.5.2.1 Defence
8.5.2.1.1 Historical Trend (2018-2023)
8.5.2.1.2 Forecast Trend (2024-2032)
8.5.2.2 Aerospace
8.5.2.2.1 Historical Trend (2018-2023)
8.5.2.2.2 Forecast Trend (2024-2032)
8.5.2.3 Electronics
8.5.2.3.1 Historical Trend (2018-2023)
8.5.2.3.2 Forecast Trend (2024-2032)
8.5.2.4 Medical Devices
8.5.2.4.1 Historical Trend (2018-2023)
8.5.2.4.2 Forecast Trend (2024-2032)
8.5.2.5 Motors, Actuators and Industrial Application
8.5.2.5.1 Historical Trend (2018-2023)
8.5.2.5.2 Forecast Trend (2024-2032)
8.6 Global Rare Earth Magnet Market by Region
8.6.1 China
8.6.2 Japan
8.6.3 Europe
8.6.4 United States
8.6.5 Others
9 Regional Analysis
9.1 China
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Japan
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
9.3 Europe
9.3.1 Historical Trend (2018-2023)
9.3.2 Forecast Trend (2024-2032)
9.4 United States
9.4.1 Historical Trend (2018-2023)
9.4.2 Forecast Trend (2024-2032)
10 Market Dynamics
10.1 SWOT Analysis
10.1.1 Strengths
10.1.2 Weaknesses
10.1.3 Opportunities
10.1.4 Threats
10.2 Porter’s Five Forces Analysis
10.2.1 Supplier’s Power
10.2.2 Buyers Power
10.2.3 Threat of New Entrants
10.2.4 Degree of Rivalry
10.2.5 Threat of Substitutes
10.3 Key Indicators for Demand
10.4 Key Indicators for Price
11 Value Chain Analysis
12 Manufacturing Process
12.1 Overview
12.2 Detailed Process Flow
12.3 Operations Involved
13 Project Details and Cost Analysis
13.1 Land, Location and Site Development
13.2 Construction
13.3 Plant Layout
13.4 Plant Machinery
13.5 Raw Material Requirement
13.6 Packaging
13.7 Transportation
13.8 Utilities
13.9 Manpower
13.10 Other Capital Investment
14 Competitive Landscape
14.1 Market Structure
14.2 Company Profiles
14.2.1 Proterial Ltd.
14.2.1.1 Company Overview
14.2.1.2 Product Portfolio
14.2.1.3 Demographic Reach and Achievements
14.2.1.4 Certifications
14.2.2 Shin-Etsu Chemical Co., Ltd
14.2.2.1 Company Overview
14.2.2.2 Product Portfolio
14.2.2.3 Demographic Reach and Achievements
14.2.2.4 Certifications
14.2.3 Arnold Magnetic Technologies
14.2.3.1 Company Overview
14.2.3.2 Product Portfolio
14.2.3.3 Demographic Reach and Achievements
14.2.3.4 Certifications
14.2.4 Bunting Magnetics Co.
14.2.4.1 Company Overview
14.2.4.2 Product Portfolio
14.2.4.3 Demographic Reach and Achievements
14.2.4.4 Certifications
14.2.5 Electron Energy Corporation
14.2.5.1 Company Overview
14.2.5.2 Product Portfolio
14.2.5.3 Demographic Reach and Achievements
14.2.5.4 Certifications
14.2.6 Others
15 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Rare Earth Magnet Market: Key Industry Highlights, 2018 and 2032
2. Global Rare Earth Magnet Historical Market: Breakup by Magnet Type (USD Million), 2018-2023
3. Global Rare Earth Magnet Market Forecast: Breakup by Magnet Type (USD Million), 2024-2032
4. Global Rare Earth Magnet Historical Market: Breakup by Application (USD Million), 2018-2023
5. Global Rare Earth Magnet Market Forecast: Breakup by Application (USD Million), 2024-2032
6. Global Rare Earth Magnet Historical Market: Breakup by Region (USD Million), 2018-2023
7. Global Rare Earth Magnet Market Forecast: Breakup by Region (USD Million), 2024-2032
8. Global Rare Earth Magnet Market Structure
Key Questions Answered in the Report
In 2023, the global market attained a value of nearly USD 20,158.30 million.
The market is projected to grow at a CAGR of 9.1% between 2024 and 2032.
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.
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