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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.
2023
Base Year
2018-2023
Historical Year
2024-2032
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.
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 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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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61-448-061-727
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63-287-899-028, +63-967-048-3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84-865-399-124