Global Rare Earth Magnet Market Report and Forecast 2023-2028

Global Rare Earth Magnet Market Report and Forecast 2023-2028


Market Outlook

According to the report by Expert Market Research (EMR), the global rare earth magnet market reached a value of USD 18.45 million in 2022. Aided by rapid industrialisation and growing demand in electronic applications, the market is projected to further grow at a CAGR of 5.6% between 2023 and 2028.

Rare earth magnets are potent permanent magnets composed of alloys of rare earth elements. They are subdivided into two types: Neodymium (NdFeB) and Samarium-cobalt (SmCo). Due to their remarkable magnetic properties, rare earth magnets are integral to a myriad of applications, spanning from electronics, automotive, energy generation, and even medical devices. Their capability to maintain a magnetic field in a compact form renders them indispensable in miniaturised technological devices.

The rare earth magnet market growth can be attributed to the burgeoning consumer electronics industry. With technological advancements, the proliferation of gadgets like smartphones, tablets, and other smart devices has soared, leading to an augmented demand for rare earth magnets. Moreover, the booming automotive industry, especially with the uptick in electric vehicles, is significantly contributing to the demand for these magnets, as they are fundamental in electric motor designing.

One of the key rare earth magnet market trends includes the rising adoption of renewable energy sources. Wind turbines, which are integral in generating wind energy, utilise rare earth magnets for their efficiency and compactness. Given the global shift towards sustainable energy, this application is poised to provide a significant impetus to the market.

The medical sector also contributes to the rare earth magnet market demand. Medical imaging devices, such as MRI machines, leverage the strong magnetic fields produced by these magnets. This is yet another testament to the versatility and indispensability of rare earth magnets across industries.

Ongoing research to recycle and reclaim rare earth metals from electronic waste is a promising trend boosting the rare earth magnet market size. As industries and governments globally recognise the strategic importance of these magnets, efforts are being channelled towards sustainable mining, research in alternatives, and efficient recycling techniques. Rare earth magnets, with their deep-seated roots in modern technology and diverse applications, are likely to witness robust demand from diverse application sectors in the coming years.

Market Segmentation

The market can be divided based on magnet type, application, and region.

Market Breakup by Magnet Type
  • NdFeB Magnets
  • SmCo Magnets
Market Breakup by Application
  • NdFeB Magnets
  • Automobile
  • Electronics
  • Power Generators
  • Medical Industry
  • Wind Power
  • Others
  • SmCo Magnets
  • Defence
  • Aerospace
  • Electronics
  • Medical Devices
  • Motors, Actuators and Industrial Application
Market Breakup by Region
  • China
  • Japan
  • Europe
  • United States
  • Others
Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the rare earth magnet market. Some of the major players explored in the report by Expert Market Research are as follows:
  • Proterial Ltd.
  • Shin-Etsu Chemical Co., Ltd.
  • Arnold Magnetic Technologies
  • Bunting Magnetics Co.
  • Electron Energy Corporation
  • Others
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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.


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 Industry Opportunities and Challenges
8 Global Rare Earth Magnet Market Analysis
8.1 Key Industry Highlights
8.2 Global Rare Earth Magnet Historical Market (2018-2022)
8.3 Global Rare Earth Magnet Market Forecast (2023-2028)
8.4 Global Rare Earth Magnet Market by Magnet Type
8.4.1 NdFeB Magnets
8.4.1.1 Market Share
8.4.1.2 Historical Trend (2018-2022)
8.4.1.3 Forecast Trend (2023-2028)
8.4.2 SmCo Magnets
8.4.2.1 Market Share
8.4.2.2 Historical Trend (2018-2022)
8.4.2.3 Forecast Trend (2023-2028)
8.5 Global Rare Earth Magnet Market by Application
8.5.1 NdFeB Magnets
8.5.1.1 Automobile
8.5.1.1.1 Market Share
8.5.1.1.2 Historical Trend (2018-2022)
8.5.1.1.3 Forecast Trend (2023-2028)
8.5.1.2 Electronics
8.5.1.2.1 Market Share
8.5.1.2.2 Historical Trend (2018-2022)
8.5.1.2.3 Forecast Trend (2023-2028)
8.5.1.3 Power Generators
8.5.1.3.1 Market Share
8.5.1.3.2 Historical Trend (2018-2022)
8.5.1.3.3 Forecast Trend (2023-2028)
8.5.1.4 Medical Industry
8.5.1.4.1 Market Share
8.5.1.4.2 Historical Trend (2018-2022)
8.5.1.4.3 Forecast Trend (2023-2028)
8.5.1.5 Wind Power
8.5.1.5.1 Market Share
8.5.1.5.2 Historical Trend (2018-2022)
8.5.1.5.3 Forecast Trend (2023-2028)
8.5.1.6 Others
8.5.2 SmCo Magnets
8.5.2.1 Defence
8.5.2.1.1 Market Share
8.5.2.1.2 Historical Trend (2018-2022)
8.5.2.1.3 Forecast Trend (2023-2028)
8.5.2.2 Aerospace
8.5.2.2.1 Market Share
8.5.2.2.2 Historical Trend (2018-2022)
8.5.2.2.3 Forecast Trend (2023-2028)
8.5.2.3 Electronics
8.5.2.3.1 Market Share
8.5.2.3.2 Historical Trend (2018-2022)
8.5.2.3.3 Forecast Trend (2023-2028)
8.5.2.4 Medical Devices
8.5.2.4.1 Market Share
8.5.2.4.2 Historical Trend (2018-2022)
8.5.2.4.3 Forecast Trend (2023-2028)
8.5.2.5 Motors, Actuators and Industrial Application
8.5.2.5.1 Market Share
8.5.2.5.2 Historical Trend (2018-2022)
8.5.2.5.3 Forecast Trend (2023-2028)
8.6 Global Rare Earth Magnet Market by Region
8.6.1 Market Share
8.6.1.1 China
8.6.1.2 Japan
8.6.1.3 Europe
8.6.1.4 United States
8.6.1.5 Others
9 Regional Analysis
9.1 China
9.1.1 Historical Trend (2018-2022)
9.1.2 Forecast Trend (2023-2028)
9.2 Japan
9.2.1 Historical Trend (2018-2022)
9.2.2 Forecast Trend (2023-2028)
9.3 Europe
9.3.1 Historical Trend (2018-2022)
9.3.2 Forecast Trend (2023-2028)
9.4 United States
9.4.1 Historical Trend (2018-2022)
9.4.2 Forecast Trend (2023-2028)
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 Industry Events and Developments

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