Rare Earth Magnet Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Rare Earth Magnet Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Market Overview:

The global rare earth magnet market size reached US$ 17.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 24.8 Billion by 2028, exhibiting a growth rate (CAGR) of 5.86% during 2023-2028.

Rare-earth magnets refer to a type of permanent magnets which are made from the alloys of rare earth elements. They generate strong magnetic fields that assist in product miniaturization, improving product performance and reducing manufacturing costs. As these magnets are brittle and prone to corrosion, they are generally plated or coated to avert breaking, chipping or crumbling into powder. Owing to their numerous advantages, they find applications in the manufacturing of motors, separators, printers, microphones, automotive starters, acoustic transducers and computer disc drives.

Earlier, the application of rare earth magnets was largely confined to the motors and automotive industry. However, the global rare earth magnet market has recently experienced a rise in the demand from several new industries such as electronics, medical devices and actuators manufacturing. Moreover, on account of rapid urbanization, industrialization, growing penetration of electricity and increasing levels of automation in several industries, the electric motor industry is experiencing moderate growth. As the motor industry represents one of the largest end-users of rare earth magnets, this growth is creating a positive impact on their demand. Apart from this, expansion of the wind energy generation plants on account of the growing population and increasing demand for electricity is anticipated to boost the market growth in the upcoming years.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global rare earth magnet market report, along with forecasts at the global and regional level from 2023-2028. Our report has categorized the market based on magnet type and application.

Breakup by Magnet Type:

Neodymium-Iron-Boron (NdFeB) Magnets
Samarium-Cobalt (SmCo) Magnets 

Currently, NdFeB magnets account for the majority of the total market share as they are widely used in the field of energy. This can be accredited to their portable size, strong magnetic force and energy saving ability. As a result, these magnets are used in wind turbines, energy-efficient elevators, electric bicycles, hybrid vehicles, computer hard disk drives, medical equipment, consumer electronics, etc. 

Breakup by Application:

NdFeB Magnets

Automobile
Electronics
Power Generators
Medical Industry
Wind Power
Others

SmCo Magnets

Defense
Aerospace
Electronics
Medical Devices
Others

Rare earth magnets currently find myriad applications across various sectors. While NdFeB magnets are mostly utilized in the manufacturing of automobile, SmCo magnets are used in the defense sector. 

Regional Insights:

China
Japan
Europe
USA

Competitive Landscape:

The competitive landscape of the market has been analyzed in the report along with the detailed profiles of the major players operating in the industry.

Key Questions Answered in This Report:

What was the global rare earth magnet market size in 2022?

What are the major global rare earth magnet market drivers?

What are the major global rare earth magnet market trends?

What is the impact of COVID-19 on the global rare earth magnet market?

What will be the rare earth magnet market outlook during the forecast period (2023-2028)?

What is the global rare earth magnet market breakup by magnet type?

What is the global rare earth magnet market breakup by application?

What are the major regional markets in the global rare earth magnet industry?

Who are the leading players in the global rare earth magnet industry?