Global Rare Earth Magnet Market Report 2023-2028 – Rapid Industrialization and Surging Demand for Electronic Applications Driving Expansion
Global Rare Earth Magnet Market Report 2023-2028 - Rapid ... PR Newswire
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DUBLIN, Oct. 27, 2023
The “Global Rare Earth Magnet Market Report and Forecast 2023-2028”
The Global Rare Earth Magnet Market Report and Forecast 2023-2028 report has been added to ResearchAndMarkets.com’s offering.
Introduction
The global rare earth magnet market reached a value of USD 18.45 million in 2022 and is projected to reach a value of $21.04 billion by 2028.
Sustainable Development Goals (SDGs)
- Goal 9: Industry, Innovation, and Infrastructure
- Goal 7: Affordable and Clean Energy
- Goal 11: Sustainable Cities and Communities
- Goal 3: Good Health and Well-being
Market Overview
Fueled by rapid industrialization and a surging demand for electronic applications, the rare earth magnet market is poised for continued growth, projected to achieve a noteworthy Compound Annual Growth Rate (CAGR) of 5.6% from 2023 to 2028.
Rare earth magnets, renowned for their exceptional magnetic properties, are formidable permanent magnets crafted from rare earth element alloys.
They are categorized into two primary types: Neodymium (NdFeB) and Samarium-cobalt (SmCo). These magnets find indispensable applications across a diverse spectrum of industries, encompassing electronics, automotive, energy generation, and even medical devices. Their ability to sustain powerful magnetic fields within compact dimensions renders them indispensable components in miniaturized technological devices.
The burgeoning consumer electronics sector plays a pivotal role in propelling the growth of the rare earth magnet market. The relentless pace of technological innovation has triggered a surge in the adoption of devices such as smartphones, tablets, and various smart gadgets. This, in turn, has led to a heightened demand for rare earth magnets. Furthermore, the thriving automotive industry, particularly the burgeoning electric vehicle segment, is making substantial contributions to the demand for these magnets, given their fundamental role in electric motor design.
A notable trend shaping the rare earth magnet market is the increasing embrace of renewable energy sources. Wind turbines, critical for wind energy generation, rely on rare earth magnets due to their efficiency and compactness. As the global energy landscape shifts towards sustainability, this application is set to provide significant momentum to the market.
The medical sector also plays a pivotal role in driving the demand for rare earth magnets. Medical imaging devices, including MRI machines, harness the potent magnetic fields generated by these magnets for diagnostic purposes. This underscores the versatility and indispensability of rare earth magnets across various industries.
The ongoing research efforts focused on recycling and reclaiming rare earth metals from electronic waste represent a promising trend that augments the rare earth magnet market size. Recognizing the strategic significance of these magnets, industries and governments worldwide are directing their attention towards sustainable mining practices, exploring alternative materials, and enhancing recycling techniques.
Competitive Landscape
- Proterial Ltd.
- Shin-Etsu Chemical Co., Ltd.
- Arnold Magnetic Technologies
- Bunting Magnetics Co.
- Electron Energy Corporation
Market Dynamics
- SWOT Analysis
- Porter’s Five Forces Analysis
- Key Indicators for Demand
- Key Indicators for Price
Manufacturing Process
- Overview
- Detailed Process Flow
- Operations Involved
Project Details and Cost Analysis
- Land, Location and Site Development
- Construction
- Plant Layout
- Plant Machinery
- Raw Material Requirement
- Packaging
- Transportation
- Utilities
- Manpower
- Other Capital Investment
Market Segmentation
Market Breakup by Magnet Type
- NdFeB Magnets
- SmCo Magnets
Market Breakup by Application
- 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
For more information about this report visit https://www.researchandmarkets.com/r/xwtwy5
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Media Contact:
Research and Markets
Laura Wood, Senior Manager
SDG 9: Industry, Innovation, and Infrastructure
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Source: prnewswire.com
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