Rare Earth Magnet Market Overview:
Rare earth magnets are permanent magnets made of a magnetized material that creates its own persistent magnetic field. These include alloys of rare earth elements such as neodymium, samarium and dysprosium. Unlike temporary magnets, such as electromagnets, rare earth permanent magnets lose their magnetic property only when they are heated above the Curie temperature. They are manufactured industrially by casting or sintering and are made of magnetic metal elements and rare earth compounds. Neodymium-iron-boron (NdFeB), cobalt samarium (SmCo) and SmFeN are some of the examples of rare earth permanent magnets.
Rare Rare Earth Magnet Market Size:
According to the research report, the Rare Rare Earth Magnet Market was valued USD XX.XX Million in 2018, and Expected to reach USD XX.XX million by the end of 2022 with a CAGR of xx.xx% during the forecast period 2018-2022.
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Rare Earth Magnet Market Drivers and restraints:
The growth of the automotive industry due to technological advances, population growth, and the growing demand for consumer goods are the main factors that should boost the market for rare earth magnets during the period foreseen. In addition, the significant development of the wind power generation sector due to rapid industrialization, population growth and increased demand for electricity should also stimulate the market for the rare earth magnet.
However, it is estimated that the volatility of the prices of rare earth materials, such as dysprosium and neodymium, due to the ban on the export of rare earth elements from China to other regions will hamper the market. Increasing the reach of magnets in hybrid vehicles and the growing demand for more efficient vehicles should provide lucrative opportunities for the market in the coming years.
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Rare Earth Magnet Market Geographical segmentation:
Geographically, the global market for rare earth magnets can be divided into Asia-Pacific, Europe, North America, Latin America, and the Middle East and Africa. Demand for rare earth magnets is high in the Asia-Pacific region due to increased demand for magnets in manufacturing industries such as automotive and electronics. China currently represents the largest part of the automotive industry.
The country’s auto industry is expected to grow strongly as a result of population growth and favorable economic conditions. In addition to China, the demand for rare earth magnets is also high in other countries in the Asia-Pacific region due to the expansion of the wind energy sector. However, the demand for rare earth magnets in other regions such as North America is saturated due to the lack of availability of rare earth elements and the ban on the export of these elements. The ban has significantly increased prices of dysprosium and neodymium. This, in turn, hinders the market for rare earth magnets in these regions.
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Rare Earth Magnet Market Major Companies:
The main players in the global rare Rare Earth Magnet Market include Hitachi Metals Ltd., SG Magnets Ltd., Arnold Magnetic Technologies Corporation, Yantai Shougang Magnetic Materials Inc., Shin-ETSU Chemical Co., Ltd. and Bunting Magnetics Co.
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