What is Global Neodymium Magnet Market?
The Global Neodymium Magnet Market is a vast and dynamic sector that deals with the production, distribution, and usage of neodymium magnets. These magnets are a type of rare-earth magnet, composed of an alloy of neodymium, iron, and boron. They are the strongest type of permanent magnet commercially available and are used in various applications due to their superior magnetic properties. The market for these magnets is global, with demand and supply chains spanning across continents. The market's value was estimated at US$ 7471.5 million in 2022, and it is projected to reach US$ 11060 million by 2029. This indicates a Compound Annual Growth Rate (CAGR) of 5.7% from 2023 to 2029. However, the market is not evenly distributed, with the top three players holding about 20% of the global shares. The Asia-Pacific region is the primary market for neodymium magnets, accounting for about 80% of the global market. The most common type of neodymium magnet is the Sintered Neodymium Magnet, which holds about 90% of the market share.
Sintered Neodymium Magnet, Bonded Neodymium Magnet, Others in the Global Neodymium Magnet Market:
The Global Neodymium Magnet Market is segmented into three types based on their manufacturing process: Sintered Neodymium Magnet, Bonded Neodymium Magnet, and Others. The Sintered Neodymium Magnet is the most common type, accounting for about 90% of the market. These magnets are produced by heating the raw material in a furnace, then cooling it in a controlled environment to achieve the desired magnetic properties. They are known for their high magnetic strength and are used in various applications such as motors, generators, and magnetic separators. The Bonded Neodymium Magnet, on the other hand, is made by mixing neodymium powder with a polymer binder, then molding it into the desired shape. These magnets have lower magnetic strength compared to sintered magnets, but they can be produced in complex shapes and sizes, making them suitable for specific applications. The 'Others' category includes various other types of neodymium magnets that are not widely used or are still in the experimental stage.
EV (Electric Vehicle), Automotive other than EV, Air Conditioning, Aerospace and Defense, Wind Energy, Consumer Goods and Electronics, Industrial Machinery, Others in the Global Neodymium Magnet Market:
The Global Neodymium Magnet Market finds its application in various sectors such as EV (Electric Vehicle), Automotive other than EV, Air Conditioning, Aerospace and Defense, Wind Energy, Consumer Goods and Electronics, Industrial Machinery, and Others. In the EV sector, these magnets are used in the motor to provide the necessary torque for the vehicle's movement. In the automotive sector, they are used in various components such as starters, alternators, and power steering systems. In the air conditioning sector, they are used in the compressor to provide the necessary cooling effect. In the aerospace and defense sector, they are used in various systems such as radar, navigation, and communication. In the wind energy sector, they are used in the generator to convert wind energy into electrical energy. In the consumer goods and electronics sector, they are used in various devices such as speakers, headphones, and hard drives. In the industrial machinery sector, they are used in various machines such as CNC machines, conveyor belts, and lifts. The 'Others' category includes various other applications that are not widely used or are still in the experimental stage.
Global Neodymium Magnet Market Outlook:
The Global Neodymium Magnet Market's outlook is promising, with a steady growth rate projected for the coming years. In 2022, the market was valued at US$ 7471.5 million, and it is expected to reach US$ 11060 million by 2029, indicating a CAGR of 5.7% during the forecast period of 2023-2029. The market is dominated by the top three players, who collectively hold about 20% of the global shares. The Asia-Pacific region is the main market for neodymium magnets, accounting for about 80% of the global market. The most common type of neodymium magnet is the Sintered Neodymium Magnet, which holds about 90% of the market share. These figures provide a snapshot of the current market scenario, but they do not predict future trends or changes in market share.
| Report Metric | Details |
| Report Name | Neodymium Magnet Market |
| Accounted market size in 2022 | US$ 7471.5 in million |
| Forecasted market size in 2029 | US$ 11060 million |
| CAGR | 5.7% |
| Base Year | 2022 |
| Forecasted years | 2023 - 2029 |
| Segment by Type |
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| Segment by Application |
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| Production by Region |
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| Consumption by Region |
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| By Company | Hitachi Metals Group, Shin-Etsu, TDK, VAC, Beijing Zhong Ke San Huan Hi-Tech, Yunsheng Company, YSM, JL MAG, ZHmag, Jingci Material Science, AT&M, NBJJ, Innuovo Magnetics, SGM, Galaxy Magnetic, Zhejiang Zhongyuan Magnetic Industry Limited, Earth- Panda, Magsuper, Daido Electronics, Tianhe Magnetics |
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
