What is Global NdFeB Permanent Magnets Market?
The Global NdFeB Permanent Magnets Market is a vast and dynamic sector that revolves around the production, distribution, and use of NdFeB (Neodymium-Iron-Boron) permanent magnets. These magnets are the strongest type of permanent magnets commercially available, making them an essential component in a variety of industries. The market is global in nature, meaning it encompasses the production and use of these magnets in countries all around the world. The market's size and value are determined by the demand for these magnets in various applications, such as in the manufacturing of electric motors, in the auto industry, in offshore wind turbines, in consumer electronics, and in other areas. The market is also influenced by factors such as technological advancements, economic conditions, and government policies. As of now, the market is projected to grow at a steady pace, with an expected increase in value from US$ 17490 million in 2022 to US$ 21570 million in 2029. This growth is expected to be driven by the increasing demand for NdFeB permanent magnets in various industries.
Bonded NdFeB, Sintered NdFeB in the Global NdFeB Permanent Magnets Market:
The Global NdFeB Permanent Magnets Market is divided into two main segments based on the type of NdFeB permanent magnet: Bonded NdFeB and Sintered NdFeB. Bonded NdFeB magnets are made by bonding NdFeB powder with a polymer or other material, which allows for the production of magnets in complex shapes and sizes. These magnets are typically used in applications that require lower magnetic strength. On the other hand, Sintered NdFeB magnets are made by compacting NdFeB powder under high pressure and then heating it under high temperature. These magnets are much stronger than bonded NdFeB magnets and are used in applications that require high magnetic strength. The sintered NdFeB segment is the leading type in the market, accounting for over 90% of the market share. This dominance can be attributed to the superior magnetic properties of sintered NdFeB magnets, which make them suitable for a wide range of applications.
Electric Motors, Auto Industry, Offshore Wind Turbines, Consumer Electronics, Others in the Global NdFeB Permanent Magnets Market:
The Global NdFeB Permanent Magnets Market finds its usage in a variety of areas. One of the primary areas is in the manufacturing of electric motors. NdFeB permanent magnets are used in the rotor of electric motors to generate a magnetic field, which is essential for the operation of the motor. The auto industry is another major user of these magnets. They are used in various parts of a vehicle, such as in the starter motor, in the alternator, and in the electric power steering system. Offshore wind turbines also use NdFeB permanent magnets in their generators to produce electricity. In the consumer electronics sector, these magnets are used in devices like headphones, speakers, and hard disk drives. Other areas of usage include medical devices, industrial machinery, and aerospace applications. The auto industry is the largest segment in terms of usage, accounting for nearly 35% of the market.
Global NdFeB Permanent Magnets Market Outlook:
The outlook for the Global NdFeB Permanent Magnets Market is positive, as per a new survey. The market is projected to grow from a value of US$ 17490 million in 2022 to US$ 21570 million in 2029, representing a Compound Annual Growth Rate (CAGR) of 3.1% during the period from 2023 to 2029. This growth is expected to be driven by the increasing demand for NdFeB permanent magnets in various industries, particularly in the auto industry, which is the largest segment in the market. The leading type of NdFeB permanent magnet in the market is the sintered NdFeB, which holds a market share of over 90%. This dominance is due to the superior magnetic properties of sintered NdFeB magnets, which make them suitable for a wide range of applications.
| Report Metric | Details |
| Report Name | NdFeB Permanent Magnets Market |
| Accounted market size in 2022 | US$ 17490 million |
| Forecasted market size in 2029 | US$ 21570 million |
| CAGR | 3.1% |
| 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 | Proterial, Ltd, Vacuumschmelze, Zhong Ke San Huan, TDK, Zhenghai Magnetic, Ningbo Yunsheng, Tianhe Magnets, Yantai Dongxing Magnetic Materials, Jingci Magnet, AT&M, Jl Mag Rare-Earth, Earth-Panda, Innuovo Technology, Shin-Etsu, Galaxy Magnets, Jintian Copper |
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
