The rising prominence for consumer electronics due to factors such as high urbanization and rising disposable income may influence the growth prospects of the neodymium magnet market during the forecast period of 2021-2031. The properties of neodymium magnets such as increased magnetic strength and high pull force bodes well for the growth of the global market.
The origin of neodymium magnets can be traced back to 1980. It is a recently developed magnet and is used in numerous applications across a plethora of end-users. Some of the prominent end-user industries associated with neodymium magnets are electrical motor manufacturing industries, medical science, renewable energy generation and storage industries, and technology. Thus, the rising influence of neodymium magnets in various end-user industries will add value to the growth trajectory of the neodymium magnet market.
The report on the neodymium magnet market has been prepared with a view to offer exclusive insights to the stakeholders and CXOs. The report has various factors that are beneficial for strengthening the revenues of the players in the neodymium magnet market. Furthermore, the report also takes into account the various factors that may prove to be a restraint in the growth of the neodymium magnet market. In addition, the COVID-19 impact is included in the report. The pandemic has changed the growth projections of many sectors and industries. The neodymium magnet market is no exception. The effect of the COVID-19 pandemic has been described in the report.
The neodymium magnet market has numerous players who contribute to the growth structure. A few well-established players account for a large growth share of the neodymium magnet market. The players indulge in research and development activities for discovering insights. Furthermore, strategic collaborations also play a crucial role in the overall growth of the neodymium magnet market.
Some well-entrenched players in the neodymium magnet market are Arnold Magnetic Technologies, Jіаngхі Yіngguаng Маgnеt, Ніtасhі Меtаlѕ Ltd., Ѕhіn-Еtѕu Сhеmісаl, Та Тоng Маgnеt, and Guаngzhоu Gоldеn Ѕоuth.
The extensive demand for neodymium magnets on the account of the rise in the popularity for wind energy may serve as a growth booster for the neodymium magnet market. Non-renewable resources are depleting at a faster rate over the years due to the rise in the demand for electricity. To overcome this issue, many countries are making use of renewable energy sources such as wind energy and solar energy. Windmills generate wind energy. Windmills require neodymium magnet for functioning efficiently. Hence, this factor may generate considerable growth opportunities for the neodymium magnet market.
The COVID-19 pandemic has been a deterrent for many industries and sectors around the world. The neodymium magnet market is one of them. The lockdown restrictions imposed by almost all countries at the advent of the pandemic led to huge economic losses for the neodymium magnet market. In this period, manufacturing units and factories were shut down. This factor ruined the production as well as demand for neodymium magnets. However, relaxations in the lockdown restrictions led to growth stability. With mass vaccination drives and low infections reported daily, the neodymium magnet market may return to pre-pandemic growth levels soon.
The Asia Pacific is estimated to emerge as a dominant growth-contributing region for the neodymium magnet market between 2021 and 2031. The rising disposable income among the individuals across various regions and the expanding popularity of neodymium magnet for use in consumer electronics may attract considerable growth. North America and Europe may observe steady growth during the forecast period of 2021-2031.
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Neodymium Magnet Market
*86 figures and 60 tables includes