Global Neodymium Magnet Market: Overview
Neodymium magnets, also known as super magnets, are the most powerful category of permanent magnets. Neodymium is a rare earth metal, and when combined with iron and boron, it forms the strongest permanent magnet currently available in the world. These magnets can be produced in various shapes such as discs, blocks, cubes, rings, rods, and spheres. Applying nickel-copper-nickel coating over these magnets lends them an appealing silver surface. Neodymium magnets are characterized by their strong adhesive force as even the smallest neodymium magnets are just as strong as larger common magnets. This renders them suitable for applications where the strongest magnetic force is required from the smallest possible volume of magnetic material. A neodymium disc weighing as small as 2 grams can lift a steel block weighing over 2,000 grams.
Global Neodymium Magnet Market: Drivers
The demand for neodymium magnets is expected rise in near future due to rise in their use in the consumer electronics industry. The main features of neodymium iron boron magnets are high heat resistance, coercivity, and remanence. Increase in demand for the rare earth metal neodymium owing to its superior properties such as improved saturation magnetization has led to its widespread use in small-sized products with higher magnetic strength and increased pull force. In addition, rise in rare earth mining activities in China and Australia is expected to result in an abundance of raw materials, thus promoting market growth over the forecast period.
Rise in demand for wind energy on account of depleting natural resources and increase in emphasis on renewable energy are some of the key factors driving the demand for neodymium magnets market. However, the unpredictability associated with the price of rare earth neodymium metals may hamper the market over the forecast period. China is a prominent manufacturer of neodymium magnets owing to the presence of abundant neodymium deposits in the country.
Neodymium magnets are relatively new. They were developed in the mid-1980s and can now be found extensively in countless modern applications from fridge magnets to wind turbines. Based on application, the neodymium magnets market can be segmented into consumer electronics, general industry, wind power, automotive, and medical technology. Automotive industry dominated the neodymium magnet market in 2017 on account of increase in performance efficiency requirements and miniaturization of various automotive parts, including sensors and electronic systems. Recent miniaturization of power tools, motors, generators, and loud speakers has only been possible because of the superior magnetic performance provided by modern neodymium magnets.
In terms of regional demand, Asia Pacific dominated the neodymium magnet market in 2017. This is mainly attributed to large resources of neodymium in China. Moreover, China continues to lead the global neodymium magnet market due to rise in industrial activities, increase in energy generation, and rise in demand for automobiles.
The global permanent magnets market has presence of a number of small manufacturers and a few medium-sized manufacturers. The neodymium magnet market is predominantly led by Chinese manufacturers. Many of the players in the permanent magnets market are signing long-term contracts with buyers so as to create a buffer from fluctuating magnet prices. As a result of this, customers have limited number of options in terms of manufacturers from whom they can buy products that meet their requirements.
Global Neodymium Magnet Market: Key Players
Prominent players operating in the global neodymium magnet market include Adams Magnetic Products Co., Dexter Magnetic Technologies, Inc., Arnold Magnetic Technologies, Molycorp Inc., Vacuumschmelze, and Tengam Engineering Inc.
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