Neodymium [Nd-Fe-B] Magnet Market

Endless Uses in Multiple Industries Assure Demand for Neodymium Magnet

A neodymium magnet is the most extensively used rare-earth magnet. They provide exceptional levels of magnetism and resistance to demagnetization when compared to other magnets. The neodymium magnet has fastened its status as the most popular magnet in countless applications. Various industries, including medical science, renewable energy, automobiles, and technology have been significantly relying on super-strength neodymium magnets. Moreover, many individuals across the globe have been using this magnet for arts and crafts. The super-strength of neodymium magnets allows them to perform incredibly and can resist demagnetization. The growing demand for neodymium magnets for use in a myriad of applications is revolutionizing energy storage and power generation. This is anticipated to drive the North America neodymium (Nd-Fe-B) magnet market.

The neodymium magnet can be produced in many shapes and sizes, even as small as 1mm diameter, making it useful in a variety of applications. Neodymium magnets belong to the rare-earth family of elements; they are found in abundance in the earth’s crust. However, rare-earth elements are typically dispersed and not often found concentrated in economically exploitable deposits. The multiple applications in endless industries have benefited the neodymium (Nd-Fe-B) magnet market in North America, which is expected to cross US$ 5.3 Bn by 2031, at a CAGR of 5.6% during the forecast period.

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Restrictions on Production Activities Hampers Neodymium (Nd-Fe-B) Magnet Market Growth

The COVID-19 pandemic has impacted almost every industry in North America. Governments in several nations implemented strict regulations against trade, supply chain, logistics, and limited manufacturing. The growing spread of coronavirus has created functional challenges for manufacturers of neodymium magnets operating in countries such as the U.S. Businesses are either shut or allowed to work with limited capacity following the COVID-19 guidelines. The pandemic led to widespread concern and financial hardship for individuals, businesses, and communities across the globe. Moreover, the disruption in the supply chain has resulted in the postponement of production and distribution of neodymium magnets. Furthermore, there was a huge decline in the demand for neodymium magnets from various end users, including automotive, electronics, energy, aerospace, and others, thus affecting the neodymium (Nd-Fe-B) magnet market in North America.

Before the pandemic, the neodymium magnet was blooming with the demand with a regular and steady supply of raw materials. However, the worldwide disrupted trade and supply chain is expected to lead to a slowdown in the production of raw materials, and an increase in production and distribution costs post COVID-19 pandemic. The current neodymium (Nd-Fe-B) magnet market witnessed an impact on production and demand, a very limited supply chain, and increased prices for almost everything. However, manufacturers in North America are keeping the neodymium (Nd-Fe-B) magnet market running even with limited workforce and resources.

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Neodymium Magnet Extends Application in Medical Technology

The neodymium magnet is mined in various countries, including the U.S., Brazil, India, and China. The applications of these magnets extend to the oil industry by grease filter producers to more effectively filter out the iron powder in oil. Furthermore, they are useful in covering machines, cars with awning, and in the creation of magnetic tool belts. They are also widely used in jewelry clips, identification badges, and in the production of baby strollers that are attached to carriers via magnets.

The healthcare sector is another field where neodymium magnets are utilized in medical devices. Magnetic resonance imaging devices use these magnets to diagnose and treat chronic pain syndrome, arthritis, wound healing, insomnia, headache, and several other diseases due to their capacity to produce a static magnetic field. The medical industry has increased the usage consistently for almost 30 years. The neodymium magnets are also popularly referred to as magic magnets for their curing effect. These factors are driving the neodymium (Nd-Fe-B) magnet market in North America.

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Analysts’ Viewpoint

The neodymium magnet has witness demand amid the COVID-19 pandemic from the medical equipment industry. However, there was a heavy decline in the demand from other end users. The use of neodymium magnets in multiple industries is expected to generate new opportunities, once the neodymium (Nd-Fe-B) magnet market restores from the ongoing crisis. The health and medical sector is gradually increasing the demand for neodymium magnets due to their variety of uses in medical devices as well as treatments. The increasing investment from governments of the U.S. and Canada for the rise in production of neodymium magnets is expected to aid North America neodymium (Nd-Fe-B) magnet market.

North America Neodymium (Nd-Fe-B) Magnet Market: Overview

• Neodymium magnet, also known as super magnet, is the most powerful category of permanent magnets. Neodymium is a rare earth metal. When combined with iron and boron, it forms the strongest permanent magnet currently available in the world. Neodymium magnets can be produced in various shapes such as discs, blocks, cubes, rings, rods, and spheres.
• Neodymium iron boron (Nd-Fe-B), magnets offer the highest energy product of any material used currently and are available in a wide range of shapes, sizes, and grades. Neo magnets can be used in diverse applications, including high performance motors, brushless DC motors, magnetic separation, magnetic resonance imaging, sensors, switches, and loudspeakers. Key benefits of neodymium magnets are very high strength; relatively low cost: and relatively easy to machine vis-à-vis alnico and samarium cobalt magnets.
• The automotive industry is expected to create lucrative opportunities for the neodymium (Nd-Fe-B) magnet market during the forecast period. Increase in usage of neodymium magnets in the automotive industry in North America can be primarily ascribed to the rise in demand for neodymium magnets in electric steering, electric throttle actuation, electric braking, auto-clutch, and gearbox actuation applications in the region.

Key Growth Drivers of North America Neodymium (Nd-Fe-B) Magnet Market

• Neodymium magnets play an important role in medical devices. Magnetic resonance imaging (MRI) instruments is the third-largest segment of the global permanent magnet market. Nuclear magnetic resonance (NMR) is used in medical equipment. Of all the medical equipment in the radiology department, nuclear magnetic resonance is the safest. Thus, neodymium magnets play a vital role in MRI and NMR applications in the medical field.
• The healthcare sector is another potential application field where neodymium magnets are incorporated in medical devices. For instance, neodymium magnets are used in magnetic resonance imaging devices to diagnose and treat chronic pain syndrome, arthritis, wounds, insomnia, headache, and several other diseases due to their ability to generate a static magnetic field. Usage of neodymium magnets has been rising in the healthcare sector since the past decade. Neodymium magnets are considered to have curing effect and are therefore, sometimes called magic magnets in the medical industry.

Key Challenges of North America Neodymium (Nd-Fe-B) Magnet Market

• Dearth of universal directives pertaining to applications of neodymium magnet is estimated to hamper the neodymium magnet market in North America in the near future. Every country has different directives and legislations pertaining to the use of neodymium magnets. Companies find it difficult to comply with these country-wise directives and legislations. This can discourage investment in the neodymium (Nd-Fe-B) magnet market, thereby restraining the market in North America.
• Increasingly stringent regulations are expected to pose a challenge to the producers of neodymium magnets over the next few years. Furthermore, easy availability of favorable substitutes is anticipated to hinder the neodymium (Nd-Fe-B) magnet market in North America during the forecast period. Rise in regulations at the global level and growth in shift toward environment and sustainability trends throughout the value chain are adversely affecting the neodymium (Nd-Fe-B) magnet market.

Lucrative Opportunities for Players in North America Neodymium (Nd-Fe-B) Magnet Market

• Rapid expansion of the automotive sector is projected to create lucrative opportunities for the neodymium (Nd-Fe-B) magnet market in North America. Automotive is a major application segment of the neodymium (Nd-Fe-B) magnet market in North America. The automotive sector in the region is anticipated to expand at a rapid pace over the next few years, owing to the rise in popularity of electric vehicles. Electric motors that have permanent magnets, such as neodymium magnets, tend to provide better induction; save energy; are light in weight; and generate more power. For instance, Nissan LEAF uses permanent magnets to produce energy savings of 20%. Increase in government initiatives and regulations regarding the adoption and production of electric vehicles is expected to augment the demand for neodymium magnets in the near future.
• Companies operating in the neodymium (Nd-Fe-B) magnet market in North America need to focus on product improvements in order to create new interest in existing products. This can help draw customers and improve the perception of the quality of products.

Leading Players in North America Neodymium (Nd-Fe-B) Magnet Market

• Key players such as
  • Urban Mining
  • Lynas Corporation
  • MP Materials Inc.
  • USA Rare Earth
  • Texas Mineral Resources Corp.
  • Jingci Material Science Co. Ltd
  • Beijing Zhong Ke San Huan Hi-Tech Co., Ltd
  • Yantai Zhenghai Magnetic Materials Co., Ltd.
  • Advanced Technology & Materials Co., Ltd (AT&M)
  • Zhejiang Innuovo Magnetics Co., Ltd.
  • Earth-Panda Advance Magnetic Material Co., Ltd.
• are focusing  on expanding their global footprint through strategic capital allocation and increase in production capacity
• Players operating in the neodymium (Nd-Fe-B) magnet market in North America are adopting various organic and inorganic growth strategies such as mergers & acquisitions, new product launches, strategic collaborations, expansion, and joint ventures to expand their product portfolio and business operations

North America Neodymium (Nd-Fe-B) Magnet Market – Segmentation

TMR’s research study segments the neodymium (Nd-Fe-B) magnet market in North America in terms of type, application, and country. This report presents extensive market dynamics and growth trends associated with different segments and explains how they are influencing the growth of the neodymium (Nd-Fe-B) magnet market in North America.