Global Rare Earth Magnet Market: Overview
Rare earth magnets are permanent magnets manufactured from a magnetized material that creates its own persistent magnetic field. These include alloys of rare earth elements such as neodymium, samarium, and dysprosium. Unlike temporary magnets such as electromagnets, rare earth permanent magnets do not lose their magnetic property unless they are heated above the Curie temperature. They are industrially manufactured through casting or sintering and are produced from magnetic metallic elements and composites of rare earth materials. Neodymium-iron-boron (NdFeB), samarium cobalt (SmCo), and SmFeN are some of the examples of rare earth permanent magnets.
Growth in the automotive industry due to technological advancements, rise in population, and increase in consumer goods demand are major factors expected to drive the rare earth magnet market during the forecast period. Furthermore, significant expansion of the wind energy generation industry owing to rapid industrialization, growth in population, and increase in demand for electricity are also anticipated to boost the rare earth magnet market. However, volatility in prices of rare earth materials such as dysprosium and neodymium due to ban of export of rare earth elements from China to other regions is estimated to hamper the rare earth magnet market. Increase in application scope of magnets in HEVs and rise in demand for better performing vehicles are projected to offer lucrative opportunities to the market over the next few years.
Global Rare Earth Magnet Market: Key Segmentation
Based on type, the rare earth magnet market can be bifurcated into sintered rare earth magnets and bonded rare earth magnets. Sintered rare earth magnets are manufactured using mechanical processes called sintering, while bonded rare earth magnets are manufactured through several processes, namely injection molding, calendaring, extrusion, and compression bonding. In terms of composition, the rare earth magnet market can be segmented into NdFeB, SmCo, and SmFeN. NdFeB magnets are the strongest in terms of attraction force. In terms of manufacturing process, the rare earth magnet market can be divided into sintering, calendaring, extrusion, injection molding, and compression bonding. Sintering is one of the widely used processes. Based on application, the rare earth magnet market can be segregated into automotive, aerospace & defense, power generation, medical, consumer goods & electronics, and industrial machinery.
In terms of geography, the global rare earth magnet market can be split into Asia Pacific, Europe, North America, Latin America, and Middle East & Africa. Demand for rare earth magnets is high in Asia Pacific, owing to the rise in demand for these magnets in manufacturing industries such as automotive and electronics. Currently, China accounts for the prominent share of the automotive industry. The automotive industry in the country is projected to expand significantly owing to the rise in population and favorable economic conditions. Besides China, demand for rare earth magnets is also high in other countries in Asia Pacific due to the expansion of the wind power industry. However, demand for rare earth magnets in other regions such as North America is saturated due to the non-availability of rare earth elements and ban of export of rare earth elements from China. The ban has significantly increased the prices of dysprosium and neodymium. This, in turn, is hampering the rare earth magnet market in these regions.
Global Rare Earth Magnet Market: Key Players
Key players operating in the global rare earth magnet market include Hitachi Metals, Ltd., SG Magnets Ltd., Arnold Magnetic Technologies Corporation, Yantai Shougang Magnetic Materials Inc., Shin-ETSU Chemical Co., Ltd., and Bunting Magnetics Co.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.