Rare Earth Magnet Market

Rare Earth Magnet Market

Development in the car business because of innovative progressions, ascend in populace, and expansion in purchaser products request are main considerations expected to drive the uncommon earth magnet market during the estimate time frame. Besides, huge extension of the breeze energy age industry inferable from fast industrialization, development in populace, and expansion sought after for power are likewise expected to support the uncommon earth magnet market. Nonetheless, unpredictability in costs of uncommon earth materials, for example, dysprosium and neodymium because of boycott of fare of uncommon earth components from China to different locales is assessed to hamper the uncommon earth magnet market. Expansion in application extent of magnets in HEVs and ascend sought after for better performing vehicles are projected to offer rewarding freedoms to the market over the course of the following not many years.

Uncommon earth magnets are lasting magnets made from a charged material that makes its own tenacious attractive field. These incorporate amalgams of uncommon earth components like neodymium, samarium, and dysprosium. Dissimilar to brief magnets like electromagnets, uncommon earth perpetual magnets don't lose their attractive property except if they are warmed over the Curie temperature. They are mechanically fabricated through projecting or sintering and are created from attractive metallic components and composites of uncommon earth materials.

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.