NdFeB Magnets Market
NdFeB Magnets Market Analysis By End Use (Consumer Electronics, Automotive, Oil & Gas, Aerospace & Defense, Other End Uses) & Region - Global Market Insights 2023 to 2033
Analysis of NdFeB Magnets Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
NdFeB Magnets Market Outlook (2023-2033)
Worldwide sales of NdFeB magnets are projected to increase at an impressive CAGR of 7.9% from 2023 to 2033. Currently, the global NdFeB magnets market is valued at US$ 2 billion and is likely to reach a market size of US$ 4.3 billion by the end of 2033.
Neodymium-iron-boron (NdFeB) magnets are rare earth magnets made of neodymium, iron, and boron. NdFeB magnets are permanent magnets with the greatest magnetic qualities compared to ferrite, alnico, and samarium cobalt (SmCo) magnets. They are extremely cost-effective and have a strong resistance to demagnetization.
NdFeB magnets are classified into two types: sintered magnets and bonded magnets. Sintered NdFeB magnet is a magnet that has enhanced mechanical properties due to the sintering process. A bonded NdFeB magnet is a magnet in which the constituent materials are bonded instead of sintered.
The COVID-19 pandemic had an impact on almost every industry. Several governments imposed stringent rules on trade, supply chain, logistics, and limited production during the outbreak.
Manufacturers of NdFeB magnets faced functional issues as a result of the pandemic. The demand for NdFeB magnets dropped in the first quarter of 2020. However, the demand increased in the second quarter of 2020 due to their usage in medical devices.
NdFeB magnets are employed in magnetic resonance imaging machines to diagnose and treat arthritis, chronic pain syndrome, wounds, headache, insomnia, and several other disorders due to their potential to generate a static magnetic field. Since the outbreak of COVID-19, the use of NdFeB magnets in the healthcare industry has increased. NdFeB magnets have curative properties and are thus referred to as "magic magnets" in the healthcare industry.
The depletion of fossil fuels is a significant concern around the world. As a result, there is an increase in demand for renewable energy sources such as solar and wind to minimize reliance on fossil fuels. NdFeB magnets are extensively used in wind turbine generators to improve efficiency. As a result, the demand for NdFeB magnets is growing.
Moreover, NdFeB magnets are also used in robotics to power sensors, wheels, and motion. There is a rise in demand for NdFeB magnets to maintain astronauts' muscular tonus throughout space trips. Furthermore, increasing use of NdFeB magnets as a motion-generating device in molar distillation, palatal expansion, and orthodontic treatments is driving global market growth.
Neodymium-iron-boron magnets are used in the production of speakers to generate an opposing magnetic field that causes vibrations. The rising demand for NdFeB magnets in electrical appliances like washing machines, air conditioners (ACs), cooling fan motors in computers, dryers, microwaves, and fans, is propelling the neodymium-iron-boron magnet market.
Market Size (2023)
US$ 2 Billion
Projected Market Value (2033)
US$ 4.3 Billion
Global Market Growth Rate (2023-2033)
Asia Pacific Market Share (2022)
Automotive Segment Growth Rate (2023-2033)
Key Companies Profiled
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Competitive landscape highlights only certain players
Complete list available upon request
Why is the Need for NdFeB Magnets Intensifying?
“Application Areas of NdFeB Magnets Increasing in Numerous Sectors”
NdFeB magnets have high tensile strength and are the most cost-effective form of rare earth magnet. NdFeB magnets have a lower curie temperature and are more prone to oxidation; however, they have the greatest magnetic field strength and magnetic stability.
These advantages boost their usage in a variety of applications, such as wind turbines, automotive parts, actuators, speakers, household appliances, and electrical equipment. As a result, the expansion of these applications will increase demand for NdFeB magnets.
Which Factor Can Impede the Sales Growth of NdFeB Magnets?
“Fluctuating Raw Material Prices”
Fluctuating raw material costs are a major factor projected to impede the sales of NdFeB magnets. Unanticipated hurdles, such as rising energy costs and unexpected swings in raw material prices, are affecting supply chains and making it harder for manufacturers to offer quality products at affordable prices while earning profits.
There have been fluctuations in the costs of rare earth metals and other raw materials used to manufacture NdFeB magnets. This has an impact on the quantity and quality of NdFeB magnets manufactured. This reduces NdFeB magnets' use and taints their image as cost-effective materials.
How are Japan and South Korea Supporting Asia Pacific in Maintaining its Supremacy in the Global Market?
Asia Pacific held 76% of the global neodymium-iron-boron (NdFeB) magnets market in 2022. Asia Pacific is expected to dominate the global market during the forecast period.
Strong economic growth, rising disposable income, and concurrent increase in the manufacturing of electronics, passenger automobiles, and wind power generators in developing countries are projected to boost the market growth in Asia Pacific. Moreover, the relocation of manufacturing units from other regions to Asian countries, increasing investments in the electric vehicle industry, and increased output of electric motors are likely to fuel the regional market expansion.
Japan and South Korea are major supporters of the Asia Pacific market. Japan is the world's second-largest market for NdFeB magnets. Japan is home to some of the world's largest electronics and automobile manufacturers, including Panasonic, Hitachi, Toyota, Sony, Honda, Nissan, and others, which drives demand for these magnets in the country.
Moreover, due to their distinctive characteristics, such as lightweight, portable size, high magnetic force, and energy-saving capabilities, NdFeB magnets are widely employed in Japan in the field of energy and energy-saving applications. These magnets are mostly utilized in energy-efficient elevators, wind turbines, electric bicycles, computer hard disk drives, consumer electronics, hybrid automobiles, medical equipment, and other applications.
Why is the United States a Prominent Market for Neodymium-Iron-Boron Magnet Suppliers?
The United States is an important market for rare earth elements. The demand for NdFeB magnets is anticipated to rise significantly due to increased usage in applications such as wearable devices, electric vehicles, robotics, and wind power.
The automotive industry in the United States is expanding rapidly. The country has witnessed a substantial increase in the adoption of electric vehicles, owing mostly to the innovative products offered by important manufacturers like Tesla, Chevy, and Ford, among others. Tesla became one of many electric carmakers to use NdFeB magnet motors in early 2018.
Growing demand for NdFeB magnets in a variety of end-use industries has compelled leading producers to establish new facilities.
- For example, MP MATERIALS stated in April 2022 that it will invest USD 700 million to establish a new manufacturing plant for rare earth magnets, alloys, and metals in Fort Worth, Texas, by 2025. This plant is expected to have a NdFeB magnet manufacturing capacity of 1,000 tons per year. General Motors will use these magnets to manufacture 500,000 electric vehicle traction motors.
What is the Demand Outlook for NdFeB Magnets in Germany?
Demand for NdFeB magnets is steadily rising in Germany as a result of the constantly expanding automobile industry. Furthermore, increased demand for hybrid electric vehicles and electric vehicles, as well as government laws encouraging the usage of these vehicles over conventional vehicles, is expected to spur the demand for NdFeB magnets in the country.
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Why are NdFeB Magnets Widely Used in the Automotive Industry?
Demand for NdFeB magnets in the automotive industry is estimated to progress at a CAGR of 6.5% during the forecast period. Due to the widespread usage of NdFeB magnets in the automotive industry, automotive is a major end use industry for the market. NdFeB magnets are utilized as the static component of electric motors, which are becoming increasingly popular as a result of technological improvements.
Electric motors, for example, are utilized in vehicle windscreen wipers, door-closing systems, and windows. The performance of NdFeB magnets is better in lighter and smaller motors. As the automotive sector strives to reduce weight, the use of NdFeB magnets is projected to grow.
Moreover, NdFeB magnets are also extensively used in consumer electronics. Due to their great magnetic strength and ability to work at a wide range of temperatures, NdFeB magnets are used in the majority of electronic equipment.
- According to Arnold Magnetic Technologies, each earbud contains around 0.2 grams of NdFeB magnets.
NdFeB magnets are also employed in fiber optic technologies that power cellphones and the internet. They are employed in mobile phone speakers, where N52 and N48 magnetic grades are commonly used. These are the most durable performance grades available, able to withstand high temperatures during the production process.
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Key players in the NdFeB magnets market are employing various growth methods such as mergers and acquisitions, strategic partnerships, new product launches, expansion, and joint ventures to broaden their product portfolio and business operations.
- NEO PERFORMANCE MATERIALS acquired a rare earth mining project owned by Hudson Resources in Greenland in August 2022. This acquisition is expected to enable NEO PERFORMANCE MATERIALS to provide rare earth components to its permanent magnet production factory in Estonia.
- Bunting Magnetics debuted the ElectroMax Overband Magnet at Bauma in April 2021. This new product will assist the company in meeting the demands of customers for smaller, lighter, and more compact electro-overband magnets.
- Arnold Magnetic Technologies opened a research and development center at its MGE Innovation Center complex in Wisconsin, U.S., in February 2021. This technology center will enable the company to provide rapid prototyping of electromagnetics, thin metals, permanent magnets, and numerous engineered assemblies.
Know thy Competitors
Competitive landscape highlights only certain players
Complete list available upon request
Key Segments of NdFeB Magnets Industry Research
By End Use :
- Consumer Electronics
- Oil & Gas
- Aerospace & Defense
- Other End Uses
By Region :
- North America
- Latin America
- FAQs -
The global NdFeB magnets market is valued at US$ 2 billion in 2023.
Worldwide demand for NdFeB magnets is estimated to increase at a CAGR of 7.9% from 2023 to 2033.
The market for NdFeB magnets is projected to touch US$ 4.3 billion by 2033.
Asia Pacific held 76% share of the global NdFeB magnets market in 2022.
Arnold Magnetic Technologies, Lynas Corporation Ltd, Electron Energy Corporation, Daido Steel Co., Ltd, Hitachi Metals Ltd, and Shin-Etsu Chemical Co., Ltd are key manufacturers of NdFeB magnets.