South Korea Permanent Rare Earth Magnets Market was valued at USD 1.0 Billion in 2022 and is projected to reach USD 1.8 Billion by 2030, growing at a CAGR of 7.9% from 2024 to 2030.
The South Korea Permanent Rare Earth Magnets Market has seen a notable surge in demand across various industries, fueled by the increasing need for efficient and durable materials in manufacturing and technological applications. These magnets, made from alloys containing rare earth elements like neodymium and samarium, are essential in producing high-performance motors, generators, and magnetic systems found in everything from electric vehicles (EVs) to consumer electronics. As the market grows, South Korea's pivotal role in the global supply chain for rare earth materials has become ever more critical.
One of the key drivers behind the demand for Permanent Rare Earth Magnets in South Korea is the electric vehicle industry. The growing adoption of EVs requires more advanced motors, which rely heavily on these magnets due to their superior magnetic strength and energy efficiency. In fact, the global shift toward renewable energy and sustainable transportation solutions is pushing automakers to secure a steady supply of these rare materials. South Korean manufacturers, as key players in the EV sector, are directly contributing to this burgeoning market.
Beyond electric vehicles, the renewable energy sector is also a significant application area for these magnets. Wind turbines, which require strong magnets for their generators, depend on permanent rare earth magnets for both power generation and efficiency. With South Korea's emphasis on expanding its renewable energy infrastructure, the demand for such magnets is expected to rise in the coming years.
Furthermore, industries such as consumer electronics, aerospace, and defense are also major consumers of rare earth magnets. Smartphones, headphones, and hard drives all depend on these materials to function at their peak. Aerospace applications, which require magnets for guidance systems and actuators, and defense technologies such as radar and missile guidance systems, also see significant use of permanent rare earth magnets.
To meet the increasing demand, South Korean industries are not only relying on imports of rare earth materials but also investing heavily in research and development to produce more efficient and sustainable magnets. This includes exploring alternative materials and manufacturing methods that could reduce dependence on traditional rare earth sources, ensuring long-term stability in the market.
The future of South Korea's Permanent Rare Earth Magnets Market looks promising, with the growing demand from various industrial sectors ensuring its continued relevance in the global market.
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Hitachi Metals
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Shin-Etsu Rare Earth Magnet
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By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the South Korea Permanent Rare Earth Magnets Market
Neodymium-Iron-Boron (NdFeB)
Samarium-Cobalt (SmCo)
Automotive
Electronics
Industrial Equipment
Consumer Goods
Healthcare
Renewable Energy
Bonded Magnets
Sintered Magnets
Custom-Shaped Magnets
Automotive Industry
Electronics and Electrical Appliances
Aerospace and Defense
Healthcare and Medical Equipment
Manufacturing and Industrial
Circular Magnets
Rectangular Magnets
Other Custom Shapes
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
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1. Introduction of the South Korea Permanent Rare Earth Magnets Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. South Korea Permanent Rare Earth Magnets Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. South Korea Permanent Rare Earth Magnets Market, By Type
6. South Korea Permanent Rare Earth Magnets Market, By Application
7. South Korea Permanent Rare Earth Magnets Market, By Geography
Asia-Pacific
China
Japan
Korea
India
Australia
Indonesia
Thailand
Philippines
Malaysia and Vietnam
8. South Korea Permanent Rare Earth Magnets Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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