Industrial Rare Earth Magnet Market was valued at USD 6.5 Billion in 2022 and is projected to reach USD 10.5 Billion by 2030, growing at a CAGR of 7.5% from 2024 to 2030.
The Industrial Rare Earth Magnet Market has seen remarkable growth between 2018 and 2022, driven by a rapid rise in the demand for advanced technologies. Rare earth magnets, primarily made from neodymium and samarium, have become essential components in various industries, including automotive, electronics, renewable energy, and manufacturing. This market experienced a steady increase due to the growth of electric vehicles (EVs), wind turbines, consumer electronics, and the shift towards green energy solutions. The surge in the demand for efficient, lightweight, and powerful magnets during this period was fueled by technological advancements and growing applications across sectors that require high-performance magnets.
During the period from 2018 to 2022, the demand for industrial rare earth magnets was mainly driven by the automotive industry, especially with the increasing adoption of electric vehicles (EVs). These vehicles require powerful magnets for their motors, and with the increasing global push towards sustainability, EV production skyrocketed. Additionally, the growth in wind turbine installations led to greater demand for high-strength magnets, as these turbines rely on efficient magnet technology for generating electricity. Consumer electronics, including smartphones, laptops, and other gadgets, also contributed significantly to the demand, as these products rely on small, efficient magnets for various functions.
However, looking ahead to the market's future from 2023 to 2033, the Industrial Rare Earth Magnet Market is projected to witness even more accelerated growth. The demand for rare earth magnets is expected to surge as industries increasingly adopt clean energy technologies and advanced manufacturing processes. The electric vehicle market is anticipated to continue its expansion, with more automakers investing in EV production to meet global carbon emission reduction targets. Furthermore, the growth of renewable energy sources such as offshore wind farms and solar panels will contribute to a higher demand for high-performance magnets used in turbines and other energy generation equipment.
In addition, the proliferation of consumer electronics, including wearables, smartphones, and advanced medical devices, will further fuel the need for industrial rare earth magnets. The rising demand for miniaturization in devices is pushing manufacturers to use stronger, more compact magnets that offer high power while occupying less space. As industries evolve to meet the growing demands of modern technologies, rare earth magnets will continue to play a critical role in powering innovations across sectors.
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Hitachi Metals Group
Shin-Etsu
TDK
VAC
Beijing Zhong Ke San Huan Hi-Tech
Yunsheng Company
YSM
JL MAG
ZHmag
Jingci Material Science
AT&M
NBJJ
Innuovo Magnetics
SGM
Galaxy Magnetic
Zhejiang Zhongyuan Magnetic
Earth- Panda
Magsuper
Daido Electronics
Pinghu Geor Chi Electronics
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 Global Industrial Rare Earth Magnet Market
Automotive
Aerospace & Defense
Power Generation
Industrial Machinery
Other
Based on Types the Market is categorized into Below types that held the largest Industrial Rare Earth Magnet market share In 2023.
Rare-earth Sintered Magnet
Rare-earth Bonded Magnet
Other
Global (United States, Global and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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1. Introduction of the Global Industrial Rare Earth Magnet 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. Global Industrial Rare Earth Magnet Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global Industrial Rare Earth Magnet Market, By Type
6. Global Industrial Rare Earth Magnet Market, By Application
7. Global Industrial Rare Earth Magnet Market, By Geography
Global
Europe
Asia Pacific
Rest of the World
8. Global Industrial Rare Earth Magnet Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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