The global neodymium rare earth magnets market was valued at USD 12.74 billion in 2018. Furthermore, the global market is poised to showcase substantial growth in the coming years with a CAGR of 8.5% over the forecast period from 2019 to 2025. The demand for neodymium magnets is mainly driven by the increasing uptake in the wind energy and electric vehicles segment.
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In terms of market competition, the global neodymium rare earth magents market is a fragmented due to the presence of a number of local Chinese players who are involved in rare earth mining and magnet production. Some of the top players in the market are Daido Steel Co. Ltd., Shin-Etsu Chemicals, Hitachi Metal, TDK, Nippon Steel, and Sumitomo Metal among others.
The recent research report published by Adroit Market Research on global neodymium rare earth magnets market gives an in-depth analysis of the industry by assessing several industry aspects from a period ranging from 2015 to 2025. The study gives a statistical analysis from 2015 to 2025 where period from 2015 to 2017 presents the historical data, 2018 is the base year of estimations for the forecast period from 2019 to 2025.
The research study on global neodymium rare earth magnets market is segmented on the basis of types, end use and region. The report assesses the industry scenario through market drivers, restraints and market opportunities. The study also assess the production outlook of magnets and rare earth industry along with manufacturing process and its related cost. The study also provides industry analysis using tools such as Porter’s five forces analysis, and value chain assessment.
Neodymium is a member of rare earth metals and the magnet derived from it is regarded as the strongest on earth. Neodymium magnet, is usually available as NdFeB in its alloy mixture with iron (Fe) and boron (B). Neodymium magnet is known for its high magnetic strength, which is utilised in the form of different shapes and sizes by several end use industries. Neodymium metal is abundantly found in China which accounts for ~70-80% of the global production.
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Commercially, neodymium magnet is available in two forms, namely bonded and sintered form, occuring through different manufacturing processes. Sintered magnets possess higher magnetic strength as compared with the bonded type. Due to this, sintered magnet is utilised for heavy duty applications such as power tool industry, computer hard drives, optical isolators, wireless electronic devices, miniaturised sensors among others. Bonded neodymium magnet offers greater flexibility for making different magnet shapes and specified magnetic field directions. Owing to this, bonded magnets are gaining popularity and hence are finding greater applications in the electronic industry. The bonded neodymium magnet sales is projected to showcase impressive growth with CAGR of 8.8% over the forecast period.
Electronic devices & electrical appliances apply neodymium in several devices such as headphones, loudspeakers, microphones, acoustic pickups among others. Automotive segment is projected to surpass electronic devices & electrical appliances segment by the end of the forecast period owing to rising number of sensor based features in new generation automobiles, which in turn, apply neodymium magnet. Also, rising production of electric vehicles is seen as one of the biggest opportunities for the neodymium magnet industry. The recent announcement of Tesla Model 3 made a major change to its electric motor strategy of switching from an AC induction motor to a permanent magnet motor, which will significantly drive the demand for neodymium magnets in the coming years.
However, wind turbines is projected to emerge as the fastest growing segment with substantial CAGR of 10.6% over the forecast period. Usage of permanent magnet generator systems by the new generation wind turbines increases the cost efficiency as well as reliability of the machine. With the growing wind power installations across the globe, wind power generation is the fastest growing segment in the neodymium magnets market.
On the basis of regional analysis, Asia Pacific is projected to account for lion’s share in the global market. Rapidly growing production of electronic devices and automobile segment is projected to account for significant demand in the region. China is projected to emerge as the top player in the region owing to significant demand from its domestic industries. Overall, Asia Pacific is projected to account for more than 2/3rd of the global market rising with CAGR of 8.8% over the forecast period.
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