According to a new report by Expert Market Research titled, “Global Neodymium-Iron-Boron Magnet Market Share, Size, Report and Forecast 2024-2032″, the global neodymium-iron-boron magnet market reached a value of USD 14.45 billion in 2023. Aided by the widespread applications in various advanced technological sectors and the escalating demand for compact and efficient electronic devices, the market is projected to further grow at a CAGR of 7.5% between 2024 and 2032 to reach a value of USD 22.3 billion by 2032.
Neodymium-Iron-Boron magnets, commonly referred to as NdFeB magnets or Neo magnets, are the strongest type of permanent magnets commercially available. These rare-earth magnets are made from an alloy of neodymium, iron, and boron to form the Nd2Fe14B tetragonal crystalline structure. Notably, they offer superior energy product and coercivity, making them crucial in devices that operate in compact spaces and require substantial magnetic fields. The applications of NdFeB magnets span across numerous industries, from computer hard drives and headphones to wind turbine generators and electric vehicles.
As per the neodymium-iron-boron magnet market analysis, the inexorable growth in technological advancements and digitisation is a prime force propelling the market. As industries march toward miniaturisation while demanding high efficiency, the indispensable role of NdFeB magnets becomes evident. Their compactness, combined with a powerful magnetic field, positions them as an irreplaceable component in modern electronic devices.
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Electric vehicles (EVs) and renewable energy sectors are increasingly relying on NdFeB magnets and adding value to the neodymium-iron-boron magnet market size. The global shift towards green energy and eco-friendly transportation methods has heightened the demand for wind turbines and EVs, respectively, both of which extensively employ NdFeB magnets. With the global commitment to reducing carbon emissions and achieving sustainability goals, these sectors are poised to see exponential growth, further driving the NdFeB magnet market.
Furthermore, in the realm of electronics, the surging demand for consumer electronics, particularly in emerging economies, acts as a substantial stimulant for neodymium-iron-boron magnet market growth. Whether it’s smartphones, earphones, or hard drives, the presence of NdFeB magnets is ubiquitous. As electronic devices become more advanced, requiring more powerful components in smaller sizes, the magnet’s demand is bound to see a surge.
Advancements in recycling techniques for rare earth magnets and ongoing research to reduce the dependency on heavy rare earth elements in NdFeB magnets may present potential solutions and new opportunities and contribute to the neodymium-iron-boron magnet market demand.
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Market Segmentation
The market can be divided based on application and region.
Market Breakup by Application
• Automobile
• Electronics
• Power Generators
• Medical Industry
• Wind Power
• Others
Market Breakup by Region
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global neodymium-iron-boron magnet market. Some of the major players explored in the report by Expert Market Research are as follows:
• Integrated Magnetics
• Arnold Magnetic Technologies
• Ningbo Relay Magnetics Co., Ltd
• Dura Magnetics, Inc.
• Others
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