Rare-earth magnets are strong permanent magnets made from alloys of rare-earth elements. Developed in the 1970s and 1980s, rare-earth magnets are the strongest type of permanent magnets made, producing significantly stronger magnetic fields than other types such as ferrite or alnico magnets. The magnetic field typically produced by rare-earth magnets can exceed 1.4 teslas, whereas ferrite or ceramic magnets typically exhibit fields of 0.5 to 1 tesla. There are two types: neodymium magnets and samarium–cobalt magnets. Magnetostrictive rare-earth magnets such as Terfenol-D also have applications, e.g. in loudspeakers. Rare-earth magnets are extremely brittle and also vulnerable to corrosion, so they are usually plated or coated to protect them from breaking, chipping, or crumbling into powder.
Market Analysis and Insights: Global Rare Earth Magnets Market
Due to the COVID-19 pandemic, the global Rare Earth Magnets market size is estimated to be worth US$ million in 2022 and is forecast to a readjusted size of US$ million by 2028 with a CAGR of % during the forecast period 2022-2028. Fully considering the economic change by this health crisis, Samarium Cobalt (SmCo) accounting for % of the Rare Earth Magnets global market in 2021, is projected to value US$ million by 2028, growing at a revised % CAGR from 2022 to 2028. While High Efficiency Motors segment is altered to an % CAGR throughout this forecast period.
North America Rare Earth Magnets market is estimated at US$ million in 2021, while Europe is forecast to reach US$ million by 2028. The proportion of the North America is % in 2021, while Europe percentage is %, and it is predicted that Europe share will reach % in 2028, trailing a CAGR of % through the analysis period 2022-2028. As for the Asia, the notable markets are Japan and South Korea, CAGR is % and % respectively for the next 6-year period.
The global major manufacturers of Rare Earth Magnets include Galaxy Magnetic, Adams Magnetic Products, Daido Electronics, Innuovo Magnetics, Yunsheng Company, AT&M, Magsuper, Earth- Panda and Master Magnetics. etc. In terms of revenue, the global 3 largest players have a % market share of Rare Earth Magnets in 2021.
Global Rare Earth Magnets Market: Drivers and Restrains
The research report has incorporated the analysis of different factors that augment the market’s growth. It constitutes trends, restraints, and drivers that transform the market in either a positive or negative manner. This section also provides the scope of different segments and applications that can potentially influence the market in the future. The detailed information is based on current trends and historic milestones. This section also provides an analysis of the volume of production about the global market and about each type from 2017 to 2028. This section mentions the volume of production by region from 2017 to 2028. Pricing analysis is included in the report according to each type from the year 2017 to 2028, manufacturer from 2017 to 2022, region from 2017 to 2022, and global price from 2017 to 2028.
A thorough evaluation of the restrains included in the report portrays the contrast to drivers and gives room for strategic planning. Factors that overshadow the market growth are pivotal as they can be understood to devise different bends for getting hold of the lucrative opportunities that are present in the ever-growing market. Additionally, insights into market expert’s opinions have been taken to understand the market better.
Global Rare Earth Magnets Market: Segment Analysis
The research report includes specific segments by region (country), by manufacturers, by Type and by Application. Each type provides information about the production during the forecast period of 2017 to 2028. by Application segment also provides consumption during the forecast period of 2017 to 2028. Understanding the segments helps in identifying the importance of different factors that aid the market growth.
Segment by Type
Samarium Cobalt (SmCo)
Neodymium (Nd-Fe-B)
Segment by Application
High Efficiency Motors
Electronics
Turbine Generators
Others
By Company
Galaxy Magnetic
Adams Magnetic Products
Daido Electronics
Innuovo Magnetics
Yunsheng Company
AT&M
Magsuper
Earth- Panda
Master Magnetics
Production by Region
North America
Europe
China
Japan
Consumption by Region
North America
U.S.
Canada
Europe
Germany
France
U.K.
Italy
Russia
Asia-Pacific
China
Japan
South Korea
India
Australia
Taiwan
Indonesia
Thailand
Malaysia
Philippines
Vietnam
Latin America
Mexico
Brazil
Argentina