Global NdFeB Magnet Market Overview
The NdFeB Magnet Market Size was estimated at 17.15 (USD Billion) in 2022.The NdFeB Magnet Market Industry is expected to grow from 17.73(USD Billion) in 2023 to 24.0 (USD Billion) by 2032. The NdFeB Magnet Market CAGR (growth rate) is expected to be around 3.42% during the forecast period (2024 - 2032).
Key NdFeB Magnet Market Trends Highlighted
Over the years, the largest percentage of traffic, by sector, has consisted of construction and furniture, electrical machines and appliances. It can be seen that the transportation sector also has potentially significant growth areas as it uses NdFeB magnets in electrical motors traction systems, and actuators. The same goes for the industrial market, which is shifting towards more automated processes, as it needs NdFeB magnets for automotive-grade servos and robots that require motion control.In comparison with the past years, the industry has observed a gradual change of focus towards new sectors like health care, alternative power systems and aerospace. Due to its small size and strong magnetic fields, NdFeB permanent magnets are used in medical imaging, medical robotics and wind turbines in miniaturized devices. Furthermore, material engineering progress has resulted in the newly introduced high stability and high-performance grades of the NdFeB magnets, which will provide prospects for the further expansion of the market
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
NdFeB Magnet Market Drivers
Rising Demand for NdFeB Magnets in Electric Vehicles
A major driver of the NdFeB Magnet Market happening currently is the fact that electric vehicles are becoming more and more popular. Electric vehicles are using NdFeB magnets in their motors and generators because of the high magnetic strength and compact size that they have. The popularity of electric vehicles is set to increase in the future, and so the demand for NdFeB magnets is also set to increase. The growth of the NdFeB Magnet Market Industry is expected, according to a report, to grow from USD 17.73 Billion in 2023 to USD 24.0 Billion by 2032, at a CAGR of 3.42% from 2024 to 2032.There are many factors that are contributing to the growth of the NdFeB Magnet Market, one such factor is the increasing deployment of electric vehicles. Electric vehicles are becoming more and more popular because of the increasing concern about environmental pollution and the increasing cost of fossil fuels. The governments are also encouraging the deployment of electric vehicles by providing various incentives and charging subsidies. As a result of these factors, the demand for NdFeB magnets is expected to increase even further in the future.Aside from electric vehicles, NdFeB magnets are used in many different applications, such as wind turbines, industrial automation, and medical devices. The demand for NdFeB magnets because of these applications is expected to keep increasing in the future as well. The existing report states that the NdFeB Magnet Market Industry will witness a promising amount of growth in the future. The growing demand from various end-use industries is set to be a major reason for the expected growth.
Technological Advancements in NdFeB Magnet Production
The NdFeB Magnet Market is also being driven by technological advancements in production. These advancements have led to the development of new NdFeB magnet grades with higher magnetic strength and lower cost. As a result, NdFeB magnets are becoming more attractive for a wider range of applications. The NdFeB Magnet Market Industry report provides a comprehensive analysis of the key growth strategies adopted by industry participants. These strategies include product innovation, mergers and acquisitions, and partnerships.Key companies operating in the NdFeB Magnet Market are focusing on product innovation to gain a competitive edge. They are investing in research and development to develop new NdFeB magnet grades with higher magnetic strength and lower cost.
Increasing Investment in Renewable Energy
The increasing investment in renewable energy is also driving the demand for NdFeB magnets. NdFeB magnets are used in wind turbines, which are a key source of renewable energy. As the world moves towards a more sustainable future, the demand for NdFeB magnets is expected to increase.
NdFeB Magnet Market Segment Insights
NdFeB Magnet Market Grade Insights
The NdFeB Magnet Market is segmented into various grades based on their magnetic properties, including N15-35, N35-40, N42-48, N50-52, and N52-63. Each grade offers varying levels of magnetic strength and is suitable for specific applications. The N15-35 grade is known for its lower magnetic strength and is commonly used in applications where a moderate level of magnetism is required, such as small motors and sensors. The N35-40 grade offers a higher magnetic strength compared to N15-35 and is suitable for applications requiring a stronger magnetic field, such as larger motors and actuators.The N42-48 grade is a high-performance grade with even stronger magnetic properties. It is often used in applications where a compact size and high magnetic strength are essential, such as in electric vehicles and wind turbines. The N50-52 grade provides exceptional magnetic strength and is suitable for applications requiring the highest levels of magnetism, such as in medical imaging and magnetic resonance imaging (MRI) systems. The N52-63 grade is the highest grade available and offers the strongest magnetic properties among NdFeB magnets. It is primarily used in specialized applications where extreme magnetic strength is required, such as in aerospace and defense applications.The NdFeB Magnet Market is expected to grow significantly in the coming years, driven by increasing demand from various end-use industries, including automotive, electronics, and renewable energy. The market growth is attributed to the unique properties of NdFeB magnets, such as their high magnetic strength, compact size, and cost-effectiveness. 
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
NdFeB Magnet Market Application Insights
The NdFeB Magnet Market segmentation by Application comprises Automotive, Electronics, Medical, Industrial Automation, and Aerospace. Among these segments, the Automotive segment held the largest market share in 2023 and is projected to continue its dominance throughout the forecast period. The growth of this segment can be attributed to the increasing demand for NdFeB magnets in electric vehicles, hybrid vehicles, and other automotive applications. The Electronics segment is expected to experience significant growth over the forecast period, due to the rising demand for Ndfeb magnets in smartphones, laptops, and other electronic devices.The Medical segment is also expected to witness substantial growth, owing to the increasing use of Ndfeb magnets in medical devices such as MRI machines and surgical equipment. The Industrial Automation segment is projected to grow steadily over the forecast period, driven by the increasing demand for Ndfeb magnets in industrial automation systems. The Aerospace segment is expected to experience moderate growth due to the increasing use of Ndfeb magnets in aircraft and spacecraft.
NdFeB Magnet Market Coating Insights
The Coating segment plays a vital role in the NdFeB Magnet Market. The coating enhances the performance and stability of NdFeB magnets, enabling them to withstand harsh environmental conditions and specific applications. Among the various coating options, Nickel, Zinc, Epoxy, Gold, and Silver are widely used. Nickel coating offers excellent corrosion resistance, while Zinc coating provides cost-effective protection against corrosion. Epoxy coating enhances insulation and chemical resistance, Gold coating ensures high electrical conductivity and tarnish resistance, and Silver coating provides antibacterial properties.The NdFeB Magnet Market revenue for the Coating segment is projected to grow significantly by 2024, driven by the increasing adoption of NdFeB magnets in industries such as automotive, consumer electronics, and renewable energy. The market growth is influenced by factors like rising demand for high-performance magnets, technological advancements, and expanding applications.
NdFeB Magnet Market Shape Insights
The NdFeB Magnet Market is segmented into various shapes, including Disc, Block, Rings, Cylinders, and Spheres. Among these, the Disc segment held the largest market share in 2023, accounting for around 35% of the total revenue. The Disc shape is widely used in various applications due to its versatility and ability to generate a uniform magnetic field. The Block segment is another significant contributor to the market, primarily driven by its use in high-power applications such as electric motors and generators. The Ring and Cylinder segments are also gaining traction due to their specific applications in sensors and actuators.The Sphere segment, though smaller in size, finds niche applications in medical devices and research.
NdFeB Magnet Market End User Industry Insights
The NdFeB Magnet Market is segmented into various end-user industries, including Automotive, Electronics, Consumer Products, Healthcare, and Energy. Among these, the Automotive industry is projected to account for a significant share of the market in the coming years. The growing demand for electric vehicles and the increasing adoption of advanced driver-assistance systems (ADAS) are driving the growth in this segment. The Electronics industry is another major end-user of Ndfeb magnets, primarily utilized in smartphones, laptops, and other consumer electronics devices.The increasing demand for portable and lightweight electronics is expected to boost the growth of this segment. Consumer Products, such as home appliances and power tools, also contribute to the market demand for Ndfeb magnets. The Healthcare industry utilizes Ndfeb magnets in medical imaging devices, such as MRI machines, and therapeutic applications. Lastly, the Energy industry employs Ndfeb magnets in wind turbines and other renewable energy technologies. Overall, the NdFeB Magnet Market is expected to experience steady growth across various end-user industries, driven by technological advancements and expanding applications.
NdFeB Magnet Market Regional Insights
Regionally, North America held the largest market share in 2023 and is estimated to continue its dominance throughout the forecast period. The established automotive and consumer electronics industries, coupled with government initiatives to promote electric vehicle adoption, contribute to the region's strong demand for NdFeB magnets. Europe is another significant market, with a growing demand for NdFeB magnets in industries such as automotive, renewable energy, and healthcare. The APAC region is anticipated to witness substantial growth due to the expanding automotive and electronics sectors, particularly in countries like China, India, and Japan.South America and MEA are expected to experience steady growth driven by infrastructure development and industrialization.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
NdFeB Magnet Market Key Players And Competitive Insights
Major players in the NdFeB Magnet Market are continuously focusing on developing and launching new products to meet the evolving needs of customers. Leading NdFeB Magnet Market players are also investing heavily in research and development to improve the performance and efficiency of their products. The NdFeB Magnet Market industry is highly competitive, with a number of well-established players. Some of the key players operating in the NdFeB Magnet Market include Hitachi Metals, Ltd., TDK Corporation, Shin-Etsu Chemical Co., Ltd., Vacuumschmelze GmbH & Co. KG, and Arnold Magnetic Technologies. These companies are actively involved in product development and innovation and are investing heavily in research and development to maintain their competitive edge in the NdFeB Magnet Market industry. The NdFeB Magnet Market is expected to continue to grow in the coming years, driven by the increasing demand for NdFeB magnets in a wide range of applications, including automotive, consumer electronics, and industrial machinery.Hitachi Metals, Ltd. is a leading NdFeB magnet manufacturer with a presence. The company offers a wide range of NdFeB magnets, including sintered, bonded, and injection-molded magnets. Hitachi Metals is known for its high-quality products and its commitment to research and development. The company has developed a number of innovative NdFeB magnets, including its Nanoperm series of magnets, which are known for their high energy density and low coercivity. Hitachi Metals is a major supplier of NdFeB magnets to the automotive industry, and the company's products are also used in a wide range of other applications, including consumer electronics, industrial machinery, and medical devices.Arnold Magnetic Technologies is a leading manufacturer of NdFeB magnets and magnetic assemblies. The company offers a wide range of products, including custom-designed magnets and assemblies. Arnold Magnetic Technologies is known for its high-quality products and its commitment to customer service. The company has a team of experienced engineers who can help customers design and develop magnets and assemblies that meet their specific needs. Arnold Magnetic Technologies is a major supplier of NdFeB magnets to the aerospace industry, and the company's products are also used in a wide range of other applications, including automotive, consumer electronics, and medical devices.
Key Companies in the NdFeB Magnet Market Include
-
Wuxi Baoyuan Magnet Co., Ltd.
-
Anhui Changxing Electronics Technology Co., Ltd.
-
Beijing Zhong Ke San Huan HighTech Co., Ltd.
-
Ningbo Yunsheng New Materials Co., Ltd.
-
Hitachi Metals, Ltd.
-
TDK Corporation
-
Xiamen Tungsten Industry Co., Ltd.
-
Shenzhen Baolai Magnet Co., Ltd.
-
ShinEtsu Chemical Co., Ltd.
-
Shanghai Shenghe Rare Earth Co., Ltd.
-
Ningbo Xiasheng Magnetic Material Co., Ltd.
-
Harbin Dongan HiTech Co., Ltd.
-
Magnequench International, LLC
NdFeB Magnet Market Industry Developments
The NdFeB Magnet Market is poised to grow significantly in the coming years. In 2023, the market was valued at USD 17.73 billion and is projected to reach USD 24.0 billion by 2032, exhibiting a CAGR of 3.42% during the forecast period. The growth of the market is attributed to the increasing demand for NdFeB magnets in various industries, including automotive, consumer electronics, and healthcare.Recent news developments in the NdFeB Magnet Market include:In January 2023, Arnold Magnetic Technologies announced the launch of a new line of high-performance NdFeB magnets designed specifically for use in electric vehicles.In March 2023, Hitachi Metals announced the development of a new NdFeB magnet that is 10% more powerful than conventional magnets.These developments indicate that the NdFeB Magnet Market is undergoing rapid innovation, which is expected to drive growth in the coming years.
NdFeB Magnet Market Segmentation Insights
NdFeB Magnet Market Grade Outlook
-
N15-35
-
N35-40
-
N42-48
-
N50-52
-
N52-63
NdFeB Magnet Market Application Outlook
-
Automotive
-
Electronics
-
Medical
-
Industrial Automation
-
Aerospace
NdFeB Magnet Market Coating Outlook
-
Nickel
-
Zinc
-
Epoxy
-
Gold
-
Silver
NdFeB Magnet Market Shape Outlook
-
Disc
-
Block
-
Ring
-
Cylinder
-
Sphere
NdFeB Magnet Market End User Industry Outlook
-
Automotive
-
Electronics
-
Consumer Products
-
Healthcare
-
Energy
NdFeB Magnet Market Regional Outlook
-
North America
-
Europe
-
South America
-
Asia Pacific
-
Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
17.15(USD Billion) |
| Market Size 2023 |
17.73(USD Billion) |
| Market Size 2032 |
24.0(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
3.42% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Wuxi Baoyuan Magnet Co., Ltd., Anhui Changxing Electronics Technology Co., Ltd., Beijing Zhong Ke San Huan HighTech Co., Ltd., Ningbo Yunsheng New Materials Co., Ltd., Hitachi Metals, Ltd., TDK Corporation, Xiamen Tungsten Industry Co., Ltd., Shenzhen Baolai Magnet Co., Ltd., Shin-Etsu Chemical Co., Ltd., Shanghai Shenghe Rare Earth Co., Ltd., Ningbo Xiasheng Magnetic Material Co., Ltd., Harbin Dongan HiTech Co., Ltd., Magnequench International, LLC |
| Segments Covered |
Grade, Application, Coating, Shape, End User Industry, Regional |
| Key Market Opportunities |
Electric Vehicle Penetration Consumer Electronics Growth Wind Turbine Expansion Industrial Automation Advancement Healthcare Diagnostics Advancements |
| Key Market Dynamics |
Rise in demand Technological advancements Expansion of automotive industry Growing use in consumer electronics Government support. |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The NdFeB Magnet Market is expected to reach an overall valuation of 17.73 billion USD in 2023.
The NdFeB Magnet Market is projected to grow at a CAGR of 3.42% from 2024 to 2032.
North America is expected to hold the largest market share in the NdFeB Magnet Market in 2023, primarily driven by the growing demand from the automotive and consumer electronics industries.
Key applications of NdFeB Magnets include electric motors, generators, loudspeakers, magnetic resonance imaging (MRI) systems, and other electronic devices.
Major players in the NdFeB Magnet Market include Shin-Etsu Chemical, Hitachi Metals, TDK, Arnold Magnetic Technologies, and Vacuumschmelze.
The growth of the NdFeB Magnet Market is driven by increasing demand from various industries, including automotive, consumer electronics, industrial automation, and renewable energy.
Challenges faced by the NdFeB Magnet Market include raw material price fluctuations, supply chain disruptions, and intense competition.
Emerging trends in the NdFeB Magnet Market include the development of new production technologies, such as powder metallurgy and additive manufacturing, and the increasing adoption of NdFeB Magnets in electric vehicles and renewable energy applications.
The COVID-19 pandemic had a moderate impact on the NdFeB Magnet Market in 2020 and 2021 due to disruptions in supply chains and production. However, the market is expected to recover in the coming years.
Growth opportunities in the NdFeB Magnet Market include the increasing demand for electric vehicles, the development of new applications in renewable energy and consumer electronics, and the expansion of the market in emerging economies.
