Global Neodymium Iron Boron Magnet Market Overview
The Neodymium Iron Boron Magnet Market size was estimated at 13.68 (USD Billion) in 2022. The Neodymium Iron Boron Magnet Industry is expected to grow from 14.37 (USD Billion) in 2023 to 22.4 (USD Billion) by 2032. The neodymium iron boron magnet market CAGR (growth rate) is expected to be around 5.05% during the forecast period (2024 - 2032).
Key Neodymium Iron Boron Magnet Market Trends Highlighted
The neodymium iron boron (NdFeB) magnet market is witnessing a surge in demand driven by the proliferation of electric vehicles, renewable energy systems, and consumer electronics. The rising adoption of NdFeB magnets in electric motors, generators, and sensors in electric vehicles is a key market driver.
Opportunities exist in the automotive and renewable energy sectors, where NdFeB magnets enhance fuel efficiency and power generation, respectively. The growing demand for high-performance magnets in consumer electronics, such as smartphones and laptops, also presents significant growth opportunities.
Recent trends include a shift towards higher-grade NdFeB magnets with improved magnetic properties. The development of new manufacturing processes and the increasing availability of rare earth materials are furthering market growth.
Additionally, the integration of NdFeB magnets with other technologies, such as artificial intelligence (AI) and the Internet of Things (IoT), is creating new applications and unlocking further market potential.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Neodymium Iron Boron Magnet Market Drivers
Rising Demand for Electric Vehicles
One of the neodymium iron boron magnet market’s major determining factors is that the automotive market is a significant contributor to the economy and is particularly prevalent in new energy vehicles.
Electric motors powered with neodymium iron boron magnets are significantly more efficient and powerful than regular gasoline engines. In addition to the increasing popularity of electric cars, the use of the product is expected to increase as a result of advancements in new energy vehicles.
In 2023, the electric car market was estimated to be worth USD 365.89 billion, and it is anticipated to grow to USD 2,970.58 billion by 2032, expanding at a CAGR of 28.3 percent during the projection period.
Over the next several years, the burgeoning prominence of new energy vehicles is expected to create a significant uptick in demand for electric vehicles.
Increasing Adoption of Renewable Energy
The growing adoption of renewable energy sources, such as wind and solar power, is also driving the neodymium iron boron magnet market. Neodymium iron boron magnets are often used in generators and turbines, which are essential components in the process of converting renewable energy into electricity.
With the entire world shifting to a more environmentally sustainable energy future, the demand for neodymium iron boron magnets is only expected to grow further.
In 2023, the renewable energy market was valued at USD 1.5 trillion, and it is expected to reach USD 3.2 trillion by 2030, growing at a compound annual growth rate of 9.4% over the forecast period of 2023-2030.
The key drivers that will motivate this growth are the increasing levels of government support towards renewable sources of energy, the continuously declining costs of renewable energy technologies, and the growing consumer awareness of the environmental advantages of renewable energy production.
Ultimately, the aforementioned trends of increasing rates of renewable energy adoption are going to be crucial drivers behind the neodymium iron boron magnet market.
Growing Demand for Consumer Electronics
There are multiple factors that drive the neodymium iron boron magnet market such as the growth in the automotive industry, expanding wind energy industry, growing trend of magnet-based technologies, among many others. Another factor that can fuel the development of the industry is the growth in the consumer electronics market.
Consumer electronics in the main spheres of application of neodymium iron boron magnets. In 2023, the consumer electronics market was evaluated at USD 1.7 trillion, while by 2030 it is expected to reach USD 2.7 trillion, growing by 6.5% CAGR during the forecast period.
The positive dynamics can be explained by the growing disposable income, rising urbanization, and increasing popularity of emerging markets. The trend of expanding the consumer electronics market is expected to drive the growth of the neodymium iron boron magnet market.
Neodymium Iron Boron Magnet Market Segment Insights:
Neodymium Iron Boron Magnet Market Application Insights
The neodymium iron boron magnet market segmentation by application includes Automotive, Consumer Electronics, Medical, Industrial, and Energy. The automotive sector is the largest in the market due to the increasing demand for electric vehicles and hybrid vehicles.
The adoption of neodymium iron boron magnets in traction motors, generators, and power steering systems will increase the growth. Consumer electronics is another significant sector. The growing usage of NIR magnets in smartphones, laptops, and other portable devices can improve the performance of the device due to which the demand will increase.
The medical segment is increasing due to the adoption of magnets in MRI systems and other devices. Industrial applications can include robotics, automation, and other manufacturing equipment. The increasing demand for quality and efficiency due to competition will drive growth.
The energy sector is using Neodymium iron boron magnets in wind turbines and other energy storage systems which can increase the use of renewable sources for energy.
The neodymium iron boron magnet market segmentation by application provides the requirements that are varying from each segment and the opportunities that are driving the industry growth, which include growth of multiple end-use industries, ever-increasing demand for energy efficiency, and the preference for use of electric/hybrid vehicles.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Neodymium Iron Boron Magnet Market Material Insights
The neodymium iron boron magnet market based on material is segmented into NdFeB (Sintered), NdFeB (Bonded), SmCo, Alnico, and Ceramic. The NdFeB segment dominated the market with a revenue share of over 60% in 2023.
It is majorly attributed to the high energy product, good cost, and extraordinary magnetic properties. The NdFeB segment is projected to witness the highest CAGR in the forecast period. The growth is primarily driven by the increasing penetration in the automotive and consumer electronics market. The SmCo segment is likely to generate steady growth through the review period.
The growth can be due to the high-temperature stability and inherent demagnetization resistance. The Alnico segment is expected to witness moderate growth. The growth is analyzed to be significant as the compound finds niche application in non-electric iron magnets in aerospace and defense.
The Ceramic segment is aligned to project a steady decline. The decline is attributed to the fact that ceramic magnets are being replaced with advanced materials such as NdFeB and SmCo.
Neodymium Iron Boron Magnet Market Grade Insights
The neodymium iron boron magnet market is segmented by grade into N, M, H, SH, EH, and UH. Among these, the N grade segment is expected to hold the largest market share in 2023, owing to its high energy product and low coercivity.
The M-grade segment is projected to witness the highest growth rate during the forecast period due to its increasing adoption in automotive applications.
The H-grade segment is anticipated to account for a significant market share, driven by its high-temperature stability and resistance to demagnetization. The SH, EH, and UH grades are expected to contribute to the overall market growth, owing to their specialized applications in various industries.
Neodymium Iron Boron Magnet Market Shape Insights
The neodymium iron boron magnet market is segmented by Shape into Block, Cylinder, Ring, Arc, and Sphere.
In 2023, the Block segment accounted for the largest revenue share, owing to its wide usage in motors, generators, and sensors. The Cylinder segment is projected to experience significant growth during the forecast period due to its increasing demand for automotive and consumer electronics applications.
The Ring segment is also expected to witness substantial growth, driven by its use in MRI scanners and medical devices. The Arc and Sphere segments are expected to account for a smaller market share but are projected to grow steadily over the forecast period.
Neodymium Iron Boron Magnet Market Coating Insights
The neodymium iron boron magnet market segmentation by Coating includes Nickel, Gold, Zinc, Epoxy, and Polymer. The Nickel segment held the largest market share in 2023, accounting for around 35% of the neodymium iron boron magnet market revenue.
The high demand for Nickel-coated Neodymium iron boron magnets in electric motors, generators, and other automotive applications drives the segment's growth.
Gold-coated neodymium iron boron magnets are expected to witness significant growth during the forecast period due to their high corrosion resistance and aesthetic appeal, making them suitable for applications in jewelry, watches, and other decorative items.
The Epoxy segment is projected to grow at a steady pace, driven by the increasing use of Neodymium iron boron magnets in sensors, actuators, and medical devices.
Polymer-coated Neodymium iron boron magnets are gaining popularity in various industries due to their excellent insulation properties and resistance to harsh environments. Zinc-coated Neodymium iron boron magnets offer a balance of cost-effectiveness and performance, making them suitable for applications in low to mid-range power devices.
Neodymium Iron Boron Magnet Market Regional Insights
The neodymium iron boron magnet market is segmented into North America, Europe, APAC, South America, and MEA. North America is the largest regional market for neodymium iron boron magnets, followed by Europe and APAC. The growth of the North American market is attributed to the increasing demand for neodymium iron boron magnets from the automotive industry.
The European market is growing due to the increasing demand for neodymium iron boron magnets from the renewable energy sector. The APAC market is expected to grow at a significant rate due to the increasing demand for neodymium iron boron magnets from the consumer electronics industry.
The South American and MEA markets are expected to grow at a moderate rate due to the increasing demand for neodymium iron boron magnets from various industries.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Neodymium Iron Boron Magnet Market Key Players and Competitive Insights:
Leading players in the Neodymium Iron Boron Magnet Market are investing in R and continuously innovating products to keep a strong market position. Leading companies are also expanding their presence through strategic partnerships, acquisitions, and joint ventures.
The Neodymium Iron Boron Magnet Market is a highly competitive industry, with leading players holding a sizeable proportion of the market share. Hitachi Metals, Shin-Etsu Chemical, and Sumitomo Special Metals, among other companies, are well-established organizations with a strong presence.
This allows the companies to cater to a wide range of customers. Leading manufacturers of neodymium iron boron magnet market are seeing increased prices, growing demand from end-use industries, and the availability of favorable government policies as key drivers for the industry.
Shin-Etsu Chemical is a top manufacturer of neodymium iron boron magnets. The company has a long record of cutting-edge neodymium iron boron magnet types and has wide a range of products to meet the specific demands of customers.
Shin-Etsu Chemical has a substantial presence as the business has partnered with various other manufacturers. The company remains committed to delivering high-quality products and solutions to customers and is able to sustain its leading market position in the neodymium iron boron magnet market.
An important competitor in the neodymium iron boron magnet market is Vacuumschmelze. The company has a long record of successful innovative ideas and valuable products. The company also has a substantial presence as filters have joined important strategic partnerships with a wide range of companies. The company is able to further develop quality products and services for customers.
Key Companies in the neodymium iron boron magnet market Include:
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Tianjin Zhong Ke San Huan Rare Earth
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ShinEtsu Chemical
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Vacuumschmelze
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TDK
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Ningbo Yida Special Alloy
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Changshu Fengte Magnet
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Maihua Rare Earth
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Ningbo Xiangyu Magnetic Material
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Meihao Magnet
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Ningbo Yunsheng Magnetic Material
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Zhejiang Hangyang Permanent Magnet
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Magnequench
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Wulian Group
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Arnold Magnetic Technologies
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Hitachi Metals
Neodymium Iron Boron Magnet Market Developments
The market growth is attributed to the increasing demand for NdFeB magnets in various applications, including electric vehicles, renewable energy systems, and consumer electronics. The automotive sector is a major driver of the market, with the rising popularity of electric vehicles.
NdFeB magnets are used in electric motors, generators, and other components of electric vehicles due to their high magnetic strength and compact size. The growing adoption of renewable energy sources, such as wind turbines and solar panels, is also contributing to the market growth.
NdFeB magnets are used in wind turbine generators and solar panel mounting systems. Moreover, the increasing demand for NdFeB magnets in consumer electronics, such as smartphones, laptops, and headphones, is further driving the market growth.
Neodymium Iron Boron Magnet Market Segmentation Insights
Neodymium Iron Boron Magnet Market Application Outlook
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Automotive
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Consumer Electronics
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Medical
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Industrial
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Energy
Neodymium Iron Boron Magnet Market Material Outlook
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NdFeB (Sintered)
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NdFeB (Bonded)
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SmCo
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Alnico
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Ceramic
Neodymium Iron Boron Magnet Market Grade Outlook
Neodymium Iron Boron Magnet Market Shape Outlook
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Block
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Cylinder
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Ring
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Arc
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Sphere
Neodymium Iron Boron Magnet Market Coating Outlook
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Nickel
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Gold
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Zinc
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Epoxy
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Polymer
Neodymium Iron Boron Magnet Market Regional Outlook
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North America
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Europe
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South America
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Asia Pacific
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Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
13.68(USD Billion) |
| Market Size 2023 |
14.37(USD Billion) |
| Market Size 2032 |
22.4(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
5.05% (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 |
Tianjin Zhong Ke San Huan Rare Earth, ShinEtsu Chemical, Vacuumschmelze, TDK, Ningbo Yida Special Alloy, Changshu Fengte Magnet, Maihua Rare Earth, Ningbo Xiangyu Magnetic Material, Meihao Magnet, Ningbo Yunsheng Magnetic Material, Zhejiang Hangyang Permanent Magnet, Magnequench, Wulian Group, Arnold Magnetic Technologies, Hitachi Metals |
| Segments Covered |
Application, Material, Grade, Shape, Coating, Regional |
| Key Market Opportunities |
Growth in Electric Vehicles Wind Turbines Medical Devices |
| Key Market Dynamics |
Demand for electric vehicles, advancements in robotics, and growing adoption in the wind turbine industry |
Frequently Asked Questions (FAQ) :
The neodymium iron boron magnet market reached 14.37 billion USD in 2023.
The neodymium iron boron magnet market is expected to grow at a CAGR of 5.05% from 2024 to 2032.
The key regions in the neodymium iron boron magnet market are Asia-Pacific, North America, Europe, and the Rest of the World.
The major applications of Neodymium iron boron magnets include electric vehicles, wind turbines, and consumer electronics.
The key competitors in the neodymium iron boron magnet market include Hitachi Metals, Shin-Etsu Chemical, and Vacuumschmelze.
The growth drivers of the neodymium iron boron magnet market include the increasing demand for electric vehicles and wind turbines.
The challenges faced by the neodymium iron boron magnet market include the volatility of raw material prices and the geopolitical tensions between China and the United States.
The opportunities for the neodymium iron boron magnet market include the development of new applications and the expansion of the electric vehicle market.
The neodymium iron boron magnet market is expected to reach 22.4 billion USD in 2032.
Asia-Pacific is expected to remain the dominant region in the neodymium iron boron magnet market in 2032, followed by North America and Europe.
