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    Rare Earth Magnet Market

    ID: MRFR/CnM/23624-HCR
    111 Pages
    Chitranshi Jaiswal
    September 2025

    Global Rare Earth Magnet Market Research Report: By Product Type (Sintered Neodymium-Iron-Boron (NdFeB), Bonded Neodymium-Iron-Boron (NdFeB), Samarium-Cobalt (SmCo), Praseodymium-Neodymium-Iron-Boron (PrNdFeB), Dysprosium-Neodymium-Iron-Boron (DyNdFeB)), By Application (Automotive, Consumer Electronics, Industrial Machinery, Medical Devices, Renewable Energy), By Grade (High-Performance, Mid-Performance, Low-Performance), By End-User Industry (Automotive & Transportation, Aerospace & Defense, Electronics & Computers, Industrial M...

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    Rare Earth Magnet Market Research Report — Global Forecast till 2034 Infographic
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    Summary Table of Contents Segmentation Infographic

    Rare Earth Magnet Market Summary

    The Global Rare Earth Magnet Market is projected to grow from 27.8 USD Billion in 2024 to 58.0 USD Billion by 2035.

    Key Market Trends & Highlights

    Rare Earth Magnet Key Trends and Highlights

    • The market is expected to witness a compound annual growth rate (CAGR) of 6.92% from 2025 to 2035.
    • By 2035, the market valuation is anticipated to reach 58.0 USD Billion, indicating robust growth potential.
    • In 2024, the market is valued at 27.8 USD Billion, reflecting a strong foundation for future expansion.
    • Growing adoption of electric vehicles due to increasing environmental regulations is a major market driver.

    Market Size & Forecast

    2024 Market Size 27.8 (USD Billion)
    2035 Market Size 58.0 (USD Billion)
    CAGR (2025-2035) 6.92%

    Major Players

    Shin-Etsu Chemical, Neo Magnequench, Jiangsu Rare Earth, Vacuumschmelze, Beijing Zhongke Sanhuan HighTech, Ningbo Ronghua Rare Earth, Magnequench, Sumitomo Special Metals, REECO, Ningbo Yunsheng Magnetic Materials, TDK, Hitachi Metals, Shenghe Resources, Baotou Rare Earth, Guangzhou Tinci Materials Technology, Arnold Magnetic Technologies

    Rare Earth Magnet Market Trends

    The global market for rare earth magnets is projected to experience steady growth over the coming years due to increasing demand from end-use industries such as consumer electronics, automotive, and renewable energy sectors. The growing adoption of electric vehicles is a key driver for the demand for rare earth magnets used in electric motors and battery systems.

    Important market trends include the movement towards more miniaturized and lightweight structures, the creation of higher performance grade magnets, and greater spending in new technology applications to boost productivity. Such growth is driven by the rapid growth of renewable energy sectors, particularly applications, which are opening vast opportunities for the expansion of the rare earth magnet market.

    Increasing facts about energy efficiency and emission cut targets of the automotive and other industries have increased demand for rare earth magnets with better energy density and efficiency. As sustainability issues are gaining importance, manufacturers are looking for ways to mine and recycle rare earth materials in a greener way which will be beneficial for the rare earth magnet market in coming years.

    The Global Rare Earth Magnet Market is poised for robust growth, driven by increasing demand in clean energy technologies and advanced manufacturing sectors.

    U.S. Department of Energy

    Rare Earth Magnet Market Drivers

    Growing Demand for Electric Vehicles

    The increasing adoption of electric vehicles (EVs) is a primary driver for the Global Rare Earth Magnet Market Industry. Rare earth magnets are crucial components in electric motors, which are essential for EV performance. As governments worldwide implement stricter emissions regulations and promote sustainable transportation, the demand for EVs is projected to rise significantly. In 2024, the market for rare earth magnets is expected to reach 27.8 USD Billion, with a substantial portion attributed to the automotive sector. This trend is likely to continue, as the Global Rare Earth Magnet Market Industry is anticipated to expand further with the growing shift towards electrification.

    Market Segment Insights

    Rare Earth Magnet Market Product Type Insights

    The global Rare Earth Magnet Market is segmented based on product type into Sintered NdFeB, Bonded NdFeB, SmCo, PrNdFeB and DyNdFeB. Sintered NdFeB magnets refer to which are made by sintering a mixture of neodymium, iron, and boron. They have high strength, high temperature stability, and high corrosion resistance. Bonded NdFeB magnets refer to which are made by a mixture of neodymium, iron, and boron and bonded together using a resin or other binder.

    They are less strong than their sintered cousins, but they are more flexible, and they can be molded into more shapes and shapes using standard machining techniques.

    Bonded NdFeB magnets are used in various applications such as motors, sensors and speakers. SmCo magnets are made from a mixture of samarium and cobalt. They are less strong than NdFeB magnets, but they are more resistant to high temperature and corrosion. SmCo magnets are used in a variety of applications, including aerospace, medical, and military applications. PrNdFeB magnets are made from a mixture of praseodymium, neodymium, iron, and boron. They are stronger than SmCo magnets, but they are also more expensive. PrNdFeB magnets are used in a variety of applications, including motors, generators, and wind turbines.

    DyNdFeB magnets are made from a mixture of dysprosium, neodymium, iron, and boron and are the strongest type of rare earth magnet, but they are also the most expensive. DyNdFeB magnets are used in a variety of applications, including motors, generators, and medical devices. The growth of the market is attributed to the increasing demand for rare earth magnets in various industries, including automotive, electronics, and renewable energy.

    Source: Primary Research, Secondary Research, Market Research Future Database and Analyst Review

    Rare Earth Magnet Market Application Insights

    By application, the global rare earth magnet market is segmented into automotive, consumer electronics, industrial machinery, medical devices, and renewable energy. In 2023, the automotive segment held largest market share. The growth of the segment is attributed to the increasing demand for electric vehicles and hybrid vehicles. The consumer electronics segment is anticipated to attain significant growth owing to the increasing demand for smartphones, laptops, and other electronic devices. The industrial machinery segment is also anticipated to achieve noteworthy growth due to the increasing use of rare earth magnets in robotics and automation.

    However, the growth of the segment is anticipated to be steady. The medical devices segment is anticipated to grow moderately owing to the increase in the use of rare earth magnets in medical imaging and diagnostic equipment. Lastly, the renewable energy segment is anticipated to achieve tremendous growth as a result of the increasing demand for wind turbines and other renewable energy technologies.

    Rare Earth Magnet Market Grade Insights

    The Grade segment is a crucial aspect of the Global Rare Earth Magnet Market, influencing its segmentation and market dynamics. The market is broadly classified into three performance categories: High-Performance, Mid-Performance, and Low-Performance. High-Performance magnets are characterized by their powerful magnetic properties and are primarily used in advanced applications such as electric vehicles, wind turbines, and MRI systems. The demand for High-Performance magnets is projected to rise due to the increasing adoption of electric vehicles and the growing emphasis on renewable energy sources.

    Major players in this segment include Molycorp and Hitachi Metals. Mid-Performance magnets offer a balance between magnetic strength and cost, making them suitable for a wide range of applications including loudspeakers, sensors, and industrial machinery. The Mid-Performance segment is expected to witness steady growth driven by the increasing demand from the consumer electronics and automotive industries. Prominent companies in this segment include Shin-Etsu Chemical and TDK. Low-Performance magnets are the most affordable option and are commonly used in low-power applications such as toys, magnetic closures, and souvenirs.

    The Low-Performance segment is expected to grow at a modest pace due to its limited applications and the availability of more efficient alternatives. Key players in this segment include Ningbo Magnet and Zhejiang HangYang Rare Earth. Overall, the Grade segment of the Global Rare Earth Magnet Market presents a diverse range of applications and growth opportunities. With the increasing demand for advanced technologies and the growing awareness of energy efficiency, the market for Rare Earth Magnets is poised for significant growth in the coming years.

    Rare Earth Magnet Market End-User Industry Insights

    The End-User Industry segment plays a crucial role in shaping the Global Rare Earth Magnet Market landscape. Among the key end-user industries, Automotive Transportation holds a significant market share, driven by the increasing demand for electric vehicles and hybrid vehicles. The Aerospace Defense sector also presents substantial growth opportunities, as rare earth magnets are utilized in various aircraft and defense systems. Electronics Computers, Industrial Machinery Equipment, and Medical Devices Healthcare are other prominent end-user industries, contributing to the overall market growth.

    These industries rely on rare earth magnets for their compact size, high efficiency, and ability to withstand extreme conditions. The Global Rare Earth Magnet Market revenue is anticipated to reach approximately USD 26.18 billion by 2024, showcasing a steady market growth trajectory due to the increasing adoption of rare earth magnets across diverse end-user industries.

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    Regional Insights

    The Global Rare Earth Magnet Market segmentation by region includes North America, Europe, APAC, South America, and MEA. The APAC region is projected to hold the largest market share in 2023, owing to the increasing demand from the automotive and consumer electronics industries. The region is home to major manufacturing hubs such as China, Japan, and South Korea, which are driving the growth of the rare earth magnet market. Europe is the second-largest market, followed by North America.

    The MEA region is expected to witness significant growth in the coming years, due to the increasing demand from the automotive and renewable energy industries.

    South America is also expected to experience growth, driven by the increasing demand from the consumer electronics and automotive industries.

    Rare Earth Magnet Market, by Region 2023 & 2032

    Source: Primary Research, Secondary Research, Market Research Future Database and Analyst Review

    Key Players and Competitive Insights

    Major players in Rare Earth Magnet Market are constantly striving to gain a competitive edge by investing in research and development, expanding their product portfolios, and establishing strategic partnerships. Leading Rare Earth Magnet Market players are focusing on developing innovative and cost-effective solutions to cater to the evolving needs of end-users. The Rare Earth Magnet Market industry is characterized by intense competition, with key players vying for market share through various strategies. Rare Earth Magnet Market development is influenced by technological advancements, changing regulatory frameworks, and the emergence of new market segments.

    The competitive landscape is expected to remain dynamic as new entrants and established players continue to shape the market.

    A leading company in the Rare Earth Magnet Market is Shin-Etsu Chemical. The company is known for its strong research and development capabilities, enabling it to produce high-performance rare earth magnets. Shin-Etsu Chemical has a global presence, with manufacturing facilities in Japan, China, and the United States. The company's product portfolio includes a wide range of rare earth magnets, including neodymium, samarium-cobalt, and dysprosium. Shin-Etsu Chemical is a key supplier to various industries, including automotive, aerospace, and consumer electronics.

    A competitor company in the Rare Earth Magnet Market is Neo Magnequench. The company is headquartered in the United States and has a strong presence in North America and Europe. Neo Magnequench is known for its expertise in the production of neodymium-iron-boron (NdFeB) magnets. The company's product portfolio includes a variety of NdFeB magnets, ranging from small, precision magnets to large, high-energy magnets. Neo Magnequench is a major supplier to the automotive industry and also serves customers in the aerospace, renewable energy, and consumer electronics sectors.

    Key Companies in the Rare Earth Magnet Market market include

    Industry Developments

    • Q2 2025: 2025 to be a Defining Year for the Rare Earth Magnet Market In April 2025, China imposed first-of-their-kind export restrictions on NdFeB and SmCo magnet materials, stalling critical material supply to original equipment manufacturers worldwide. The US Department of Defense responded by announcing strategic funding support to North America's largest rare earth producer, MP Materials, through capital investment exceeding $400 million and NdPr price floor commitments.
    • Q2 2025: Rare Earths Market Update: H1 2025 in Review | INN In early April 2025, China enacted Announcement 18, a sweeping export control measure requiring licenses for the export of several rare earths and their compounds, as well as permanent magnet and rare earth technologies, adding regulatory complexity for global supply chains.

    Future Outlook

    Rare Earth Magnet Market Future Outlook

    The Global Rare Earth Magnet Market is projected to grow at a 6.92% CAGR from 2024 to 2035, driven by advancements in electric vehicles, renewable energy technologies, and consumer electronics.

    New opportunities lie in:

    • Invest in R&D for high-performance magnets to cater to electric vehicle manufacturers.
    • Develop recycling technologies for rare earth materials to enhance sustainability.
    • Expand into emerging markets with tailored magnet solutions for local industries.

    By 2035, the market is expected to reach a robust position, reflecting substantial growth and innovation.

    Market Segmentation

    Rare Earth Magnet Market Grade Outlook

    • High-Performance
    • Mid-Performance
    • Low-Performance

    Rare Earth Magnet Market Regional Outlook

    • North America
    • Europe
    • South America
    • Asia Pacific
    • Middle East and Africa

    Rare Earth Magnet Market Application Outlook

    • Automotive
    • Consumer Electronics
    • Industrial Machinery
    • Medical Devices
    • Renewable Energy

    Rare Earth Magnet Market Product Type Outlook

    • Sintered Neodymium-Iron-Boron (NdFeB)
    • Bonded Neodymium-Iron-Boron (NdFeB)
    • Samarium-Cobalt (Samco)
    • Praseodymium-Neodymium-Iron-Boron (PrNdFeB)
    • Dysprosium-Neodymium-Iron-Boron (DyNdFeB)

    Rare Earth Magnet Market End-User Industry Outlook

    • Automotive Transportation
    • Aerospace Defense
    • Electronics Computers
    • Industrial Machinery Equipment
    • Medical Devices Healthcare

    Report Scope

    Report Attribute/Metric Details
    Market Size 2024 27.78 (USD Billion)
    Market Size 2025 29.71 (USD Billion)
    Market Size 2034 54.26 (USD Billion)
    Compound Annual Growth Rate (CAGR) 6.9 (2025 - 2034)
    Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
    Base Year 2024
    Market Forecast Period 2025 - 2034
    Historical Data 2020 - 2024
    Market Forecast Units USD Billion
    Key Companies Profiled Jiangsu Rare Earth, Vacuumschmelze, Beijing Zhongke Sanhuan HighTech, Ningbo Ronghua Rare Earth, Magnequench, Sumitomo Special Metals, REECO, ShinEtsu Chemical, Ningbo Yunsheng Magnetic Materials, TDK, Hitachi Metals, Shenghe Resources, Baotou RareEarth, Guangzhou Tinci Materials Technology, Arnold Magnetic Technologies
    Segments Covered Product Type, Application, Grade, End-User Industry, Regional
    Key Market Opportunities Electric vehicle growth Renewable energy expansion medical device advancements Aerospace amp defense advancements Consumer electronics miniaturization
    Key Market Dynamics Increasing adoption of electric vehicles Growing demand for renewable energy Favorable government policies High material costs Supply chain disruptions
    Countries Covered North America, Europe, APAC, South America, MEA

    FAQs

    What is the market size of the Rare Earth Magnet Market?

    The global Rare Earth Magnet Market reached a valuation of USD 29.71 Billion in 2025 and is projected to grow at a CAGR of 6.9% to reach USD 54.26 Billion by 2034.

    What are the key regions for the Rare Earth Magnet Market?

    The key regions for the Rare Earth Magnet Market are Asia-Pacific, North America, Europe, South America, and the Middle East and Africa. Asia-Pacific is expected to hold the largest market share due to the increasing demand from the automotive and electronics industries in the region.

    What are the major applications of Rare Earth Magnets?

    The major applications of Rare Earth Magnets include electric vehicles, wind turbines, consumer electronics, and medical devices. The increasing demand for electric vehicles and wind turbines is expected to drive the growth of the Rare Earth Magnet Market.

    Who are the key competitors in the Rare Earth Magnet Market?

    The key competitors in the Rare Earth Magnet Market include Shenghe Resources, China Minmetals, and Molycorp. These companies are investing in research and development to improve the performance and efficiency of Rare Earth Magnets.

    What are the challenges facing the Rare Earth Magnet Market?

    The Rare Earth Magnet Market faces challenges such as the volatility of raw material prices, geopolitical risks, and environmental concerns. The increasing demand for Rare Earth Magnets is putting pressure on the supply chain and leading to price fluctuations.

    What are the growth opportunities for the Rare Earth Magnet Market?

    The growth opportunities for the Rare Earth Magnet Market include the increasing demand from emerging economies, the development of new applications, and the adoption of sustainable practices. The increasing awareness of the environmental impact of Rare Earth Magnets is expected to drive the demand for sustainable and eco-friendly alternatives.

    What are the key trends in the Rare Earth Magnet Market?

    The key trends in the Rare Earth Magnet Market include the miniaturization of magnets, the development of new materials, and the integration of magnets into electronic devices. The increasing demand for smaller and more efficient magnets is driving the development of new materials and technologies.

    What is the impact of COVID-19 on the Rare Earth Magnet Market?

    The COVID-19 pandemic had a negative impact on the Rare Earth Magnet Market in the short term, due to disruptions in the supply chain and a decrease in demand from key industries. However, the market is expected to recover in the long term as the global economy recovers and demand for Rare Earth Magnets increases.

    What are the regulatory considerations for the Rare Earth Magnet Market?

    The Rare Earth Magnet Market is subject to various regulatory considerations, including environmental regulations and trade restrictions. The increasing awareness of the environmental impact of Rare Earth Magnets is leading to stricter regulations on the production and disposal of these magnets.

    What is the future outlook for the Rare Earth Magnet Market?

    The future outlook for the Rare Earth Magnet Market is positive, with increasing demand from key industries and the development of new applications. The growing adoption of electric vehicles and wind turbines is expected to drive the demand for Rare Earth Magnets in the long term.

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