Neodymium Magnet Market Set for Steady Growth, 2023 Research Highlights Rising Demand in Automotive and Renewable Energy Sectors - Forecast to 2028

Dublin, Jan. 23, 2024 (GLOBE NEWSWIRE) -- The "Neodymium Magnet Market Forecasts from 2023 to 2028" report has been added to's offering.

The neodymium magnet market, which is crucial for numerous technological industries, is projected to experience a notable growth from US$2.487 billion in 2021 to US$3.307 billion in 2028. This reflects a compound annual growth rate of 4.15% during the forecast period, according to a new market analysis publication now available on our website.

Neodymium magnets are increasingly integral to consumer electronics, with an escalating demand corresponding to the miniaturization of automotive parts such as power tools, sensors, and components. The exhaustive research offers a comprehensive evaluation of the market's trajectory, including the drivers and trends shaping its expansion.

Rising Interest in Renewable Energy Sources

The thriving wind electricity generation, with records indicating significant growth in 2021, indicates a robust market for neodymium magnets in renewable energy applications. Optimistic projections suggest that wind electricity generation may align with Net Zero Emission by 2050, thereby boosting the neodymium magnet market.

Rising Demand in the Automotive Industry

The evolving electronic systems within the automotive sector, including energy transfer, control units, multimedia, and safety systems, are leveraging neodymium magnets. The report covers the heightened requirement for these magnetic materials occasioned by the advancements in vehicle technology, spotlighting the sales upsurge in electric cars.

Technological Advancements in Electric Vehicles

As electric vehicles continue to incorporate cutting-edge magnet technologies, the market is set to benefit significantly. The US Department of Energy has projected an exponential increase in neodymium magnet use in the automotive industry over the coming decades.

Asia-Pacific Region's Market Trajectory

The publication delves into the Asia-Pacific region's substantial growth, with China at the forefront due to its large reserves and aggressive production scales. Key developments and investments in this region are thoroughly discussed, offering insights into the future dynamics of the neodymium magnet market.

Key Market Developments

Recent innovations and strategic market initiatives are highlighted within the report, showcasing efforts to enhance recycling of neodymium magnets and expansions in production capacities.

Key Attributes:

Report AttributeDetails
No. of Pages118
Forecast Period2021 - 2028
Estimated Market Value (USD) in 2021$2.49 Billion
Forecasted Market Value (USD) by 2028$3.31 Billion
Compound Annual Growth Rate4.1%
Regions CoveredGlobal

Market Segmentation

  • By Type: Bonded, Sintered
  • By End-User: Automotive, Healthcare, Consumer Electronics, Others
  • By Geography: North America (United States, Canada, Mexico), South America (Brazil, Argentina), Europe (Germany, France, UK, Spain), Middle East and Africa (Saudi Arabia, UAE, Israel), Asia Pacific (China, Japan, India, South Korea, Thailand, Indonesia)

Companies Mentioned

  • Neodymium
  • MP Materials
  • Iluka Resources
  • Phoenix Tailings
  • CVMR Corporation
  • Lynas Rare Earths, Ltd.
  • China Rare Earth Holdings Limited
  • Cerium
  • Iluka Resources
  • MP Materials
  • CVMR Corporation
  • Lynas Rare Earths, Ltd.
  • Lanthanum
  • Iluka Resources
  • MP Materials
  • CVMR Corporation
  • Lynas Rare Earths, Ltd.
  • Neodymium Magnet
  • Adams Magnetic Products
  • Arnold Magnetic Technologies
  • TDK Corporation
  • Hitachi Metals, Ltd.
  • Chevron Corporation
  • Baotou Tianhe Magnetics Technology Co., Ltd.
  • Thomas and Skinner Inc.
  • Pacific Metals Co., Ltd.

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Neodymium Magnet Market