The “Global Neodymium Rare Earth Magnets Market Size 2018, By Type (Bonding, Sintering), By Application (Healthcare, Electronic Devices & Electrical Appliances, Wind Power Generation, Automotive, Industrial Motors, Others), By Region and Forecast 2019 To 2025” study provides an elaborative view of historic, present and forecasted market estimates.
The global neodymium rare earth magnets market was valued at USD 12.74 billion in 2018. Furthermore, the global market is poised to showcase substantial growth in the coming years with a CAGR of 8.5% over the forecast period from 2019 to 2025. The demand for neodymium magnets is mainly driven by the increasing uptake in the wind energy and electric vehicles segment.
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Major players in this industry include Daido Steel, Neo, Tianhe Magnets, Ugimag, NSSMC, TDK, Shin-Etsu Chemical, Hitachi Metals, Ningbo Co-star Materials Hi Tech, DEMGC, Zhong Ke San Huan, Ta Tong Magnet, Galaxy Magnets, BJMT, Earth-Panda, and JiangXi YingGuang.
The recent research report published by Adroit Market Research on global neodymium rare earth magnets market gives an in-depth analysis of the industry by assessing several industry aspects from a period ranging from 2015 to 2025. The study gives a statistical analysis from 2015 to 2025 where period from 2015 to 2017 presents the historical data, 2018 is the base year of estimations for the forecast period from 2019 to 2025.
The research study on global neodymium rare earth magnets market is segmented on the basis of types, end use and region. The report assesses the industry scenario through market drivers, restraints and market opportunities. The study also assess the production outlook of magnets and rare earth industry along with manufacturing process and its related cost. The study also provides industry analysis using tools such as Porter’s five forces analysis, and value chain assessment.
Neodymium is a member of rare earth metals and the magnet derived from it is regarded as the strongest on earth. Neodymium magnet, is usually available as NdFeB in its alloy mixture with iron (Fe) and boron (B). Neodymium magnet is known for its high magnetic strength, which is utilised in the form of different shapes and sizes by several end use industries. Neodymium metal is abundantly found in China which accounts for ~70-80% of the global production.
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In terms of applications, the global neodymium rare earth magnet market is categorized into electro-acoustic field and mechanical equipment field. Based on the type, the global neodymium rare earth magnet market is fragmented into feed grade, pharmaceutical grade, and food grade.
Between the product types, sintered neo magnets segment is projected to dominate the global market with more than two third of the market share. Sintered neodymium magnets are among the most powerful magnets commercially available. Owing to this, They are extensively used in the power tool industry, medical devices such as MRI, computer hard drives, optical isolators, wireless electronic devices, miniaturised sensors among others. However, their brittle properties have led to increased usage of bonded neo magnets, which is gaining prominance owing to their suitability for electronic applications.
Looping on to the geographical view, the global neodymium rare earth magnet market is wide range to Asia Pacific, North America, Europe, South America, and Middle East & Africa. Asia Pacific is the major consumer of neodymium magnets across the globe. Being a manufacturing hub for automobiles, electronics devices and mobile phones the region is projected to continue its dominance over the forecast period. Countries such as China, India, Japan, Beijing, and South Korea are the key countries boosting the demand of rare earths in the region. Growth in resource sharing in exploration and refining exists between several Asian countries from between Australia and Malaysia to among India, South Korea, and Japan.
Though China is leading the global rare earths market the global industry is hampered from numerous problems, such as smuggling, and illegal mining, leading the Chinese ministries and departments to adopt zero tolerance approach toward illegal mining of rare earth metals. Owing to this, producers are seeking for alternative materials, which might hamper the neodymium demand in the coming years.
On the basis of regional analysis, Asia Pacific is projected to account for lion’s share in the global market. Rapidly growing production of electronic devices and automobile segment is projected to account for significant demand in the region. China is projected to emerge as the top player in the region owing to significant demand from its domestic industries. Overall, Asia Pacific is projected to account for more than 2/3rd of the global market rising with CAGR of 8.8% over the forecast period.
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