Neodymium-Iron-Boron Magnet Market Share, Size, Trends, Price, Growth, Analysis, Report, Forecast 2023-2028
The ‘Global Neodymium-Iron-Boron Magnet Market Size, Share, Price, Trends, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global neodymium-iron-boron magnet market, assessing the market on the basis of its segments like applications, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
Neodymium-Iron-Boron Magnet Market Price, Size, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 7.5%
Neodymium-iron-boron magnets are witnessing extensive applications in the medical field. These magnets offer static magnetic fields that are useful for numerous medical devices including magnetic resonance imaging, to detect various chronic diseases. The increasing prevalence of skeletal problems due to the increasing geriatric population is driving the demand for neodymium-iron-boron magnets. In addition, the rising healthcare expenditure across the emerging economies is further bolstering the neodymium-iron-boron magnet market.
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Neodymium-iron-boron magnets are also used in the manufacturing of various electronic appliances such as televisions, smartphones, and audio systems, among others. In this regard, the heightened digitalisation across various end use industries is generating a significant demand for neodymium-iron-boron magnets.
In geographical terms, the Asia Pacific accounts for a significant share in the market due to the growing expansion of the major end use industries of the product. Industries such as automotive and healthcare are flourishing in developing countries such as India and China due to high population and rising per capita income. Moreover, the strong digital infrastructure across the region is further augmenting the global neodymium-iron-boron magnet market.
Neodymium-Iron-Boron Magnet Industry Definition and Major Segments
At a commercial level, neodymium-iron-boron magnets were introduced in the 1980s and are utilised across both commercial and industrial sectors. These magnets are made up of rare elements found on earth and are known to provide excellent magnetic field strength and stability. These magnets are manufactured using processes such as injection moulding, or compression bonding, among others.
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Based on application, the market can be segmented into:
• Power Generators
• Wind Power
• Medical Industry
On the basis of region, the market can be categorised into:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
Neodymium-Iron-Boron Magnet Market Trends
The key trends in the global neodymium-iron-boron magnet market include technological advancements in security systems which is garnering the application of these magnets to produce efficient security components such as switches. The increasing emphasis on security across organisations and residential complexes is further bolstering the demand for neodymium-iron-boron magnets.
Meanwhile, the emerging trend of electric vehicles is another crucial trend driving the demand for neodymium-iron-boron magnets. Over the forecast period, the anticipated increase in the sale of electric passenger and commercial cars is likely to boost the market demand. Moreover, the growing research and development activities by major automotive players aimed towards enhancing the incorporation of digital technologies on cars are further escalating the neodymium-iron-boron magnet market growth.
Furthermore, the rising demand for neodymium-iron-boron magnets in wind turbines to fulfil the increasing requirement of electricity across various end use industries is a major market bolstering trend. Neodymium-iron-boron magnets are cost-effective and offer strong magnetic fields, thereby, producing electricity at lower costs.
Key Market Players
The major players in the neodymium-iron-boron magnet market report are:
- Integrated Magnetics
- Arnold Magnetic Technologies
- Ningbo Relay Magnetics Co. Ltd
- Dura Magnetics, Inc.
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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