The report evaluates the 2023 NdFeB Market’s dimensions (in terms of value and volume) across major enterprises, pivotal regions/nations, product categories, and applications. It also offers an evaluation of the key factors driving and hindering the market growth.
The growing application of neo-based magnets in manufacturing speakers for creating motion and as a means to produce sound is bolstering the market.
Growth Outlook
The global neodymium iron boron magnet (NdFeB) market is growing due to an increasing emphasis on renewable energy sources and the rising demand for consumer electronics devices. The market is also witnessing increased use of NdFeB magnets in various industrial sectors such as construction, telecommunication, and robotics.
Neodymium magnets offer the highest power to weight ratio and can be molded into different shapes and sizes. This property, combined with their cost-effectiveness and versatility, makes them a popular choice for applications such as hard disks in information technology devices. Growth of the IT industry is driving the NdFeB magnet market. The use of NdFeB magnets as a permanent component in electric motors is another factor contributing to the market’s growth. As the automotive industry focuses on reducing weight and size of motors, NdFeB magnets are expected to grow in demand.
Moreover, the emergence of drip irrigation systems is creating new opportunities for NdFeB magnets. Despite the COVID-19 pandemic, drip irrigation firms have continued operations and have experienced a boost in their sales.
The NdFeB market is also witnessing a surge in investments from key players. For instance, in April 2021, Bunting Magnetics debuted the ElectroMax overband magnet at Bauma to meet the requirements of customers looking for smaller and lighter electro-overband magnets. The company is leveraging growth methods such as acquisitions, strategic partnerships, and new product launches to expand its market presence and product portfolio.
Recent Development
The global NdFeB magnets market is poised to witness significant growth, driven by the growing focus on green energy and electric vehicles (EVs). With the depletion of fossil fuels, there is a rising emphasis on transitioning towards renewable energy solutions such as wind turbines and hybrid/electric vehicles. This has resulted in an increased demand for NdFeB magnets, which are an integral part of these renewable energy solutions.
The NdFeB magnets market is also being driven by an increase in the use of these materials in consumer electronics, including air conditioning compressors and fans, fax stepper motors, printer machine rollers, loudspeakers, separation equipment, magnetic resonance imaging (MRI), and relays & switches. In addition, there has been an increase in the usage of bonded NdFeB magnets for producing the electromagnets used in medical procedures such as molar distillation, palatal expansion and orthodontic treatments.
The NdFeB market is largely dominated by China, as the country has a large number of manufacturers of rare earth magnets. Japan is another major market for the magnets, as they are used in energy-efficient elevators, wind turbine generators, electronic devices, hybrid automobiles, computer hard disk drives and other products. Additionally, the magnets are employed in magnetic resonance imaging machines to diagnose and treat various diseases such as arthritis, chronic pain syndrome, wounds, insomnia, and other conditions.
Segmentation
The report identifies the most prominent market players and offers insights into their business strategies. This enables clients to gain a competitive advantage in the global NdFeB market. Moreover, it provides an in-depth analysis of the key market trends and identifies opportunities for the growth of the NdFeB market in the coming years.
The global NdFeB magnets market is expected to grow due to the demand for high-level magnetic strength and miniaturisation of equipment in a number of end-use industries such as defence, automotive, electronics, medical, and industrial. The market is also driven by the increasing focus on renewable energy sources and rising demand for lightweight and compact magnets.
Among the major applications, NdFeB magnets are used for manufacturing smaller electronic devices such as loudspeakers and computer hard drives. They are also used in EVs for their exceptional magnetic properties, and are less costly and lighter than samarium cobalt (SmCo) magnets. The NdFeB magnets market is also growing rapidly in Germany due to the rising popularity of electric vehicles (EVs) and government laws encouraging their use over traditional petrol and diesel cars.
The NdFeB magnets market has a highly fragmented competition. To stay ahead of the competition, market players are focusing on acquiring new plants and expanding their distribution networks. Some of them are also investing in research and development for their products.
Regional Outlook
The global NdFeB Market has been expanding at a robust pace and is projected to continue this growth trajectory over the forecast period of 2023 to 2032. Increasing demand for electric vehicles, rapid industrialization, and growing investments in the renewable energy sector especially wind power energy are some of the factors that will drive the global NdFeB market during this timeframe.
The United States is the largest market for NdFeB magnets, and it is anticipated to grow at a high rate during the forecast period. This is mainly due to the growing popularity of electric vehicle (EV) cars and their adoption in various industries such as robotics, automotive, and wind energy. EV motors are usually manufactured using NdFeB magnets because of their superior performance and efficiency compared to other magnetic materials.
Moreover, NdFeB magnets are used in regenerative braking systems to generate energy which is then stored in the battery. This process increases the range of EVs and helps reduce emissions from the vehicles. Therefore, the demand for NdFeB magnets is likely to rise in the automotive industry. In addition, ferrite magnets are also used in motor applications such as AC motors, refrigerator motors, and HVAC motors. They are also used in loudspeakers, separation equipment, magnetic resonance imaging (MRI), and relays & switches. These magnets are known for their excellent temperature stability and corrosion resistance.