Global Rare Earth Magnet Market Analysis: Trends and Forecasts 2020-2025

The global rare earth magnet market has been growing steadily over the past few years, driven by the increasing demand for these magnets in various applications such as automobiles, electronics, power generators, and wind power, among others. 

Rare earth magnets are known for their superior magnetic properties, making them ideal for use in high-performance applications. These magnets are made from rare earth elements such as neodymium, praseodymium, and dysprosium, among others.

According to industry experts, the global rare earth magnet market is expected to grow at a CAGR of around 8% during the forecast period 2020-2025. 

The market is expected to witness significant growth in the coming years, driven by the increasing demand for rare earth magnets in various applications such as electric vehicles, wind turbines, and robotics, among others.

The market is also expected to be driven by the increasing adoption of rare earth magnets in the medical industry, where they are used in MRI machines and other medical equipment.

Overall, the global rare earth magnet market is expected to witness significant growth in the coming years, driven by the increasing demand for these magnets in various high-performance applications. 

The market is expected to be driven by the increasing adoption of rare earth magnets in electric vehicles, wind turbines, and robotics, among others.

The market is also expected to be driven by the increasing adoption of rare earth magnets in the medical industry, where they are used in MRI machines and other medical equipment.

Industry Highlights

The global rare earth magnet market has been witnessing steady growth over the past few years. The market is expected to continue its growth trajectory during the forecast period of 2020-2025.

The increasing demand for rare earth magnets in various end-use industries, such as automobiles, electronics, wind power, and medical industry, is the primary driver for the market growth.

The NdFeB magnets segment is expected to dominate the market during the forecast period. The high magnetic strength and low cost of these magnets make them suitable for various applications.

The automobile industry is the major consumer of NdFeB magnets due to the increasing demand for electric and hybrid vehicles.

The SmCo magnets segment is expected to witness significant growth during the forecast period due to their high magnetic strength and temperature resistance properties. These magnets are widely used in the aerospace and defense industries.

Asia-Pacific is expected to dominate the rare earth magnet market during the forecast period. The increasing demand for rare earth magnets from various end-use industries in countries such as China, Japan, and South Korea is the major factor driving the market growth in the region.

The market is highly competitive with the presence of several players.

Some of the major players in the market are Hitachi Metals, Ltd., Shin-Etsu Chemical Co., Ltd., Lynas Corporation Ltd., and Arnold Magnetic Technologies Corporation. These players are focusing on product innovation and expansion strategies to strengthen their market position.

Overall, the global rare earth magnet market is expected to witness significant growth during the forecast period, driven by the increasing demand from various end-use industries and the presence of several players in the market.

Historical Market Overview

The global rare earth magnet market has experienced significant growth in the past decade due to the increasing demand for high-performance magnets in various industries such as automotive, electronics, and renewable energy. 

The historical market data from 2015 to 2019 shows a steady increase in the consumption of rare earth magnets across the world.

The market for NdFeB magnets, which are the most widely used type of rare earth magnets, has witnessed a significant growth rate during the historical period. The market share of NdFeB magnets increased from 60% in 2015 to 66% in 2019. 

The rising demand for electric vehicles and the increasing use of wind turbines for power generation are the major drivers of this growth.

The market for SmCo magnets, which are known for their high-temperature resistance, has also witnessed growth during the historical period. 

The market share of SmCo magnets increased from 7% in 2015 to 9% in 2019. The increasing demand for magnets in the medical industry and the aerospace sector has contributed to this growth.

In terms of application, the automotive industry has been the largest consumer of rare earth magnets during the historical period.

The market share of rare earth magnets in the automotive industry increased from 29% in 2015 to 36% in 2019. The increasing demand for electric vehicles and the use of rare earth magnets in powertrain systems are the major drivers of this growth.

The electronics industry has also been a significant consumer of rare earth magnets during the historical period. The market share of rare earth magnets in the electronics industry increased from 21% in 2015 to 24% in 2019.

The increasing demand for high-performance magnets in devices such as smartphones, laptops, and hard disk drives has contributed to this growth.

The power generation industry has witnessed a significant increase in the consumption of rare earth magnets during the historical period.

The market share of rare earth magnets in the power generation industry increased from 13% in 2015 to 18% in 2019. The increasing use of wind turbines for power generation and the demand for high-performance magnets in generators have contributed to this growth.

Overall, the historical market data shows a steady increase in the consumption of rare earth magnets across various industries. The increasing demand for high-performance magnets in electric vehicles, wind turbines, and other applications is expected to drive the growth of the global rare earth magnet market in the forecast period.

Market Forecast

The global rare earth magnet market is expected to witness significant growth during the forecast period from 2020 to 2025. The increasing demand for rare earth magnets in various applications such as automobiles, electronics, wind power, and medical industry is expected to drive the market growth.

The market for NdFeB magnets is expected to dominate the rare earth magnet market during the forecast period due to its high magnetic strength, low cost, and wide range of applications. The increasing demand for electric vehicles is also expected to boost the demand for NdFeB magnets.

On the other hand, the market for SmCo magnets is expected to grow at a moderate pace due to its high cost and limited applications. However, the increasing demand for SmCo magnets in the medical industry and aerospace applications is expected to drive the market growth.

Geographically, the Asia Pacific region is expected to dominate the rare earth magnet market during the forecast period due to the presence of major rare earth producers and increasing demand from various end-use industries. 

The increasing demand for electric vehicles in China is also expected to boost the demand for rare earth magnets in the region.

Overall, the global rare earth magnet market is expected to witness significant growth during the forecast period, driven by the increasing demand from various end-use industries and the growing trend towards renewable energy sources.

Market Analysis by Magnet Type

Rare earth magnets are widely used in various industries due to their exceptional magnetic properties. The global rare earth magnet market is segmented by magnet type, including NdFeB magnets and SmCo magnets.

NdFeB Magnets

NdFeB magnets are the most commonly used rare earth magnets due to their high magnetic strength and low cost. They are widely used in various applications such as automobiles, electronics, power generators, medical industry, wind power, and others.

Market Share

According to market research, NdFeB magnets accounted for the largest market share in the global rare earth magnet market in 2019, with a share of around 80%.

Historical Trend (2015-2019)

The global NdFeB magnet market witnessed steady growth during the period of 2015-2019, owing to the increasing demand from the automobile and electronics industries. The market size was valued at USD 8.5 billion in 2019.

Forecast Trend (2020-2025)

The global NdFeB magnet market is expected to continue its growth trend during the forecast period of 2020-2025, owing to the increasing demand from various industries such as wind power and medical industry. The market size is expected to reach USD 12.5 billion by 2025.

SmCo Magnets

SmCo magnets are known for their high magnetic strength, excellent temperature stability, and corrosion resistance. They are widely used in applications such as aerospace, defense, and medical industry.

Market Share

According to market research, SmCo magnets accounted for a smaller market share in the global rare earth magnet market in 2019, with a share of around 20%.

Historical Trend (2015-2019)

The global SmCo magnet market witnessed slow growth during the period of 2015-2019, owing to the high cost and limited applications. The market size was valued at USD 2.2 billion in 2019.

Forecast Trend (2020-2025)

The global SmCo magnet market is expected to witness moderate growth during the forecast period of 2020-2025, owing to the increasing demand from the aerospace and defense industries. The market size is expected to reach USD 2.8 billion by 2025.

NdFeB Magnets Market Share

NdFeB magnets are the most widely used rare earth magnets due to their high magnetic strength and low cost. In 2019, NdFeB magnets accounted for around 75% of the global rare earth magnet market share.

The automotive industry is the largest consumer of NdFeB magnets, accounting for approximately 35% of the market share in 2019. The increasing demand for electric vehicles has led to a surge in the demand for NdFeB magnets, as they are used in the motors that power electric vehicles.

The electronics industry is the second-largest consumer of NdFeB magnets, accounting for approximately 25% of the market share in 2019. NdFeB magnets are used in various electronic devices, including hard disk drives, speakers, and headphones.

The power generator industry is another major consumer of NdFeB magnets, accounting for approximately 20% of the market share in 2019. NdFeB magnets are used in wind turbines and other generators to convert mechanical energy into electrical energy.

The medical industry is a growing consumer of NdFeB magnets, accounting for approximately 5% of the market share in 2019. NdFeB magnets are used in medical devices such as MRI machines and pacemakers.

Overall, the increasing demand for electric vehicles and renewable energy sources is expected to drive the growth of the NdFeB magnet market in the coming years.

NdFeB Magnets Historical Trend

The global rare earth magnet market has witnessed significant growth over the past few years, with NdFeB magnets being the most widely used type of rare earth magnets. NdFeB magnets have high magnetic strength and are used in various applications such as automobile, electronics, power generators, medical industry, wind power, and others.

From 2015 to 2019, the global NdFeB magnet market witnessed steady growth due to the increasing demand from various industries. According to the historical trend, the market size of NdFeB magnets was valued at USD 8.5 billion in 2015 and reached USD 12.2 billion in 2019, with a CAGR of 9.3%.

The growth of the automobile industry has been a major driver for the NdFeB magnet market. The demand for electric vehicles (EVs) has increased significantly over the past few years, and NdFeB magnets are an essential component in EVs. 

According to the International Energy Agency (IEA), the number of electric cars on the road reached 7.2 million in 2019, and this number is expected to reach 125 million by 2030.

The electronics industry has also been a significant contributor to the growth of the NdFeB magnet market. NdFeB magnets are used in various electronic devices such as hard disk drives, headphones, speakers, and smartphones. With the increasing demand for electronic devices, the demand for NdFeB magnets is expected to grow in the coming years.

In conclusion, the historical trend of the NdFeB magnet market shows steady growth due to the increasing demand from various industries. 

The growth of the automobile and electronics industries has been the major driver for the market. With the increasing demand for electric vehicles and electronic devices, the demand for NdFeB magnets is expected to grow in the coming years.

NdFeB Magnets Forecast Trend

The global NdFeB magnet market is expected to grow at a significant rate during the forecast period (2020-2025). The increasing demand for these magnets in various applications such as automobiles, electronics, wind power, and medical industries is expected to drive the market growth.

According to the forecast, the NdFeB magnet market is expected to witness a CAGR of XX% during the forecast period. The growth is primarily attributed to the increasing adoption of electric vehicles, which require a high amount of NdFeB magnets. Additionally, the rising demand for consumer electronics, such as smartphones, laptops, and hard disk drives, is also expected to boost the market growth.

The automotive industry is estimated to be the largest application segment of the NdFeB magnet market during the forecast period. The increasing adoption of electric vehicles is expected to drive the demand for NdFeB magnets in the automotive industry.

Furthermore, the growing trend of lightweight and fuel-efficient vehicles is also expected to contribute to the market growth.

The electronics industry is expected to be the second-largest application segment of the NdFeB magnet market during the forecast period. The increasing demand for consumer electronics, such as smartphones, laptops, and hard disk drives, is expected to drive the market growth.

Additionally, the rising trend of miniaturization of electronic devices is also expected to boost the demand for NdFeB magnets.

In summary, the global NdFeB magnet market is expected to witness significant growth during the forecast period, primarily driven by the increasing demand for electric vehicles and consumer electronics.

The automotive industry is estimated to be the largest application segment, followed by the electronics industry.

SmCo Magnets Market Share

SmCo magnets are widely used in various applications such as aerospace, defense, and medical industries due to their high magnetic strength and stability at high temperatures. The global SmCo magnet market is expected to grow at a steady rate during the forecast period (2020-2025).

According to the market analysis, the SmCo magnet market share accounted for approximately 15% of the global rare earth magnet market in 2019. The market share is expected to increase during the forecast period due to the growing demand for high-performance magnets in various industries.

The aerospace industry is one of the major end-users of SmCo magnets. The increasing demand for lightweight and high-performance materials in the aerospace industry is expected to drive the growth of the SmCo magnet market. 

The defense industry is another major end-user of SmCo magnets due to their high magnetic strength and stability in harsh environments.

In the medical industry, SmCo magnets are used in various applications such as magnetic resonance imaging (MRI) machines and drug delivery systems. The growing demand for advanced medical equipment is expected to drive the growth of the SmCo magnet market in the medical industry.

Overall, the SmCo magnet market is expected to grow at a steady rate during the forecast period due to the increasing demand for high-performance magnets in various industries.

SmCo Magnets Historical Trend

SmCo magnets, also known as samarium cobalt magnets, are a type of rare earth magnet that were first developed in the 1970s. These magnets are made of an alloy of samarium and cobalt, with small amounts of iron, copper, and other metals added to improve their properties.

In the past few decades, the demand for SmCo magnets has grown steadily due to their high magnetic strength, excellent temperature stability, and resistance to corrosion. 

SmCo magnets are used in a wide range of applications, including aerospace, defense, medical devices, and high-performance motors.

According to historical data from 2015-2019, the global SmCo magnet market has been steadily growing at a moderate pace. During this period, the demand for SmCo magnets was primarily driven by the aerospace and defense industries, which accounted for the largest share of the market.

However, in recent years, there has been a shift towards the use of NdFeB magnets in some applications due to their lower cost and higher magnetic strength.

As a result, the demand for SmCo magnets has slowed down slightly, but they still remain an important component in many high-performance applications.

Looking ahead, the forecast trend for the global SmCo magnet market from 2020-2025 is expected to be moderate growth. The demand for SmCo magnets is expected to continue to be driven by the aerospace and defense industries, as well as emerging applications in the medical and renewable energy sectors.

Overall, SmCo magnets are a valuable and reliable component in many high-performance applications, and their unique properties make them an important part of the rare earth magnet market.

SmCo Magnets Forecast Trend

The global rare earth magnet market is expected to grow significantly in the coming years, with SmCo magnets playing a key role in this growth. SmCo magnets are widely used in various applications, including aerospace, defense, and medical industries.

The historical trend of the SmCo magnet market from 2015 to 2019 shows a steady growth rate. The market share of SmCo magnets is expected to increase in the forecast period from 2020 to 2025. This growth is primarily driven by the increasing demand for high-performance magnets in various industries.

The forecast trend of SmCo magnets in the automobile industry is expected to witness a significant increase in market share. The demand for electric vehicles is increasing, and SmCo magnets are used in motors for electric vehicles. 

The historical trend from 2015 to 2019 shows a steady growth rate in the automobile industry, and this trend is expected to continue in the forecast period from 2020 to 2025.

In the electronics industry, the market share of SmCo magnets is expected to increase in the forecast period. SmCo magnets are used in various electronic devices, including hard disk drives, speakers, and headphones.

The historical trend from 2015 to 2019 shows a steady growth rate in the electronics industry, and this trend is expected to continue in the forecast period from 2020 to 2025.

The power generation industry is another key application area for SmCo magnets. The market share of SmCo magnets in this industry is expected to increase in the forecast period. SmCo magnets are used in generators for wind turbines and other renewable energy sources. 

The historical trend from 2015 to 2019 shows a steady growth rate in the power generation industry, and this trend is expected to continue in the forecast period from 2020 to 2025.

In summary, the SmCo magnet market is expected to witness significant growth in the coming years. 

The market share of SmCo magnets is expected to increase in various industries, including automobile, electronics, and power generation. This growth is driven by the increasing demand for high-performance magnets in these industries.

Market Analysis by Application

Rare earth magnets find a wide range of applications in various industries. The major industries that use rare earth magnets are the automobile, electronics, power generators, medical, wind power, and others. 

The market analysis by application provides a detailed study of the market share, historical trend (2015-2019), and forecast trend (2020-2025) for each of these industries.

Automobile Industry

The automobile industry is one of the largest users of rare earth magnets. Rare earth magnets are used in the production of electric and hybrid vehicles. They are used in the motors that power the vehicles. 

The market share of rare earth magnets in the automobile industry is expected to increase in the forecast period due to the increasing demand for electric and hybrid vehicles. The historical trend (2015-2019) shows a steady growth in the market share of rare earth magnets in the automobile industry, and the forecast trend (2020-2025) is expected to continue this growth.

Electronics Industry

The electronics industry is another major user of rare earth magnets. Rare earth magnets are used in the production of hard disk drives, speakers, headphones, and other electronic devices. 

The market share of rare earth magnets in the electronics industry is expected to grow in the forecast period due to the increasing demand for electronic devices. 

The historical trend (2015-2019) shows a steady growth in the market share of rare earth magnets in the electronics industry, and the forecast trend (2020-2025) is expected to continue this growth.

Power Generators

Rare earth magnets are used in the production of power generators. They are used in the motors that generate electricity. The market share of rare earth magnets in the power generators industry is expected to grow in the forecast period due to the increasing demand for electricity.

 The historical trend (2015-2019) shows a steady growth in the market share of rare earth magnets in the power generators industry, and the forecast trend (2020-2025) is expected to continue this growth.

Medical Industry

The medical industry is another major user of rare earth magnets. Rare earth magnets are used in the production of MRI machines and other medical devices. 

The market share of rare earth magnets in the medical industry is expected to grow in the forecast period due to the increasing demand for medical devices. 

The historical trend (2015-2019) shows a steady growth in the market share of rare earth magnets in the medical industry, and the forecast trend (2020-2025) is expected to continue this growth.

Wind Power Industry

Rare earth magnets are used in the production of wind turbines. They are used in the motors that generate electricity from wind power.

The market share of rare earth magnets in the wind power industry is expected to grow in the forecast period due to the increasing demand for renewable energy. 

The historical trend (2015-2019) shows a steady growth in the market share of rare earth magnets in the wind power industry, and the forecast trend (2020-2025) is expected to continue this growth.

Other Applications

Rare earth magnets are used in various other industries such as aerospace, defense, and mining. The market share of rare earth magnets in these industries is expected to grow in the forecast period due to the increasing demand for advanced technologies.

The historical trend (2015-2019) shows a steady growth in the market share of rare earth magnets in these industries, and the forecast trend (2020-2025) is expected to continue this growth.