USD 17.5 billion
Rare Earth Magnet Market Size, Share, Growth Analysis, By Type(Neodymium, Praseodymium, Dysprosium, Terbium), By Product(Countersunk Magnets, Circular Disc Magnets, Hook & Eyebolt Magnets, Cylindrical Rod Magnets and Other), By Industry(Automotive Industry, Food & Drink Processing, Aerospace Industry, Renewable Energy and Other), By Application(Catalysts, Ceramics/Glass, Polishing, Metallurgy and Other), By Region - Industry Forecast 2025-2032
Report ID:
SQMIG15B2094 |
Region:
Global |
Published Date: March, 2024
Pages:
184
|Tables:
122
|Figures:
77
Rare Earth Magnet Market Insights
Rare Earth Magnet Market size was valued at USD 18.53 Billion in 2023 and is poised to grow from USD 19.62 Billion in 2024 to USD 30.93 Billion by 2032, growing at a CAGR of 5.86% during the forecast period (2025-2032).
The global rare earth metals market continues to exhibit a dynamic landscape driven by a multitude of factors. These unique elements, crucial in the manufacturing of high-tech products, remain a focal point for industries ranging from electronics to clean energy. Ongoing geopolitical tensions have underscored concerns regarding supply chain vulnerabilities, prompting governments and businesses alike to explore strategies for diversification and resource development.
Additionally, environmental concerns are shaping regulations and practices within the industry, with a growing emphasis on sustainable mining and responsible sourcing. As the world progresses towards a more electrified and technologically advanced future, the rare earth metals market is poised for evolution, underpinned by a delicate balance of supply-demand dynamics and environmental stewardship.
US Rare Earth Magnet Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Permanent
Fastest Growth
Catalysts
Growth Rate
5.86% CAGR
Global Rare earth magnet Market ($ Bn)
Country Share for NORTH AMERICA Region (%)
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Rare Earth Magnet Market Segmental Analysis
Global Rare Earth Magnet Market is segmented by Type, By Product, By Industry , By Application and Region. Based on Type, the market can be segmented into Neodymium, Praseodymium, Dysprosium, Terbium, & Others . Based on Product, the market can be segmented into Countersunk Magnets, Circular Disc Magnets, Hook & Eyebolt Magnets, Cylindrical Rod Magnets and Other. Based on Industry, the market is segmented into Automotive Industry, Food & Drink Processing, Aerospace Industry, Renewable Energy and Other. Based on Application, the market is segmented in to Catalysts, Ceramics/Glass, Polishing, Metallurgy and Other. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Rare Earth Magnet Market Analysis by Type
Neodymium and Lanthanum have emerged as the dominating types in the market. Neodymium, owing to its vital role in permanent magnets used in various applications like wind turbines, electric vehicles, and electronics, commands a significant share of the market. Lanthanum, on the other hand, finds wide application in catalytic converters and rechargeable batteries, further contributing to its dominant position in the market.
Rare Earth Magnet Market Analysis by Application
Among the various applications, the Permanent magnets stands out as the dominating sector. These magnets are essential components in a wide array of devices, including electric vehicles, wind turbines, and consumer electronics. Their exceptional magnetic properties, coupled with the increasing demand for sustainable energy solutions and miniaturized electronics, have led to a substantial reliance on rare earth metals for permanent magnet production. As a result, this application segment holds a significant share in the global rare earth metals market.
However, the catalysts segment is emerging as the fastest-growing application for rare earth metals. The increased emphasis on environmental regulations and sustainable practices has propelled the demand for catalysts in automotive exhaust systems, petrochemical refining, and industrial processes. Rare earth metals play a pivotal role in enhancing catalytic performance due to their unique properties, enabling more efficient and eco-friendly reactions. As industries worldwide strive to minimize emissions and optimize resource usage, the catalysts application is experiencing rapid growth, shaping the trajectory of the rare earth metals market.
Global Rare earth magnet Market by Application
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Rare Earth Magnet Market Regional Insights
North America, particularly the United States, dominates in terms of technological innovation and development, driving significant demand for rare earth metals. With a focus on reducing supply chain dependencies, the region has been actively exploring domestic mining and refining capabilities. While not the fastest-growing, North America's consistent demand and strategic initiatives position it as a dominant force in the rare earth metals market.
Asia Pacific is experiencing the fastest growth in the rare earth metals market due to several key factors. First and foremost, it is home to major manufacturing powerhouses like China, Japan, and South Korea, which have a voracious appetite for rare earth metals in their high-tech industries. Additionally, Asia Pacific is at the forefront of clean energy adoption, with a substantial focus on electric vehicles and renewable energy sources, both of which heavily rely on rare earth metals. As global sustainability initiatives gain momentum, this region's commitment to these technologies ensures a sustained surge in demand for rare earth metals, solidifying its position as the fastest-growing market in the industry.
Global Rare earth magnet Market by Region
- Largest
- Fastest
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Rare Earth Magnet Market Dynamics
Rare Earth Magnet Market Drivers
Technological Advancements
- One major key driver propelling the global rare earth metals market is the relentless pace of technological advancements. Rare earth metals, with their unique properties, are indispensable in the manufacturing of cutting-edge electronics, green energy technologies, and defense systems. As these industries continue to innovate and demand more efficient and compact components, the need for rare earth metals grows. Moreover, ongoing research and development efforts seek to expand the range of applications for these elements, further fueling their demand in the global market
Rare Earth Magnet Market Restraints
Environmental Concerns and Sustainability
- One major key restraint facing the rare earth metals market is the growing environmental concerns and the push for sustainability. The extraction and processing of rare earth metals often involve environmentally damaging practices, such as toxic waste production and habitat disruption. As global awareness of environmental issues grows, regulatory pressures and consumer preferences are pushing the industry towards more sustainable and eco-friendly practices, increasing the cost and complexity of rare earth production, and impacting supply chains.
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Rare Earth Magnet Market Competitive Landscape
The competitive landscape within the global rare earth metals market is marked by intense rivalry among several prominent players. These industry participants continually strive to expand their market presence and enhance their product portfolios. Innovation and technology advancements are key focal points as companies seek to develop efficient extraction and processing methods to meet the increasing demand while addressing environmental concerns.
Collaborations and strategic partnerships, both domestically and internationally, play a pivotal role in securing access to rare earth resources and mitigating supply chain vulnerabilities.
Additionally, the market is witnessing growing interest from new entrants, which adds further dynamism and potential disruptions to the competitive dynamics as the industry evolves.
Rare Earth Magnet Market Top Player’s Company Profiles
- Bunting Magnetics Co. (US)
- Eclipse Magnetics Ltd. (UK)
- Hangzhou Permanent Magnet Group Ltd. (China)
- Ningbo Ninggang Permanent Magnetic Materials Co., Ltd. (China)
- Ningbo Ketian Magnet Co. Ltd. (China)
- Thomas & Skinner Inc. (US)
- Lynas Corporation Ltd. (Australia)
- China Minmetals Rare Earth Co., Ltd. (China)
- Iluka Resources Ltd. (Australia)
- Great Western Minerals Group Ltd. (Canada)
- Arafura Resources Ltd. (Australia)
- Neo Performance Materials Inc. (Canada)
- Avalon Advanced Materials Inc. (Canada)
- Greenland Minerals Ltd. (Australia)
- Rainbow Rare Earths Ltd. (UK)
- Northern Minerals Limited (Australia)
- Medallion Resources Ltd. (Canada)
- Texas Mineral Resources Corp. (US)
Rare Earth Magnet Market Recent Developments
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In February 2024, the German company Vacuumschmelze (VAC), which specialises in magnetic materials, and the South Korean company LS Eco Advanced Materials are planning a joint venture to produce neodymium for electric car motors. The joint venture will be founded this year, and production should kick off in 2027. Neodymium magnets find application in various powertrain components of electric vehicles, such as electric power steering systems, electric compressors, and electric water pumps.
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In January 2024, a rare earths hub set up by the University of Birmingham, HyProMag Ltd and Mkango in Tyseley, central England, started the production of recycled rare earths for the magnets used in electric vehicles, wind turbines and other clean technology industries.
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In December 2023, E-Vac Magnetics, US subsidiary of German magnet manufacturer VAC Group, announced plans to build a sintered neodymium iron boron (NdFeB) rare earth magnet plant in the US city of Sumter, South Carolina.
Rare Earth Magnet Key Market Trends
- Shift Towards Sustainable and Responsible Sourcing: One key market trend shaping the rare earth metals industry is the increasing emphasis on sustainable and responsible sourcing. Environmental concerns and ethical considerations are driving companies to adopt eco-friendly mining and processing practices while ensuring fair labor conditions. This trend reflects the growing awareness among consumers and regulatory bodies, prompting industry players to reevaluate their supply chain strategies and invest in transparency and ethical sourcing to meet evolving market demands.
Rare Earth Magnet Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to global rare earth magnet market analysis, the market has undergone a profound transformation in recent times, driven by a convergence of various factors. One of the primary driving forces behind this transformation is the escalating demand stemming from critical industries such as electronics and clean energy. These sectors heavily rely on rare earth metals to manufacture essential components for products like smartphones, electric vehicles, wind turbines, and more. Consequently, the market's significance in modern economies has grown substantially.
However, as the market expands, it grapples with a range of challenges. Environmental concerns have come to the forefront, prompting a fundamental shift towards sustainable and responsible sourcing practices. Traditional methods of rare earth mining and processing have often been associated with ecological damage and habitat disruption.
Furthermore, geopolitical tensions and supply chain vulnerabilities have exposed the need for diversification and risk mitigation in rare earth metal sourcing. These elements are essential for advanced technologies and defense applications, making supply chain security a matter of strategic importance for various nations. As a result, efforts to reduce dependencies and explore alternative sources are reshaping the landscape of rare earth metal production.
In this complex environment, innovation and technological advancements are pivotal. Industry players continually seek more efficient extraction processes to meet growing demand while balancing the imperative of environmental preservation. The evolving dynamics of this market promise further adaptation and transformation in the coming years, as it navigates the intricate interplay of demand, sustainability, geopolitical considerations, and technological progress.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 17.5 billion |
| Market size value in 2031 | USD 29.22 billion |
| Growth Rate | 5.86% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Rare Earth Magnet Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Rare Earth Magnet Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Rare Earth Magnet Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Rare Earth Magnet Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Rare Earth Magnet Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Rare Earth Magnet Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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