Rockville, Jan. 05, 2023 (GLOBE NEWSWIRE) -- According to Fact.MR, a market research and competitive intelligence provider, the global NdFeB magnets market is anticipated to reach US$ 4.3 billion by 2033, advancing at a high-value 7.9% CAGR from 2023 to 2033.
Neodymium-iron-boron magnets, also known as NdFeB magnets, are the toughest rare earth magnets which are also the most economical and cost-effective. NdFeB magnets have the strongest magnetic field strength and magnetic stability despite having a lower curie temperature. As a result, they find use in electric motors, power tools, and other goods that require compact, strong, and permanent magnets.
NdFeB magnets are commonly used in various end use industries such as automotive, consumer electronics, oil & gas, aerospace & defense, and healthcare. The automobile industry uses NdFeB magnets to power a vehicle's electrical system. NdFeB magnets will continue to be utilized in automobiles because they outperform SmCo and Alnico magnets, which are extensively employed in the industry. Moreover, NdFeB magnets are crucial parts of electric motors, which are utilized in electric vehicles (EVs). The growing emphasis on alternative energy has increased demand for EVs, which is driving the growth of the global NdFeB magnets market.
Download a Free Sample Copy of this Report - https://www.factmr.com/connectus/sample?flag=S&rep_id=8185
NdFeB magnets are also employed in consumer electronics and can be found in anything from CRT screens to LCDs. The demand for NdFeB magnets is increasing due to the introduction of digital appliances as well as the demand for more efficient and cost-effective electronic equipment.
Moreover, the growing popularity of renewable energy sources such as solar and wind is expected to boost the global NdFeB magnets market throughout the forecast period. NdFeB magnets are currently employed in wind turbine generators to increase efficiency. NdFeB magnets are increasingly being utilized in wind turbines due to advantages such as enhanced dependability and lower maintenance costs.
Key Takeaways from Market Study
- The global NdFeB magnets market is valued at US$ 2 billion in 2023.
- The market is likely to reach a valuation of US$ 4.3 billion by 2033.
- Global demand for NdFeB magnets is projected to surge at a CAGR of 7.9% from 2023 to 2033.
- Asia Pacific accounted for 76% share of the global market in 2022.
- The automotive segment is expected to exhibit a CAGR of 6.5% during the forecast period.
“Increasing applications of NdFeB magnets in various fields such as automotive, consumer electronics, healthcare, and others are expected to drive the global market forward during the forecast period,” says a Fact.MR analyst
Key Segments of NdFeB Magnets Industry Research
By End Use :
- Consumer Electronics
- Automotive
- Oil & Gas
- Aerospace & Defense
- Other End Uses
By Region :
- North America
- Latin America
- Europe
- APAC
- MEA
Get Customization on this Report for Specific Research Solutions - https://www.factmr.com/connectus/sample?flag=RC&rep_id=8185
Regional Analysis
Asia Pacific is set to lead the global NdFeB magnets market during the study period. The region is a global manufacturing hub. Electronic and automotive manufacturing are important components of the region's manufacturing industry.
Japan and South Korea are assisting market growth in Asia Pacific. Japan is the world's second-largest market for NdFeB magnets. Japan and South Korea have emerged as hotspots for the production of computer hardware components such as computer chips, hard disks, and microprocessors. This has contributed to an increase in the demand for NdFeB magnets, which are widely used by electronics and hardware manufacturers.
Key Companies Profiled
- Arnold Magnetic Technologies
- Lynas Corporation Ltd
- Electron Energy Corporation
- Daido Steel Co., Ltd
- Hitachi Metals Ltd
- Shin-Etsu Chemical Co., Ltd
Explore Our Safe & Secure Payment Options for Quick Buy – https://www.factmr.com/checkout/8185
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global NdFeB magnets market, presenting historical demand data (2018-2022) and forecast statistics for the period of 2023-2033.
The study divulges essential insights on the market on the basis of end use (consumer electronics, automotive, oil & gas, aerospace & defense, other end uses), across five major regions (North America, Europe, Asia Pacific, Latin America, and MEA).
Check out more related studies published by Fact.MR Research:
Demagnetizers Market: The global demagnetizers market is predicted to rise to a valuation of US$ 1.12 billion by the end of 2032, up from its current size of US$ 673.2 million, expanding a CAGR of 5.2% over the same ten years.
Magnetic Induction Heating Devices Market: Worldwide sales of magnetic induction heating devices are projected to increase at a CAGR of 4.2% from 2022 to 2032. As of 2022, the global magnetic induction heating devices market accounts for a revenue of US$ 518 million and is anticipated to reach US$ 781.6 million by the end of 2032.
Magnetic Shielding Sheets Market: Magnetic Shielding is generally referred as a procedure to shield and avoid unwanted interference for a product from nearby electronic gadgets. Magnetic shielding is completely different from radiofrequency shielding, which is an attempt to avoid interpretation of noise and radio frequencies in the desired cases.
Magnetic Sweepers Market: The major application of the magnetic sweepers is for the cleaning of hazardous metal scraps which includes iron chips, nuts, nails, bot, staples pins etc. from clean, rough and sandy surfaces. It is used to sweep at the places such as sand where it is very difficult to find the metal or iron pieces. As per the research report published by Fact.MR, magnetic sweepers market is poised to grow at a CAGR of 4.2% deucing the forecast period 2021-31.
Permanent Magnets Market: A new forecast by Fact.MR estimates that permanent magnets revenues will more than double between 2021 and 2031, reaching US$ 78 Bn at a CAGR of 8.5%. The market is poised to gain traction on the back of growing demand from the consumer electronics industry. Furthermore, traction is provided by the smart homes industry, prompting the market to surpass US$ 34 Bn by 2021.
About Us:
We are a trusted research partner of 80% of fortune 1000 companies across the globe. We are consistently growing in the field of market research with more than 1000 reports published every year. The dedicated team of 400-plus analysts and consultants is committed to achieving the utmost level of our client’s satisfaction.
Specialties: Competition Tracking, Customized Research, Syndicated Research, Investment Research, Social Media Research, Business Intelligence, Industry Analysis, Thought Leadership.
Contact:
US Sales Office:
11140 Rockville Pike
Suite 400
Rockville, MD 20852
United States
Email: sales@factmr.com
Tel: +1 (628) 251-1583
