Neodymium-Iron-Boron Magnet Market Size, Trend, Share, growth 2017-2022
The global Neodymium-Iron-Boron (NdFeB) magnet market has been witnessing positive growth, owing to their increasing applications in sectors such as defence, automotive, medical, electronic, industrial, etc
The latest report by IMARC Group titled, “Neodymium-Iron-Boron Magnet Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2017-2022”, finds that the global Neodymium-Iron-Boron (NdFeB) magnet market reached a value of US$ 10.5 Billion in 2016, growing at a CAGR of 8.5% during 2009-2016. Neodymium-Iron-Boron (NdFeB) magnets, also known as neo magnets, represent the most popular type of rare earth magnets which offer the strongest magnetic field with the smallest volume. They were developed during the late 20th century and have come to represent the most advanced type of commercially available permanent magnets. They are made of an alloy of iron, boron and neodymium and provide the highest magnetic stability. However, NdFeB magnets require a protective surface coating as a result of their lower Curie temperature and tendency to undergo oxidation. Despite this, their high magnetic strength and energy efficiency makes NdFeB magnets ideal for applications where compact yet strong permanent magnets are required.
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Nowadays, NdFeB magnets are used in various sectors such as defence, automotive, medical, electronic, industrial, etc. One of the fastest growing end-use of these magnets is in the energy harvesting sector where they are used in turbines. Wind turbines using these magnets are able to produce more energy output at slower wind speed, thereby, making them energy efficient and reducing energy wastage. Since the renewable energy sector is expanding due to increasing environment concern and government initiatives aimed at promoting the use of green energy, the demand for NdFeB magnets is expected to grow. Some of the other factors include increasing and wide ranging applications, limited substitutes, flourishing end-use industries, etc. As a result, the global NdFeB magnet market is further expected to continue its trajectory of growth.
The report has segmented the market on the basis of key applications. Currently, the motor and generators sector represents the largest sector of the total NdFeB magnet consumption. Other major end-use sectors include Drives, Clutches and Braking, Transducers, Energy Production and Storage, Transportation and HDD/CD/DVD. On the basis of region, the report finds that China currently accounts for the majority of the total global shares and represents the largest market for NdFeB magnets as it has a monopoly over the raw materials used to produce the magnets. Other major regions include the US, Europe and Japan. On evaluating the competitive landscape of the market, the report finds that the key players are mostly based in China with a small number of companies established in Japan, Europe and US.
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The report provides a detailed roadmap for setting up a Neodymium-Iron-Boron magnet manufacturing plant. The study, which has been done by one of the world’s leading research and advisory firms, covers all the essential aspects of the Neodymium-Iron-Boron magnet industry. This ranges from a comprehensive view of the market to minute details of the industry performance, processing and manufacturing requirements, project cost, project funding, project economics, expected returns on investment, profit margins, etc. The report also provides SWOT, Value Chain and Porter’s Five Forces analysis. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have or plan to have any kind of stake in the Neodymium-Iron-Boron magnet industry.
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