IMARC Group, a leading market research company, has recently releases report titled “Neodymium-Iron-Boron Magnet Market: Global Industry Trends, Size, Share, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global neodymium-iron-boron magnet market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights
How big is the neodymium-iron-boron magnet market?
The global neodymium-iron-boron magnet market size reached US$ 14.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 22.4 Billion by 2028, exhibiting a growth rate (CAGR) of 7.53% during 2023-2028.
What is neodymium-iron-boron magnet?
A neodymium-iron-boron magnet market refers to a kind of permanent magnet that has a tetragonal crystalline structure. It is made from an alloy of neodymium, iron and boron. It is considered to be one of the strongest and most affordable types of rare earth magnets. Available in a wide array of shapes, sizes and grades, these magnets have low curie temperature and are susceptible to oxidation. Consequently, they often require a surface finish or protective coating to minimize the effects of corrosion. Additionally, they are characterized by high magnetic stability, magnetic field strength and energy efficiency. As a result, they are widely used for several applications, such as electric motors, sensors, loudspeakers, DC motors and power tools.
What are the growth prospects and trends in the neodymium-iron-boron magnet?
The market is primarily driven by the rapidly expanding industrial applications of NdFeB magnets on the global level. There has been a growing demand for magnets with high magnetic strength and stability from numerous end sectors, including medical, defense, automotive and electronics. Significant growth in the end use industries is, in turn, providing a thrust to the market growth. The rising trend of equipment miniaturization is acting as a major growth-inducing factor. This is supported by rapid urbanization, inflating disposable incomes of the masses and advancements in digital technologies. Furthermore, governments of numerous countries are undertaking initiatives to promote the use of green technologies to minimize greenhouse gas (GHG) emissions, which is facilitating the uptake of these magnets. The limited availability of substitutes for NdFeB magnets is favoring the market growth
Neodymium-Iron-Boron Magnet Market 2023-2028 Competitive Analysis and Segmentation:
Competitive Landscape With Key Players:
The competitive landscape of the global neodymium-iron-boron magnet has been studied in the report with the detailed profiles of the key players operating in the market.
Key Market Segmentation:
Breakup by Application:
- Automobile
- Electronics
- Power Generators
- Medical Industry
- Wind Power
- Others
Regional Insights:
- China
- Japan
- Europe
- Others
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