Permanent magnets are those which retain their magnetic properties even in the absence of an inductive field. Permanent rare earth magnets are the strongest available magnets and are broadly based on two rare earth elements – neodymium and samarium. The rare earth here is a misnomer and these elements are abundantly available in the earth crust. However, due to the difficulty of extraction and high-cost involved in the refining and purification process, these metals are costly. Thus, the application areas for permanent rare earth magnets is limited.
The permanent rare earth magnets market has been analyzed by utilizing the optimum combination of secondary sources and in-house methodology along with an irreplaceable blend of primary insights. The real-time assessment of the market is an integral part of our market sizing and forecasting methodology, wherein our industry experts and panel of primary participants helped in compiling the best quality with realistic parametric estimations. Further, the participation share of different categories of primary participants is given below
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Key Market Insights
According to TMR, the global permanent rare earth magnets market is expected to grow at a CAGR of 13.2% during the forecast period to reach $41.41 billion by 2022. Industrial applications segment is expected to maintain global dominance in application segments, whereas China and Japan drive the Asia Pacific market which is expected to increase its dominance in global permanent rare earth magnets market.
The global supply of rare earth metals is expected to remain stable after WTO intervention and international agreements providing opportunities for sustainable market growth. The international players are also looking for other ways to reduce the dependencies, such as options of heavy rare earth free magnets, but the overall market is expected to remain stable in terms of price during the forecast period.
The market is segmented by the following key geographies – Asia-Pacific, Europe, North America and Rest of the World.
China is the global leader in rare earth oxide supply covering more than 90% of the global market. This has translated to China’s dominance in rare earth magnets market. After China, Japan is the major market for rare earth magnets. Although a significant portion of products end-up being utilized in the developed countries of the US and Western Europe; these products are largely sourced from developing countries in South Asian region. The increasing demand for efficient products across diverse industries will drive the demand for rare earth magnets with highest expected growth rate from wind turbine market.
Neodymium Magnets and Samarium Magnets are the two magnet types studied in the report.
The market is studied and analyzed in terms of the following application industries – Industrial, Consumer Electronics, Home Appliances, Automotive, Wind Turbines and Others.
Some of the prominent players in the global permanent rare earth magnets market are Hitachi Metals, Vacuumschmelze GmBH & Co. KG, Shin-Etsu Rare Earth Magnet and TDK. The report includes watchlist companies such as Vacuumschmelze Inc., Seimens AG and Toyota.
Current and predicted business strategies for the leading companies of the market.
The report includes a detailed competitive benchmarking of the leading industry players based on metrics such as company profile, financial health, business objectives, business strategy and SWOT analysis.
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The study of the global permanent rare earth magnets market provides the market size information and market trends along with the factors and parameters impacting it in both short and long-term perspective. The study also covers the competitive scenario of the market with respect to the raw material availability, major players with their branding strategies and differentiating factors. The report discusses Samarium and Neodymium magnet uses.
The study ensures a 360° view, bringing out the complete key insights of the industry. These insights help the business decision makers to make better business plans, strategize and make informed decisions for future growth of the business. In addition, the study helps the venture capitalist in understanding the companies better and take informed decisions.