Neodymium Rare Earth Magnets Market to Grow at 8.5% CAGR during forecast period (2019-2025)

The global neodymium rare earth magnets market was valued at USD 12.74 billion in 2018. Furthermore, the global market is poised to showcase substantial growth in the coming years with a CAGR of 8.5% over the forecast period from 2019 to 2025. The demand for neodymium magnets is mainly driven by the increasing uptake in the wind energy and electric vehicles segment.

Neodymium is a member of rare earth metals and the magnet derived from it is regarded as the strongest on earth. Neodymium magnet, is usually available as NdFeB in its alloy mixture with iron (Fe) and boron (B). Neodymium magnet is known for its high magnetic strength, which is utilised in the form of different shapes and sizes by several end use industries. Neodymium metal is abundantly found in China which accounts for ~70-80% of the global production.

However, wind turbines is projected to emerge as the fastest growing segment with substantial CAGR of 10.6% over the forecast period. Usage of permanent magnet generator systems by the new generation wind turbines increases the cost efficiency as well as reliability of the machine. With the growing wind power installations across the globe, wind power generation is the fastest growing segment in the neodymium magnets market.

On the basis of regional analysis, Asia Pacific is projected to account for lion’s share in the global market. Rapidly growing production of electronic devices and automobile segment is projected to account for significant demand in the region. China is projected to emerge as the top player in the region owing to significant demand from its domestic industries. Overall, Asia Pacific is projected to account for more than 2/3rd of the global market rising with CAGR of 8.8% over the forecast period.

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