Rare Earth Magnet Market Outlook to 2035

Following a pandemic-induced lull in 2020, Adamas Intelligence data indicates that global consumption of NdFeB magnets jumped 18.1% in 2021 on the materialization of some latent demand from the year prior coupled with a surge in electric vehicle sales of all types.

Going forward, from 2022 through 2035 we forecast that global demand for NdFeB magnets will increase at a CAGR of 8.6%, bolstered by double-digit growth from electric vehicle and wind power sectors, translating to comparable demand growth for the rare earths elements (i.e., neodymium, praseodymium, dysprosium and terbium) these magnets contain.

Over the same period, we forecast that global production of neodymium, praseodymium, dysprosium and terbium will collectively increase at a slower CAGR of just 5.4% as the supply side of the market increasingly struggles to keep up with rapidly growing demand.

Dongguan Jugo Magnet Co.,Ltd is a china manufacturer specializing NdFeB Magnet and magnets assembly for various industries. established in 2008. JUGO MAGNET are used in both OEM and End User Applications.such as fridge magnet,bag magnet,magnet for electronic equipment.For question,comments,or suggestions related to our post,you can contact us via our website.