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Rare Earth Magnet Market Trends, Share, Size, Growth, Forecast and Industry Report 2017-2022

Release time:2017-05-05 11:04     Author:Nature

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Keywords: Rare Earth Magnet

Rare-earth magnets are strong permanent magnets made from the alloys of rare-earth elements
and were developed in the 1970s and 1980s. Rare-earth elements are ferromagnetic in nature which
can be magnetized like iron. Unlike, ferrite or alnico magnets, rare-earth magnets have comparatively
higher magnetic field strength and magnetic stability. However, these magnets have a lower Curie
temperature due to which they exhibit magnetism only at low temperatures. Therefore, in order to enhance
their natural magnetic properties, rare-earth magnet compounds are mixed with transition metals like iron,
nickel and cobalt, which have higher Curie temperatures.

According to the latest report by IMARC Group titled, „Rare Earth Magnet Market: Global Industry Trends,
Share, Size, Growth, Forecast and Opportunity 2017-2022”, the global rare magnet market has grown at a
CAGR of around 8% during 2009-2016, reaching a value of around US$ 11 Billion in 2016. The major factor
which has contributed to the growth of the market is the lack of substitutes for rare earth magnets. Some of
the other factors which have influenced the market in recent years include the initiatives undertaken by governments
to encourage the use of eco-friendly technologies to reduce carbon emissions and the increasing awareness
about advanced energy technologies among the consumers.
Highlights of the Global Rare-Earth Magnet market:
Rare-earth magnets are made from the alloys of the rare-earth elements and represent the strongest type of
permanent magnets.

There are two types of permanent magnets – samarium cobalt (SmCo) magnets and neodymium-iron-boron
(NdFeB) magnets.

China is the largest producer of rare-earth magnets.
The report has divided the market on the basis of magnet type as neodymium-iron-boron (NdFeB) magnet
and samarium cobalt (SmCo) magnet. These magnets are used in a number of industries for their functional properties.
SmCo magnets are used in sectors such as defence, aerospace, electronics, motors, medical etc. for the
manufacturing of various equipment, ammunitions and medical devices. NdFeB magnets are used in the manufacturing
of high energy motors, generators, magnetic resonance imaging, sensors, loudspeakers, brushless DC motors and
other equipment where strong, compact permanent magnets are required.
An evaluation of the regional segmentation of the rare-earth magnet market finds that China is the largest producer
of rare-earth magnets followed by Japan, Europe and US. An analysis of the competitive landscape includes the
details of the key manufacturers operative in the market.
The report by AIM Magnet has examined the global rare-earth magnets market on the basis of:
Market by Type:
Neodymium-iron-boron magnets (NdFeB)
Samarium cobalt magnets (SmCo)