Rare Earth Magnets Market To Reach $39.80 Billion by 2033

The report “Rare Earth Magnets Market By Product Type (Sintered NdFeB, Bonded NdFeB, SmCo, Others), By Application (Automotive, Consumer Electronics, Industrial Machinery, Medical Devices, Renewable Energy)” is expected to reach USD 39.80 billion by 2033, registering a CAGR of 9.60% from 2026 to 2033, according to a new report by Transpire Insight.

The Rare Earth Magnet Market has been experiencing a very dynamic and fast-paced growth, which has been stimulated by technology advancements and demands for market growth. Different sectors, including autos, consumer electronics, and the renewable energy sector, have been relying more on these magnets due to their efficiency and abilities. The focus on and efforts for achieving sustainable development and growth are also expected to enhance growth for this market, which will make sure that rare earth magnets are incorporated into their product lines for enhanced functionality and support for sustainable development. Moreover, the politics of rare earths may also affect the manufacturing sector and inspire companies to source new and innovative ways to substitute these magnets in their products. Additionally, it appears that the Rare Earth Magnet Market is undergoing a shift in the miniaturization of magnets as well as their application in the production of specialized products. This is due to the increased demand for more advanced magnets in the production of new technologies in the field of consumer electronics. As a result of more innovation, development, as well as efforts to reduce costs, the Rare Earth Magnet Market is expected to rise.

The Sintered NdFeB segment is projected to witness the highest CAGR in the Rare Earth Magnets Market during the forecast period.

Currently, sintered NdFeB magnets occupy the highest market share due to the superior magnetic properties they offer. Even the efficiency standards they required had solidified their position in the market for applications related to the other materials. All other materials were eliminated from this application area by such factors.

Samarium-Cobalt (SmCo) magnet market, because of the thermostability along with the ability of the magnet to preserve magnetic force at higher temperatures, is highly preferred and is expected to remain the second most popular magnet in the future as well. The thermostability and strong magnetic forces make the magnet highly resistant to oxidation and corrosion, and this makes it ideal for use in extreme conditions. Low temperature coefficients and strong magnetic forces make them highly reliable too.

The Automotive segment is projected to witness the highest CAGR in the Rare Earth Magnets Market during the forecast period.

The automotive application industry is expected to be the largest application industry of rare-earth magnets as of 2024. The automotive industry is embracing rare-earth magnets fast due to the increasing application of electric or hybrid vehicles. Rare-earth magnets, such as NdFeB, are currently the primary source of powerful electric vehicle motors. They have greater power density, efficiency, and compactness. They also facilitate lightweight construction, conserve energy, and allow many applications, including regenerative braking systems, which are essential components of current mobility solutions.

The automobile industry is a significant player in the Rare Earth Magnet Market due to the increasing use of electric vehicles and the adoption of advanced magnetic components within the automobile sector. With the enhanced focus on clean energy sources, the use of rare earth magnets in these sources is anticipated to grow significantly, signifying a bright future for the industry concerning sustainable sources of power.

The North America region is projected to witness the highest CAGR in the Rare Earth Magnets Market during the forecast period.

In North America, the rare earth magnet market is rapidly growing due to increased demand within electric vehicle industries and renewable energy systems. North America contributes to 30% share of the global market, whereby the United States holds the largest share of about 15%, which was followed by Canada. Favourable regulations allowing clean energy applications drive rare earth magnets market expansion, forcing companies to innovate and reduce environmental impact. Competition in North America the region has key competitors such as Molycorp Inc, General Motors Company, and Neo Performance Materials Inc. The US government is engaged in favouring the onshore production of these rare earth elements to reduce the dependence on imported quantities, thus increasing the growth prospects for the market. Local sourcing and technological enhancement are some of the key factors that give North America a leading edge in the production of the rare earth magnet.

Key Players

The top 15 players in the Positron Emission Tomography Market include Arnold Magnetic Technologies, ADAMS Magnetic Products Co., Bunting Magnetics Co., Eclipse Magnetics Ltd. (Spear & Jackson), Hangzhou Permanent Magnet Group. Ltd., Ningbo Ninggang Permanent Magnetic Materials Co., Ltd., Ningbo Ketian Magnet Co. Ltd. and Thomas & Skinner Inc., General Motors Company, Toshiba Corporation, Hitachi Metals Ltd (JP), Lynas Corporation Ltd (AU, Molycorp Inc.

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