Rising demand for electrical electronic products are key factors driving market revenue growth

Neodymium Magnets Market Size – USD 550.8 Million in 2021, Growth – at a CAGR of 4.3%, Trends – Rising demand for green energy technology

The global Neodymium Magnets Market size was USD 550.8 Million in 2021 and is expected to register a revenue CAGR of 4.3% over the forecast period, according to the latest report by Reports and Data. Market revenue growth is expected to be driven by rising demand for Neodymium Magnets from the healthcare sector.

Neodymium Magnets magnets are used in medical equipment in the healthcare industry as well because of their capacity to produce a static magnetic field. In order to diagnose and cure conditions including sleeplessness, rheumatoid arthritis, headaches, and a number of other illnesses, they are utilized in magnetic resonance imaging machines. Neodymium Magnets magnets are used by National Aeronautics and Space Administration (NASA) to keep astronauts' muscles toned while they are in space. Magnets made of Neodymium Magnets exhibit push-pull forces. They serve as motion-generating tools in palatal expansion, molar distillation, and orthodontic procedures.

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Top Companies: Lynas Rare Earths Ltd, Arafura Resources, Metall Rare Earth Limited, HEFA Rare Earth Canada Co. Ltd., Alkane Resources Ltd, NEO, Greenland Minerals Ltd., Rainbow Rare Earths Limited, Australian Strategic Materials Ltd., and Avalon Advanced Materials Inc.

Further Key Finding from the Report Suggestion:

• Magnets segment is expected to account for the largest revenue share over the forecast period. Neodymium Magnets, iron, and boron combine to form a very powerful permanent magnet. This has resulted in the creation of small-size electronics like smartphones, loudspeakers, computer hard drives, and many consumer and vehicle electrical items. The demand for electronics is expected to increase due to rising middle-class populations and rising demands of the growing population, which is expected to drive the revenue growth of the Neodymium Magnets market.
• The automotive segment is expected to register a rapid revenue growth rate over the forecast period. Neodymium Magnets magnets are vital components in automotive electronic technology, which are widely utilized in automotive applications such as automobile safety and information systems, electronic control units, vehicle multimedia systems, energy transmission systems, and others. Neodymium Magnets magnets, soft magnetic ferrite, and metal soft magnetic materials are the major materials utilized to make the magnetic components for vehicle electronic technology.
• The Neodymium Magnets oxide segment accounted for the largest revenue share in 2021. Neodymium Magnets oxide is a highly insoluble, thermally stable Neodymium Magnets source appropriate for ceramic, glass, and optical applications. Dielectrics, glass coloring and tinting, and lasers are some of the main uses. Neodymium Magnets oxide is produced by the air combustion of Neodymium Magnets hydroxide or Neodymium Magnets nitride. Each year, Neodymium Magnets oxide is generated over 7,000 metric tonnes worldwide. Neodymium Magnets oxide is available in tablets, pellets, bits, sputtering targets, and nanopowder.
• Market in Asia Pacific is expected to register the largest revenue share over the forecast period. According to the U.S. Geological Survey, 80% of rare earth imports in 2019 came from China. 110,000 tonnes of rare earth were produced in Chinese mines in 2020, accounting for more than 55% of all mining output worldwide. The manufacture of permanent magnets, the growing market for electric vehicles, an increase in wind energy installations, and the mass production of electronic goods are a few of the elements that support the revenue growth of the Neodymium Magnets market in China.

Market Overview:

Consumers are placing a higher importance on sustainability and, as a result, are choosing items based on factors like circularity and carbon footprint. Furthermore, consumer concern about carbon emissions has prompted increased investment in renewable energy, energy efficiency, and transportation decarbonization. These developments have had considerable impact on chemical end sectors, particularly in the automobile and construction industries. COVID-19 has exacerbated the situation by lowering the automobile and construction industries (as well as many others) and disrupting current supply lines.

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The global Neodymium Magnets Market is segmented into:

Application Outlook (Revenue, USD Million; Volume, Kilo Tons; 2019-2030)

• Magnets
  • Sintered Magnets
  • Bonded Magnets
• Catalysts
• Glass
• Ceramics
• Lasers
• Others

End-Use Outlook (Revenue, USD Million; Volume, Kilo Tons; 2019-2030)

• Automotive
• Electrical Electronics
• Wind Energy
• Healthcare
• Others

Product Outlook (Revenue, USD Million; Volume, Kilo Tons; 2019-2030)

• Neodymium Magnets Metal
• Neodymium Magnets Nitrate
• Neodymium Magnets Oxide

Regional Outlook:

• North America (U.S.A., Canada, Mexico)
• Europe (Italy, U.K., Germany, France, Rest of Europe)
• Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
• Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
• Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

Key Questions Addressed in the Report:

• What are the dominating factors that are influencing the growth of the industry?
• In the forecast period, which market segment is expected to rise the most?
• What are the risks and challenges that the industry is facing?
• In the coming years, which area is projected to dominate the market?
• Who are the major players in the market?
• What kind of strategic business plans have they made?

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