NdFeB Market Size, Share, Trends & Industry Growth Analysis Report to 2030
The Global NdFeB Market - 2023
The report analyzes the potential 2023 NdFeB Dimensions of the market (in terms of volume and value) across major companies key regions/nations products, categories of product, and their applications. It also gives an assessment of the main factors that are which are driving and limiting expansion.
The increasing use of neo-based magnetics in the production of speakers to create motion as well as a method of producing sound is increasing the demand for.
NdFeB Market Size was estimated at USD 6598.35 million in 2023 and is projected to reach USD 8060.15 million by 2030, exhibiting a CAGR of 3.90% during the forecast period 2024-2030.
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Growth Outlook
The global neodymium-iron boron magnet (NdFeB) market is expanding because of the increasing focus upon renewable energies as well as the increasing demand for consumer electronics. There is also more usage of NdFeB magnets in a variety of industries like telecom, construction and robotics.
Neodymium magnets provide the highest power to weight ratio, and can be made into a variety of sizes and shapes. This feature, in conjunction with their affordability and versatility make them a popular option for applications like hard disks for devices for information technology. The expansion of the IT sector has fueled this NdFeB magnet industry.
The usage of NdFeB magnets as permanent components in electric motors is another reason driving the market's growth. Since the automotive industry is focusing on reducing the weight and size of motors. NdFeB magnets are predicted to increase in importance.
Additionally, the development the drip irrigation technology has created many new possibilities for NdFeB magnets. Despite the COVID-19 pandemic drip irrigation companies have maintained their operations and witnessed growth in their sales.
It is also worth noting that the NdFeB marketplace is experiencing an increase in investment from major players. For example in April 2021 Bunting Magnetics debuted the ElectroMax overband magnet at Bauma to meet the demands of customers who want smaller and lighter electro-overband magnetics.
The company is taking advantage of strategies for growth, including strategic partnerships, acquisitions and product launches that increase its market presence and product line.
Competitive Landscape of the NdFeB Market
The major players operating in the NdFeB Market are Hitachi Metals, Shin-Etsu, TDK, VAC, Zhong Ke San Huan, Yunsheng Company, YSM, JL MAG, ZHmag, Jingci Material Science, ATandM, NBJJ, Innuovo Magnetics, SGM, Galaxy Magnetic, Zhongyuan Magnetic, Earth- Panda, Magsuper.
Recent Development
The world NdFeB magnets industry is set to experience significant growth because of the growing emphasis towards green power and electric cars (EVs). Due to the diminishing of fossil fuels, there's an increasing focus on shifting to renewable energy options like wind turbines and hybrid electric vehicles. This has led to the need for NdFeB magnets that are an integral component of these renewable energy solutions.
It is believed that the NdFeB magnets business is being driven by the increase in the utilization for these components in electronic consumer such as fans and air conditioning compressors and fax stepper motors. loudspeakers, printer machine rollers separation equipment magnetic resonance imaging (MRI) as well as relays and switches.
Additionally, there has increased use of the bonded NdFeB magnets for the production of electromagnets utilized for medical procedures, such as the molar distillation process, palatal expansion and orthodontic treatment.
There is a huge demand for NdFeB market is heavily dominating by China because China is home to a huge number of producers of magnets made from rare earth. Japan is another significant market for the magnets since they are utilized in energy-efficient elevators wind turbine generators, electronics, hybrid cars and the computer's hard drive, and various other items.
Furthermore, the magnets are used for magnetic resonance devices to diagnose and treat a variety of illnesses like chronic pain syndrome, arthritis and insomnia, as well as wounds and a variety of other conditions.
Segmentation
The report pinpoints the market leaders with the highest visibility and gives insight into their strategies for business. It allows clients to gain an advantage over competitors in the world NdFeB market. Additionally, it offers an in-depth analysis of most important market trends and also identifies potential growth opportunities for the NdFeB market over the next years.
The world NdFeB magnetic market anticipated to grow because of the need for superior magnetic strength as well as the reduction of equipment used in a variety of industries that require end-use, such as defense, automotive electronics, medical and industrial. The market is also influenced by the growing emphasis on renewable energy sources and the growing demand for compact and lightweight magnets.
As one of the main applications, NdFeB magnets are employed to manufacture smaller electronic devices, such as computers and loudspeakers. They are also employed in EVs because of their superior magnetic properties and are cheaper and lighter than SmCo magnets. (SmCo) magnets. They are also more durable and less expensive.
NdFeB magnetics business is expanding quickly in Germany because of the growing interest in electric vehicle (EVs) as well as the laws of the government that encourage the use of these magnets over diesel and petrol vehicles.
The NdFeB magnets market is extremely fragmented market. For a chance to keep ahead market, the players are looking to acquire new facilities in addition to expanding their distributor networks. A few of them are spending money on research and development to improve their products.
Regional Outlook
The world NdFeB Market has been expanding at a rapid rate and is expected to increase through the forecast timeframe of 2023 until 2030. The rising demand for electric vehicles as well as rapid industrialization and increasing investments in renewable energy, specifically wind power energy are just a few of the elements driving the world NdFeB market over the next few years.
The United States is the largest market for NdFeB magnets and is expected to expand at a rapid rate over the next few years. This is mostly because of the increasing demand for electric car (EV) automobiles and their widespread use in various industries like automotive, robotics wind energy, and automotive.
Motors for electric vehicles are generally made by using NdFeB magnets due to their outstanding performance and efficiency when compared with other magnets.
Furthermore, NdFeB magnets are used in Regenerative braking systems to create energy that is kept in batteries. This procedure extends the potential of EVs and reduces emissions from vehicles. So increasing need in NdFeB magnets is expected to grow in the automobile sector. Additionally, ferrite magnets are used in other motor applications like AC motors as well as refrigerator motors in HVAC and refrigeration motors.
They also are used in loudspeakers and separation equipment, magnetic resonance imaging (MRI) as well as switches and relays. They are well-known for their exceptional quality and durability in terms of temperature stability as well as corrosion resistance.
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