Permanent Rare Earth Magnets Market worth 8.5% CAGR by 2028
Bengaluru, August – Permanent rare earth magnets are a type of powerful and versatile magnets that play a crucial role in various industries and applications. They are known for their exceptional magnetic properties, high coercivity, and strong magnetic fields, making them ideal for numerous technological advancements.
Rare earth magnets, particularly neodymium magnets, are essential components in various electronic devices such as smartphones, computers, laptops, headphones, and speakers. The growing demand for these gadgets drives the market for permanent rare earth magnets. Moreover, rare earth magnets possess unique magnetic properties that make them difficult to replace with other materials in certain applications. While researchers continue to explore alternative materials, the limited availability of substitutes contributes to the sustained demand for permanent rare earth magnets.
The ongoing global shift towards electric mobility, including electric vehicles (EVs) and electric bikes, offered significant opportunities for the permanent rare earth magnets market. The increasing demand for EVs required larger quantities of rare earth magnets for electric motor applications, presenting a substantial growth opportunity for magnet manufacturers. Further, the expansion of renewable energy installations, especially wind power, created a strong demand for rare earth magnets used in wind turbines. As countries continued to invest in renewable energy sources, the demand for these powerful magnets was expected to rise, presenting a lucrative opportunity for market players.
The Permanent Rare Earth Magnets Market research report titled as “Permanent Rare Earth Magnets Market Type, Application and Geography – Forecast up to 2028”
The top notch competitors competing in the permanent rare earth magnets market are Adams Magnetic Products Co., Advance Magnetic Material Co., Ltd, Arnold Magnetic Technologies, Daido Steel Co., Ltd., and Goudsmit Magnetics Group.
Asia Pacific is likely to dominate the market in future. This is owing to the surging demand for permanent magnets, which are being highly consumed by electronics and hardware manufacturers.
The report consists of —- Tables 85 and charts 45 depicting the in-depth market study and the impact analysis of COVID-19 by Vendor name. View detailed TOC here.
Permanent Rare Earth Magnets Market based on Type:
- Neodymium Magnets
- Samarium Magnet
Permanent Rare Earth Magnets Market based on Applications:
- Industrial
- Consumer Electronics
- Home Appliances
- Automotive
- Wind Turbines
- Others (such as Medical Equipment, Aerospace)
Permanent Rare Earth Magnets Market based on Geography:
- North America
- Europe
- Asia Pacific
- Rest of the World
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