According to the latest report by IMARC Group, titled "Neodymium-Iron-Boron Magnet Market: Global Industry Trends, Size, Share, Growth, Opportunity and Forecast 2022-2027," the global neodymium-iron-boron magnet market size reached US$ 13.6 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 21.1 Billion by 2027, exhibiting a growth rate (CAGR) of 7.72% during 2022-2027.
A neodymium-iron-boron magnet (NdFeB) refers to a kind of permanent magnet that has a tetragonal crystalline structure. It is made from an alloy of neodymium, iron and boron. It is considered to be one of the strongest and most affordable types of rare earth magnets. Available in a wide array of shapes, sizes and grades, these magnets have low curie temperature and are susceptible to oxidation. Consequently, they often require a surface finish or protective coating to minimize the effects of corrosion. Additionally, they are characterized by high magnetic stability, magnetic field strength and energy efficiency. As a result, they are widely used for several applications, such as electric motors, sensors, loudspeakers, DC motors and power tools.
Request for a PDF Sample of this Report: https://www.imarcgroup.com/neodymium-iron-boron-magnet-manufacturing-plant/requestsample
Neodymium-Iron-Boron Magnet Market Trends:
The market is primarily driven by the rapidly expanding industrial applications of NdFeB magnets on the global level. There has been a growing demand for magnets with high magnetic strength and stability from numerous end sectors, including medical, defense, automotive and electronics. Significant growth in the end use industries is, in turn, providing a thrust to the market growth. The rising trend of equipment miniaturization is acting as a major growth-inducing factor. This is supported by rapid urbanization, inflating disposable incomes of the masses and advancements in digital technologies. Furthermore, governments of numerous countries are undertaking initiatives to promote the use of green technologies to minimize greenhouse gas (GHG) emissions, which is facilitating the uptake of these magnets. The limited availability of substitutes for NdFeB magnets is favoring the market growth.
Neodymium-Iron-Boron Magnet Market 2022-2027 Competitive Analysis and Segmentation:
Competitive Landscape With Key Players:
The competitive landscape of the global neodymium-iron-boron magnet has been studied in the report with the detailed profiles of the key players operating in the market.
Key Market Segmentation:
Breakup by Application:
- Automobile
- Electronics
- Power Generators
- Medical Industry
- Wind Power
- Others
Regional Insights:
- China
- Japan
- Europe
- Others
Ask Analyst for Customization and Explore full Report with TOC & List of Figures: https://www.imarcgroup.com/request?type=report&id=522&flag=C
We are in the process of updating our reports. If you want to receive the latest research data covering the time period from 2023 to 2028, along with industry trends, market size, and competitive analysis, click on the request sample report. The team would be able to deliver the latest version of the report in a quick turnaround time.
Key Highlights of the Report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Market Trends
- Market Drivers and Success Factors
- The Impact of COVID-19 on the Global Market
- Value Chain Analysis
- Structure of the Global Market
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
Contact Us:
IMARC Group
134 N 4th St
Brooklyn, NY 11249, USA
Email: sales@imarcgroup.com
Americas: +1-631-791-1145 | Europe & Africa: +44-753-713-2163 | Asia: +91-120-433-0800