Global Permanent Rare Earth Magnets Market is expected to grow at a significant CAGR in the upcoming years as the scope and its applications are increasing across the globe. The permanent magnets composed of alloys of rare earth elements which have a high strength are referred to rare earth magnets. The strongest type of permanent magnets made, rare earth magnets produce considerably stronger magnetic fields than other types of magnets.
The factors that propel the growth of the Permanent Rare Earth Magnets Market include increasing demand, rapid urbanization & industrialization, wide range of applications and product development & technological innovations. On the other hand, there are also factors that may hamper the growth of the market such as complexity in extraction and high cost related to the refining and purification process of these metals.
Permanent Rare Earth Magnets Market is classified on the basis of product type, applications, distribution channel and geography. The market is segmented by product type as Neodymium Magnets, Samarium Magnets and others. Permanent Rare Earth Magnets Market is classified on applications as automotive, aerospace, consumer electronics, home appliances, industrial, medical equipment, wind turbines, and others. Among applications, industrial segment is expected to register a noteworthy share in the Permanent Rare Earth Magnets Market.
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Permanent Rare Earth Magnets Market is segmented by distribution channel as online stores, specialty stores and others. Permanent Rare Earth Magnets Industry is classified on the basis of geography as North America, Latin America, Western Europe, Eastern Europe, Asia Pacific, Japan and Middle East and Africa. The North American region consists of the U.S., and Canada. Latin America region consists of Mexico and Brazil. The Western European region consists of Germany, Italy, France, England and Spain. The Eastern European region consists of Poland and Russia. Asia Pacific region consists of China, India, ASEAN, Australia & New Zealand. The Middle East and African region consists of GCC, South Africa and North Africa.
Geographically, this report is segmented into several key Regions, with production, consumption, revenue (million USD), market share and growth rate of Permanent Rare Earth Magnets in these regions, from 2012 to 2022 (forecast), covering
- North America
- Southeast Asia
Global Permanent Rare Earth Magnets market competition by top manufacturers, with production, price, revenue (value) and market share for each manufacturer; the top players including
- Hitachi Metals
- Shin-Etsu Rare Earth Magnet
By geography, China is projected to hold a lion’s share in the Permanent Rare Earth Magnets Industry. The key factors that contribute to the growth of this region is due to availability of cheap labour, illegal mining and great control over raw material supply. Some of the key players that fuel the growth of the industry include Hitachi Metals, Shin-Etsu Rare Earth Magnet, TDK, Vacuumschmelze, and others. The key players are focusing on inorganic growth to sustain themselves amidst fierce competition. As such, mergers, acquisitions, and joint ventures are the need of the hour.
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