IMARC Group’s latest report, titled “Neodymium-Iron-Boron Magnet Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2017-2022”, finds that the global Neodymium-Iron-Boron (NdFeB) magnet market reached a value of US$ 10.5 Billion in 2016, growing at a CAGR of 8.5% during 2009-2016. NdFeB magnets, also known as neo magnets, are made of an alloy of neodymium, iron and boron. Developed in the late 20th century, they are considered as the strongest and most affordable type of rare earth magnets. Since then, NdFeB magnets have replaced Alnico and ferrite magnets in sectors such as power tools, electric motors and automotive. This can be attributed to their high magnetic stability which allows the use of smaller and lighter magnets. However, due to their low Curie temperature and propensity for oxidation, they require a protective coating layer of metals such as zinc, nickel and gold.
Highlights of the NdFeB magnet market:
- One of the primary growth-inducing drivers of the NdFeB magnet market is the expanding renewable energy sector.
- Motors and generators hold the majority of the global consumption.
- China represents the largest market, accounting for three-fourths of the total share.
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Energy harvesting sector is the major driver for neo magnets as they are extensively being used in wind turbines. Due to the efficacy of these magnets, the turbines are able to produce more energy even at slower wind speed, thereby, reducing wastage and making them energy efficient. With increasing environment concerns and government initiatives, the renewable energy sector is expanding, in turn, increasing the demand for NdFeB magnets. Moreover, these magnets are ideal for applications where compact and strong magnets are required such as in hybrid cars, electric bicycles, air conditioners, audio speakers and hard disk drivers. Some of the other growth inducing factors include increasing and wide-ranging applications, limited substitutes and flourishing end-use industries. As a result, the market is expected to continue its growth, reaching a value of nearly US$ 16 Billion by 2022.
On the basis of applications, motors and generators sector is the largest consumer of NdFeB magnets, followed by HDD/CD/DVD, transportation, energy production and storage, transducers, and drives, clutches and braking. On the basis of region, China is the largest market, accounting for three-fourths of the total global volume as it has a monopoly on the raw materials used to produce these magnets. China is followed by Japan, Europe and the United States. An evaluation of the competitive landscape of the market finds that the majority of key players are based in China.
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The report by IMARC Group has examined the global neodymium-iron-boron magnet market on the basis of:
- Motor and generators
- Energy production and storage
- Drives, Clutches and Braking
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