Neodymium-iron-boron magnets (NdFeB) are a type of permanent magnets made from an alloy of neodymium, iron and boron. They require a protective surface coating as a result of their lower Curie temperature and tendency to undergo oxidation. However, their high magnetic strength and energy efficiency makes NdFeB magnets ideal for applications where compact yet strong permanent magnets are required. A new research report by IMARC Group, titled “Neodymium-Iron-Boron Magnet Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, estimates that the market was worth US$ 12 Billion in 2017. The report further anticipates the market to cross US$ 19 Billion by 2023, at a projected CAGR of more than 8% over the forecast period.
Global Neodymium-Iron-Boron Magnet Market Drivers/Constraints:
- The growing demand for high magnetic strength and miniaturization of equipment in existing and emerging applications is majorly driving the global market for NdFeB magnets.
- The government initiatives to stimulate the use of green technologies so as to decrease the greenhouse gas emissions is expected to drive the growth of the global NdFeB magnet market.
- Some of the other factors propelling the demand for NdFeB magnets include their increasing and wide-ranging applications in sectors such as defence, automotive, medical, electronic, industrial, etc.; limited substitutes; flourishing end-use industries; etc.
- The high cost, low Curie temperature and propensity to undergo oxidation represent the major constraints to the applications of NdFeB magnets.
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On the basis of applications, the 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. Motors and generators dominate the market as they are used in wind turbines and improve the energy output at slower wind speed, thereby, reducing energy wastage and making them energy efficient.
Country-wise, China enjoys a leading position in the global NdFeB magnet market on account of the high demand for these magnets from the major end-user industries in the region. China also has a monopoly on the raw materials used to produce these magnets which facilitates the production of these magnets in the country. It is followed by Japan, Europe and others.
The market is highly fragmented with the presence of various small and large manufacturers who compete in terms of volume and revenue. As China provides a secure and economical supply of the major raw materials, most of the rare earth magnets manufacturers are based in the country.
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