Neodymium-Iron-Boron Magnet Market Report by Application, and Region 2024-2032

Neodymium-iron-boron (NdFeB) magnets are rare earth magnets manufactured from neodymium, iron, and boron. They are permanent magnets with the highest magnetic properties compared to samarium cobalt (SmCo), alnico, and ferrite magnets. They are highly cost-effective while offering high resistance to demagnetization. They are used in metal separators to filter iron powder from oil reserves effectively. In addition, NdFeB magnets assist in manufacturing jewelry clips, identification badges, and baby strollers that are attached to carriers via magnets. They are also integrated in magnetic resonance imaging devices to diagnose and treat chronic pain syndrome, arthritis, wound healing, insomnia, and headache by generating a static magnetic field.

Neodymium-Iron-Boron Magnet Market Trends

At present, there is a rise in the demand for renewable energy sources, such as wind and solar, to reduce the dependency on fossil fuels. This, along with the growing utilization of NdFeB magnets in wind turbine generators to increase their efficiency, represents one of the key factors driving the market. Besides this, the increasing employment of NdFeB magnets in robotics to power wheels, sensors, and motion is contributing to the growth of the market. In addition, there is an increase in the demand for NdFeB magnets to maintain the muscular tonus of astronauts during space flights across the globe.

This, coupled with the rising application of these magnets as a motion-generating device in orthodontic treatments, molar distillation, and palatal expansion, is propelling the growth of the market. Moreover, the growing demand for NdFeB magnets in manufacturing speakers to create an opposing magnetic field that creates vibrations is offering a positive market outlook. Apart from this, the escalating demand for permanent magnets in electrical appliances, such as air conditioners (ACs), washing machines, dryers, cooling fan motors in computers, fans, and microwaves, is bolstering the growth of the market.

Key Market Segmentation

This report provides an analysis of the key trends in each sub-segment of the global neodymium-iron-boron magnet market report, along with forecasts at the global and regional level from 2024-2032. The report has categorized the market based on application.

Breakup by Application:

• Automobile
• Electronics
• Power Generators
• Medical Industry
• Wind Power
• Others

NdFeB magnets find extensive application in automobiles across the globe, which can be attributed to the growing environmental consciousness among individuals and consequently rising demand for electric vehicles (EVs).

Regional Insights:

• China
• Japan
• Europe
• Others

On the basis of region, the market has been segregated into China, Japan, Europe, and others.

Competitive Landscape

The report has also examined the competitive landscape of global neodymium-iron-boron magnet market.