The Neodymium (NdFeB) Magnets Market is being driven by Increasing focus on renewable energy sources
The Neodymium (NdFeB) Magnets Market is expected to grow at a CAGR of 8.5% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 7650.5 million. The global Neodymium (NdFeB) magnets market is experiencing significant growth due to the increasing adoption of Electric Vehicles (EVs). NdFeB magnets are essential components in the production of EV motors, providing superior performance and efficiency. Notably, Tesla, a leading EV manufacturer, utilizes NdFeB magnets in its electric motors, contributing to the market's expansion. Additionally, NdFeB magnets are employed in various EV systems, such as battery management and regenerative braking, further fueling market demand. The rising popularity of EVs as eco-friendly and cost-effective transportation alternatives is driving this trend.
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The market is segmented based on
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
However, the market also witnesses some limitations, which are as follows:
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Market Scope |
|
Report Coverage |
Details |
Page number |
206 |
Base year |
2024 |
Historic period |
2019-2023 |
Forecast period |
2025-2029 |
Growth momentum & CAGR |
Accelerate at a CAGR of 8.5% |
Market growth 2025-2029 |
USD 7650.5 million |
Market structure |
market_structure.ucfirst |
YoY growth 2024-2025(%) |
7.7 |
Key countries |
China, US, Japan, India, Germany, Canada, South Korea, UK, France, and Australia |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Find out which segment is leading the market by accessing the free PDF report
Neodymium (NdFeB) magnets are renowned for their high magnetic field density and magnetic flux density. The magnetic moment, saturation, anisotropy energy, and magnetic domains are intrinsic properties that determine their performance. Magnetostatic energy, demagnetization curve, temperature coefficient, thermal stability, and magnetic forces/torque are essential factors affecting their application. Magnetic energy storage, spectroscopy, susceptibility, and permeability measurements, hysteresis loops, anisotropy, simulation, modeling, design, optimization, characterization, degradation, aging, recycling, disposal, and safety are key aspects of NdFeB magnet research and development.
The Neodymium (NdFeB) magnets market is a segment of the rare earth magnets industry, which falls under the broader category of permanent magnets and magnetic materials. These magnets are renowned for their strong magnetic properties, including high magnetic field strength and magnetic flux. Companies specializing in the production and extraction of Neodymium, a key component of these magnets, are integral players in the global diversified metals and mining market. This market encompasses businesses involved in the extraction and processing of a range of metals and minerals, including non-ferrous metals such as Neodymium, as well as salt, borate, phosphate rock, and other diversified mining operations. The market size is determined by the combined revenue generated by these companies.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
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