The global neodymium iron boron (NdFeB) permanent magnet market is projected to grow significantly, reaching US$ 29,129.11 million by 2031, up from US$ 15,204.23 million in 2024. This growth reflects a robust CAGR of 10.3% during the forecast period from 2025 to 2031.
Executive Summary & Global Market Analysis
The NdFeB magnet market is witnessing strong momentum, fueled by increasing adoption of high-performance, energy-efficient technologies across diverse industries. These magnets are known for their exceptional magnetic strength, compact size, and versatility—attributes that make them indispensable in electric vehicles (EVs), wind turbines, consumer electronics, and medical devices.
Key growth drivers include:
- The global transition to renewable energy sources
- Rapid electrification in automotive and industrial sectors
- Miniaturization and automation of electronic devices
Emerging trends such as recycling of rare earth elements, supply chain resilience, and environmental sustainability are reshaping the competitive landscape. Market players are also heavily investing in advanced manufacturing technologies and collaborative R&D to enhance performance and sustainability.
Despite the market’s dominance by established Asian manufacturers, new opportunities are opening for companies that can deliver differentiated value such as higher magnet quality, local supply chains, and lower carbon footprints.
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Market Segmentation Analysis
By Type:
- Sintered NdFeB Magnets (Dominant in 2024)
- Bonded NdFeB Magnets
By End-User:
- Automotive (Leading segment)
- Consumer Electronics
- Power Generators (Wind Turbines)
- Industrial Automation & Robotics
- Medical Devices
- Others
By Geography:
- North America
- Europe
- Asia-Pacific (Leading region)
- Middle East & Africa
- South & Central America
Key Market Drivers and Opportunities
Electrification of Transportation
The increasing adoption of electric vehicles globally is one of the strongest drivers of NdFeB magnet demand. These magnets are critical components in EV motors, offering unmatched energy efficiency and magnetic strength. Regulatory mandates, consumer preferences for cleaner mobility, and infrastructure investments are further fueling this trend.
Industrial Automation and Energy Sector Growth
The global shift toward automation, smart manufacturing, and wind energy generation also significantly contributes to the demand for high-performance NdFeB magnets.
Type-Based Market Insights
Sintered NdFeB magnets held the largest market share in 2024. These magnets are produced using powder metallurgy, providing superior temperature stability, demagnetization resistance, and magnetic performance—ideal for demanding applications in EVs, renewable energy, and robotics.
Key Players in the NdFeB Magnet Market
- Hitachi Metals, Ltd.
- Shin-Etsu Chemical Co., Ltd.
- TDK Corporation
- Ningbo Yunsheng Co., Ltd.
- Beijing Zhong Ke San Huan High-Tech Co., Ltd.
- Vacuumschmelze GmbH & Co. KG
- Neo Performance Materials Inc.
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