Precision Business Insights has published a report on the global rare earth magnet market, estimating its value at USD 20.4 billion in 2024 and is expected to expand at a compound annual growth rate (CAGR) of 6.7% over the forecast period 2025-2031. The report explores the market growth and potential opportunities in the market industry. Additionally, it offers a detailed analysis of how these elements will affect market demand dynamics and market performance throughout the forecast period.

View the detailed report description here - https://www.precisionbusinessinsights.com/market-reports/rare-earth-magnet-market

Market Definition:

Rare earth magnets are incredibly strong permanent magnets made from rare earth elements, primarily neodymium (NdFeB) and samarium cobalt (SmCo). These magnets generate exceptionally high magnetic fields, making them essential in various industries.

Drivers:

1)      Growing demand for electrical vehicles.

2)      Increasing focus on recycling and sustainability.

The global rare earth magnet market segmentation:
1) By Type: Neodymium-Iron-Boron Magnet (NdFeB), Samarium Cobalt Magnet (SmCo).
2) By Product: Countersunk Magnets, Circular Disc Magnets, Hook & Eyebolt Magnets, Cylindrical Rod Magnets, Circular Ring Magnets, Rectangular, Self-Adhesive, Pot & Clamping Magnets.
3) By Application: Automotive Industry, Food & Drink Processing, Aerospace Industry, Renewable Energy, Consumer Electronics, Deep Sea Exploration, Others.

Regional Overview:
The report also examines the current concerns and their Future Effects on the rare earth magnet market by the region. The report covers all regions and countries, North America was the largest and Asia was the fastest-growing region in the rare earth magnet market. The market has been segmented into numerous primary regions and a detailed evaluation of primary countries.

·         North America (U.S., Canada)

·         Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)

·         Asia-Pacific (China, India, Japan, Australia, Southeast Asia, Rest of Asia Pacific)

·         Latin America (Mexico, Brazil, Argentina, Columbia, Rest of Latin America)

·         Middle East & Africa (GCC, Egypt, Nigeria, South Africa, Rest of Middle East and Africa)

The competitive landscape is dominated by major players like Hitachi Metals Group, Shin-Etsu, TDK, VAC, Arnold Magnetic Technologies, ADAMS Magnetic Products Co., Bunting Magnetics Co., Eclipse Magnetics Ltd., Hangzhou Permanent Magnet Group (HPMG)Ltd., Ningbo NGYC (Ninggang Permanent Magnetic) Materials Co. Ltd., Ningbo Ketian Magnet Co.Ltd., Thomas & Skinner Inc., Beijing Zhong Ke San Huan Hi-Tech, Yunsheng Company, YSM, JL MAG, ZHmag, Jingci Material Science, ATandM.

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