Neodymium Iron Boron Magnets Market Research Report

Neodymium iron boron magnets (NdFeB), also known as neo magnets, are the strongest permanent magnets available today with maximum applications in energy products. The global market for these magnets is growing on account of increasing applications. This market was valued at $8,155.03 million in 2013 and is expected to reach $12,728.01 million by 2019, growing at a CAGR of 8.90% from 2014 to 2019

The global market for neodymium iron boron magnets is majorly driven by the growing demand for high magnetic strength and miniaturization of equipment in existing and emerging applications.

The report, ‘Global Neodymium Iron Boron Magnets Market’, analyzes the NdFeB magnets market by application for seven major areas, namely, consumer electronics, general industrial applications, automotive, medical technology, environment & energy, aerospace & defense, and others. All these applications have experienced growth until 2013 and the trend is expected to continue in the coming years.

 Consumer electronics holds a majority of the share of the NdFeB magnet market with a market value of $2,060.25 million in 2013, estimated to grow at a CAGR of 6.80% between 2014 and 2019. Neodymium iron boron magnets are preferred for most applications because of their superior performance with the smallest volume. Aerospace & defense and automotive markets have been witnessing the maximum growth because of modernization and electrification to improve efficiency. The automotive market was valued at $1,703.4 million in 2013 and is estimated to grow at a CAGR of 10.50% by 2019. The increasing focus on environmental protection has led to the development of clean energy sources such as wind energy. Wind-generating and water turbine markets offer more growth opportunities for NdFeB magnets.

This report covers the global market for neodymium iron boron magnets by region, covering North America, Asia-Pacific, Europe, South America, and Middle East and Africa. Asia-Pacific is the dominant region for the production and use of NdFeB magnets. South America’s market is estimated to experience high growth and is projected to grow at a CAGR of 12.30% for the forecasted period. The market in Asia-Pacific is growing at a fast pace due to rising demand from end-user industries, especially in countries such as China and Japan. The market is growing slowly in Europe and Eurasia, but it will continue to grow at a significant pace in the North American region.

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