Global Rare Earth Magnet Market Size Was 6715.45 Million Usd In 2017
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The rare earth permanent magnet material refers to an alloy formed of rare earth metal and a transition metal. NdFeB is the third generation of Magnet that takes more than 98% of world demand. Rare Earth Magnet market can be categorized as sintered magnet, hot press magnet and bonded magnet in terms of manufacture process. Sintered magnet is the major type that takes 93.83% of world production in 2017. The volume of bonded magnet is 8786 MT in 2017, which takes 5.33% of world production. Due to the monopoly of hot-pressed NdFeB, the price of raw materials even exceeds the price of hot-pressed NdFeB products. Therefore, only the same Japanese company in the world has an annual sales volume of 1,000 tons, and hot-pressed NdFeB has not yet formed an industry.
The technical barriers of Rare Earth Permanent Magnets are relatively low, and the Rare Earth Permanent Magnets market concentration degree is relatively higher. The manufacturing bases concentrated distribution in China and Japan; some of the key players dominating this market are Hitachi Metals Group, Shin-Etsu, TDK, VAC, Beijing Zhong Ke San Huan Hi-Tech, Yunsheng Company, and others.
The Global Rare Earth Magnet market size was 6715.45 million USD in 2017 and it will be 8021.77 million USD in 2024, with a Growth Rate of 8.61% from 2017 to 2024. 3. The key factors driving the growth of the aforementioned industry are wide application areas. With the improvement of application areas, the increased consumption of Rare Earth Magnetss are expected to continue during the remaining years of the forecast period of 2018-2024.
In the past few years, as the main raw material price was not stable, with the addition of a sharp increase in production capacity, expected that the Rare Earth Magnets raw material price will be relatively stable in the short term. However, the improvement of energy, transportation costs, and employee wages, will play a significant role in promoting the cost of Rare Earth Magnets.
There are companies adding new capacities and aims at the cost and quality leadership which shall improve profitability. As the same time, companies are focusing on technological innovation, equipment upgrades, and process improvements, to reduce costs and improve quality. The oversupply of Rare Earth Magnets in the market has had a negative impact but has been countered by the magnitude of the increase in demand, resulting in uncertainty in the Rare Earth Magnets market