Rare earth magnets are permanent magnets manufactured from a magnetized material that creates its own persistent magnetic field. These include alloys of rare earth elements such as neodymium, samarium, and dysprosium. Unlike temporary magnets such as electromagnets, rare earth permanent magnets do not lose their magnetic property unless they are heated above the Curie temperature. They are industrially manufactured through casting or sintering and are produced from magnetic metallic elements and composites of rare earth materials. Neodymium-iron-boron (NdFeB), samarium cobalt (SmCo), and SmFeN are some of the examples of rare earth permanent magnets.
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Growth in the automotive industry due to technological advancements, rise in population, and increase in consumer goods demand are major factors expected to drive the rare earth magnet market during the forecast period. Furthermore, significant expansion of the wind energy generation industry owing to rapid industrialization, growth in population, and increase in demand for electricity are also anticipated to boost the rare earth magnet market.
However, volatility in prices of rare earth materials such as dysprosium and neodymium due to ban of export of rare earth elements from China to other regions is estimated to hamper the rare earth magnet market. Increase in application scope of magnets in HEVs and rise in demand for better performing vehicles are projected to offer lucrative opportunities to the market over the next few years.
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Key players operating in the global rare earth magnet market include Hitachi Metals, Ltd., SG Magnets Ltd., Arnold Magnetic Technologies Corporation, Yantai Shougang Magnetic Materials Inc., Shin-ETSU Chemical Co., Ltd., and Bunting Magnetics Co.