2023-2029 Global and China High Performance Neodymium Iron Boron Magnets Market Status and Forecast
July 27, 2024
According to QYR's statistics and forecasts, the global high-performance Ndfeb magnet market sales reached $5.8 billion in 2022 and is expected to reach $7.3 billion in 2029, with a compound annual growth rate (CAGR) of 3.2% (2023-2029).
At the regional level, the Chinese market has changed rapidly in the past few years, with a market size of $1 million in 2022, and is expected to reach $1 million in 2029.
High performance Neodymium Iron Boron (NdFeB) magnets are powerful permanent magnet materials known for their excellent magnetic properties.
It is composed of the rare earth elements neodymium (Nd), iron (Fe) and boron (B) and is usually prepared by powder metallurgy. High-performance NdFeB magnets are used in a wide range of applications, including motors, generators, magnetic sensors, medical devices, magnetic resonance imaging (MRI), and various electronic devices.
As electronic devices become miniaturized and portable, high-performance NdFeB magnets also need to be smaller. Future trends will include the development of miniature magnets and their integration into miniature electronic devices for more compact and high-performance designs.
One of the future development trends is to continuously improve the magnetic properties of high-performance NdFeB magnets, including magnetic energy product (BHmax), coercivity (Hc) and residual induction strength (Br). This will allow them to break ground in a wider range of applications.
