According to a new report by Expert Market Research, the global rare earth magnet market reached a value of US$ 113 Million in 2016 and is further expected to reach US$ 170 Million by 2022.
Rare earth magnets are the strongest type of permanent magnets made from the alloys of rare earth elements. Two types of rare earth magnets currently available are Neodymium-iron-boron magnets (NdFeB) and Samarium-Cobalt magnets (SmCo). Samarium-Cobalt magnets are considered as the first generation of rare earth magnets while Neodymium magnets are regarded as the second generation of rare earth magnets. These magnets possess strong magnetic field but are extremely brittle, susceptible to corrosion and vulnerable to breakage, chipping or crumbling. Hence, they are generally plated or coated as a measure of protection.
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With limited substitutes, these magnets have today become a significant part of a number of industries. Some of the industries include automotive, generators, motors, medical, aerospace, electronics, military, etc. According to a new report by Expert Market Research, the global rare earth magnet market reached a value of US$ 113 Million in 2016 and is further expected to reach US$ 170 Million by 2022.
Key findings from the report:
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Expert Market Research has analysed the global rare earth magnet market according to magnet type, key application areas and major regions:
Market breakup by Magnet Type
Market breakup by Application
Market breakup by Region
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