Rare Earth Magnet Market Report Examines Key Applications

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Rare Earth Magnet Market- (By Type (Neodymium-Iron-Boron Magnet (NdFeB), Samarium Cobalt Magnet (SmCo)), Product (Countersunk Magnets, Circular Disc Magnets, Hook & Eyebolt Magnets, Cylindrical Rod Magnets, Circular Ring Magnets, Rectangular, Self-Adhesive, Pot & Clamping Magnets), Application (Automotive Industry, Food & Drink Processing, Aerospace Industry, Renewable Energy, Consumer Electronics, Deep Sea Exploration, Others)), Trends, Industry Competition Analysis, Revenue and Forecast To 2034."
According to the latest research by InsightAce Analytic, the Global Rare Earth Magnet Market is valued at USD 19.5 Bn in 2024, and it is expected to reach USD 40.5 Bn by the year 2034, with a CAGR of 7.7% during a forecast period of 2023-2031.
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Rare-earth magnets are powerful permanent magnets composed of rare-earth alloys, capable of generating magnetic fields exceeding 1.5 Tesla—significantly stronger than those produced by conventional magnets. The global market for rare-earth magnets is primarily driven by the growing adoption of electric vehicles (EVs) and rising demand across emerging economies for consumer electronics, medical devices, and actuator systems. Furthermore, the electric motor industry is experiencing steady growth fueled by rapid urbanization, industrialization, increased energy access, and escalating automation across multiple sectors. As the automotive industry represents one of the largest end-users of rare-earth magnets, this industrial expansion is expected to positively influence market demand.