Insights on the Neodymium Magnet Global Market 2022 and beyond.

Neodymium Magnet is a strong type of magnet that is composed of neodymium, boron, iron, and various transition metals. These magnets have high strength and are very lightweight due to the fact they are used in many applications in consumer electronics, industrial fixtures, and the automotive industry. Neodymium Magnets have a wide range of applications from hard disk drives, speakers, headphones, anti-lock brake sensors, MRI scanners, light fixtures etc.

The growing demand for neodymium magnets through various end-user industries such as automotives, consumer electronics, healthcare, and others are projected to drive the growth of the market in the next 5 years. Growing demand through the innovation of consumer electronics- converged devices such as smart TVs, smart houses, smartphones, and digital setup boxes such as shutter control through platform connection will be a major growth driver for the neodymium magnet market.

Moreover, as experienced through the global pandemic of Covid-19 in the medical field, the rising demand for MRI scanners in the healthcare industry is expected to increase the demand for neodymium magnets in the future. This is due to MRI scanners requiring high-powered magnetic activity to capture high-quality images therefore require the highest strength and grade of neodymium magnets. Furthermore, rising demand for renewable energy due to current global energy crisis from both natural and fossil fuel has brought forth growing installations of wind turbines across various countries with projections to increase which will further drive the overall market growth.