Global Rare Earth Magnet Market to Exhibit a CAGR of 6.04% between 2019 and 2026

Publisher: QYResearch
Published Date: 2019/7/30

Rare earth magnets are durable, light weight, and small in size, which makes them easier to use in machinery. These magnets have their own magnetic fields and do not get demagnetized unless heated at Curie’s temperature. Rare earth magnets are alloy of elements such as neodymium, dysprosium, and samarium. The increase in technological developments in aerospace industry, automobiles industry, electronics, electricity production, wind energy generation, and other industries have increased the demand for permanent magnets. These magnets are used in day to day products, using permanent magnets ensures longevity. Hence there have been a rising market for the rare earth magnets.

In 2018, the global rare earth magnet valuation was US$7212.13 mn from US$5573.78 mn in 2014, and it will reach 10596.21 mn US$ in 2026, rising at CAGR of 6.04% between 2019 and 2026.

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