The global neodymium-iron-boron magnet market size reached USD 16.6 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 28.8 Billion by 2033, exhibiting a growth rate (CAGR) of 6.3% during 2025-2033.
Report Attribute
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Key Statistics
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Base Year
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2024
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Forecast Years
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2025-2033
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Historical Years
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2019-2024
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Market Size in 2024
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USD 16.6 Billion |
Market Forecast in 2033
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USD 28.8 Billion |
Market Growth Rate 2025-2033 | 6.3% |
Neodymium-iron-boron (NdFeB) magnets are rare earth magnets manufactured from neodymium, iron, and boron. They are permanent magnets with the highest magnetic properties compared to samarium cobalt (SmCo), alnico, and ferrite magnets. They are highly cost-effective while offering high resistance to demagnetization. They are used in metal separators to filter iron powder from oil reserves effectively. In addition, NdFeB magnets assist in manufacturing jewelry clips, identification badges, and baby strollers that are attached to carriers via magnets. They are also integrated in magnetic resonance imaging devices to diagnose and treat chronic pain syndrome, arthritis, wound healing, insomnia, and headache by generating a static magnetic field.
At present, there is a rise in the demand for renewable energy sources, such as wind and solar, to reduce the dependency on fossil fuels. This, along with the growing utilization of NdFeB magnets in wind turbine generators to increase their efficiency, represents one of the key factors driving the market. Besides this, the increasing employment of NdFeB magnets in robotics to power wheels, sensors, and motion is contributing to the growth of the market. In addition, there is an increase in the demand for NdFeB magnets to maintain the muscular tonus of astronauts during space flights across the globe. This, coupled with the rising application of these magnets as a motion-generating device in orthodontic treatments, molar distillation, and palatal expansion, is propelling the growth of the market. Moreover, the growing demand for NdFeB magnets in manufacturing speakers to create an opposing magnetic field that creates vibrations is offering a positive market outlook. Apart from this, the escalating demand for permanent magnets in electrical appliances, such as air conditioners (ACs), washing machines, dryers, cooling fan motors in computers, fans, and microwaves, is bolstering the growth of the market.
IMARC Group provides an analysis of the key trends in each sub-segment of the global neodymium-iron-boron magnet market report, along with forecasts at the global and regional level from 2025-2033. Our report has categorized the market based on application.
Breakup by Application:
NdFeB magnets find extensive application in automobiles across the globe, which can be attributed to the growing environmental consciousness among individuals and consequently rising demand for electric vehicles (EVs).
Regional Insights:
On the basis of region, the market has been segregated into China, Japan, Europe, and others.
The report has also examined the competitive landscape of global neodymium-iron-boron magnet market.
Report Features | Details |
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Base Year of the Analysis | 2024 |
Historical Period | 2019-2024 |
Forecast Period | 2025-2033 |
Units | Billion USD, Metric Tons |
Segment Coverage | Application, Region |
Region Covered | China, Japan, Europe, Others |
Customization Scope | 10% Free Customization |
Post-Sale Analyst Support | 10-12 Weeks |
Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |