The North America rare earth magnets market exhibited a stable growth during 2014-2019. Rare earth magnets refer to strong permanent magnets, which are made from the alloys of rare earth elements. They can be classified into two main types – NdFeB magnets and SmCo magnets. Rare earth magnets have the highest energy product for their mass compared to other permanent magnets. This strong magnetic strength allows for significant product miniaturization, improved performance and reduced manufacturing costs. Owing to this, rare earth magnets are widely employed in the manufacturing of separators, microphones, automotive starters, acoustic transducers, motors, printers and computer disc drives.
North America rare earth magnets market is being driven by several factors. The growing demand for rare earth magnets, especially SmCo magnets, is supported by rapid development in the defense and aerospace sectors in the region. Moreover, the industrial motor and automobile industries also utilize rare earth magnets as a key component, thereby fueling market growth in the region. In addition to this, rising environmental concerns have resulted in the escalated demand for energy efficient vehicles, which employ rare earth magnets to reduce carbon emissions. Furthermore, newer applications of rare earth magnets in wind and solar power plants, high-speed trains, and industrial robots are also impelling their demand in the region.
IMARC Group’s latest report provides a deep insight into the North America rare earth magnets market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for industry players, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the North America rare earth magnets market in any manner.
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According to the estimates by IMARC Group, the global rare earth elements market is expected to witness a strong growth during 2021-2026.
Sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations resulting in temporary closure of numerous manufacturing units and disruptions in supply chain of rare earth elements.
The expanding automobile industry, coupled with the increasing product utilization in catalysts and magnets for motor vehicles to control carbon emissions, represent some of the key drivers for the global rare earth elements market.
The rising development of advanced energy generation facilities that use rare elements in manufacturing turbines, reactors, generators, transformers, etc., represents one of the key trends in the global rare earth elements market.
On the basis of the type, the market has been bifurcated into magnets, NiMH batteries, auto catalysts, diesel engines, fluid cracking catalyst, phosphers, glass, polishing powders, and others. Currently, magnets hold the majority of the total market share.
Region-wise, the market has been classified into China, Japan & Northeast Asia, and United States, where China dominates the global market.