Neodymium Iron Boron Magnet Market Latest Innovations, Key Drivers, Future Assessment and Analysis
Neodymium iron boron magnet market will grow at a rate of 7.45% for the forecast period of 2021 to 2028. Rise in the rapid expansion of industrial applications acts as a vital factor driving the growth of neodymium iron boron magnet market.
Neodymium-Iron-Boron (NdFeB) magnets are defined as the strongest and most affordable types of rare earth magnets and these magnets exhibit various characteristics due to which they have become quite popular in recent years. They are extensively used in electric motors, power tools, and other products requiring strong, compact permanent magnets.
Rise in the applications of neodymium-iron-boron in various fields like consumer electronics, automotive, healthcare and others is the vital factor escalating the market growth, also rise in the research and development activities and increase in the demand from numerous end-user industries are the major factors among others driving the neodymium iron boron magnet market. Moreover, rise in the technological advancements and modernization in the production techniques and rise in the demand from emerging economies will further create new opportunities for the neodymium iron boron magnet market in the forecast period of 2021- 2028.
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The major players covered in the neodymium iron boron magnet market report are Hitachi Metals, Ltd, Ningbo Yunsheng Co., Ltd, TDK Corporation, ysm-magnet MMC, Jingci Material Science Co., Ltd, Yantai Zhenghai Magnetic Material Co., Ltd, VACUUMSCHMELZE GmbH & Co. KG and Baotou Tianhe Magnetics Technology Co., Ltd among other domestic and global players. Market share data is available for global, North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America separately. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
Scope of the Neodymium Iron Boron Magnet Market Report:
Neodymium iron boron magnet market is segmented on the basis of product type and application. The growth amongst the different segments helps you in attaining the knowledge related to the different growth factors expected to be prevalent throughout the market and formulate different strategies to help identify core application areas and the difference in your target markets.
- Based on product type, the neodymium iron boron magnet market is segmented into bonded NdFeB magnet, sintered NdFeB magnet and others.
- The neodymium iron boron magnet market is also segmented on the basis of application into consumer electronics, automotive, healthcare, energy-mining and others.
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Neodymium Iron Boron Magnet Market Regional Analysis/Insights
The Neodymium Iron Boron Magnet market is analyzed and market size insights and trends are provided by country, material type, end user and application as referenced above.
The countries covered in the Neodymium Iron Boron Magnet market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period of 2022-2029. The market growth over this region is attributed to the high demand for fiber cement Neodymium Iron Boron Magnet within the region. Asia-Pacific on the other hand, is estimated to show lucrative growth over the forecast period of 2022-2029, due to the prominent presence of fiber cement Neodymium Iron Boron Magnet market players within the region. Moreover, the high requirement for the residential and commercial building construction also boosts the regional demand.
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