According to the research report titled ‘Global Rare Earth Magnet Market: Analysis By Type (Sintered, Bonded), Composition (NdFeB, SmCo), Application, By Region, By Country (2020 Edition): Market Insights, Covid-19 Impact, Competition and Forecast (2020-2025)’, available with MarketStudyReport, global rare earth magnet market was worth USD 13298.44 million in 2019 and is expected to witness lucrative returns by the year 2025.
 

The expansion of global rare earth magnet market is attributed to strict regulatory standards for environment preservation, favorable government initiatives for energy conservation, and rising awareness of consumers regarding the product quality.
 

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Growing automobile and electronic sectors, in consort with rapid industrialization across emerging economies are expected to drive the industry further in the forecast years. Moreover, rising consumer demand, and investment by public & private entities in small and medium scale businesses are anticipated to fuel the industry expansion during the forthcoming years.
 

Due to rising consumer spending, and expanding internet penetration around the world, there is a surge in sales of electronics products such as smart phones, laptops, televisions, and computers. This factor, alongside widespread adoption of electric and hybrid vehicles around the world are bolstering the demand for rare earth magnet.
 

As per experts, the industry is expected to record a boom post the COVID-19 outbreak, owing to increasing demand for rare earth elements as numerous top producers are amplifying the production volume of electronics devices, electric vehicles, and medical devices such as ventilators.
 

On the basis of type, worldwide rare earth magnet market is divided into bonded rare earth magnet, and sintered rare earth magnet. In terms of composition, the industry is split into SmCo, and NdFeB.
 

Based on application spectrum, the marketplace is branched into electronics, automobile, defense, medical, and others. Among these, automotive sector is poised to witness steady growth over the forecast years, owing to massive manufacturing of electric vehicles that have permanent magnets to provide better induction, reduce weight, and generate more power.
 

Speaking of the regional scope, Asia Pacific held a major market share in the recent past and is anticipated to grow considerably over the forecast timeline. The expansion is attributed to rapid industrialization which is compelling a large number of manufacturers to invest in countries like China and India.
 

The key players in global rare earth magnet market are Shanghai Sheensen Magnet Industry Co., Ltd., Eclipse Magnetics Ltd., Bunting Magnetics Company, Rochester Magnet Company, Eriez Manufacturing Co., Yantai Shougang Magnetic Materials Inc., Hitachi Ltd., and Lynas Rare Earths Ltd.