According to the business intelligence 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 Market Study Report, global rare earth magnet market was evaluated at USD 13298.44 million in 2019 and is projected to expand significantly between 2020-2025.
 

Surging sales of electronic devices like laptops, computers, smart phones, televisions etc. owing to increase in consumer spending power, coupled with growing internet penetration worldwide are key factors spurring global rare earth magnet market growth.
 

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Furthermore, rising consumer awareness for sustainability along with government schemes and initiatives have boosted sales of hybrid and electric vehicles which will augment the industry outlook in the upcoming years. Additionally, amidst the covid-19 pandemic, many leading producers have started manufacturing electric vehicles, electronics devices, and medical devices like ventilators which will proliferate demand of rare earth magnets.
 

Moreover, strict regulatory standards with respect to environment conservation, introduction of new technology which reduces maintenance costs, supportive government policies pertaining to energy conservation, and increasing consumer awareness about product quality are some other factors which will boost global rare earth magnet industry growth.
 

Based on type, the industry is bifurcated into sintered rare earth magnet, and bonded rare earth magnet. Speaking of composition, worldwide rare earth magnet market is divided into NdFeB, and SmCo. Speaking of application scope, the market sphere is segregated into automobile, defense, medical, and electronics among others.
 

Regionally speaking, Asia Pacific captured majority of the worldwide rare earth magnet market share in the recent past due to growing industrialization, and low production costs which has motivated manufacturers to invest in countries like China and India. Investments by public sector in medium and small scale industries will also propel industry expansion.
 

Key players profiled in global rare earth magnet market report are Lynas Corporation Ltd., Bunting Magnetics Co., Shin-Etsu Chemical Co. Ltd., Eriez Manufacturing Co., Eclipse Magnetics Ltd., Hitachi Metals Ltd., Shanghai Sheensen Magnet Industry Co. Ltd., Yantai Shougang Magnetic Materials Inc., and Rochester Magnet Company.