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 Market Study Report, global rare earth magnet market was valued at USD 13298.44 million in 2019 and is touted to register notable gains over the assessment period 2020-2025.
 

As per the report findings, favorable government policies on energy conservation, strict regulatory standards regarding environment protection, and rising consumer awareness about product quality are the primary factors driving global rare earth magnet market growth.
 

Request sample copy of this Report: https://www.marketstudyreport.com/request-a-sample/3208035/
 

Additionally, recent developments in technology are resulting in reduction in maintenance costs, which is increasing the product adoption across diverse industrial backgrounds. Factors such as increasing public & private sector investments in small & medium sized firms, and rising sale of consumer electronics are also drafting a favorable scenario for market expansion.
 

Elaborating on impact of COVID-19 pandemic, the market is expected to see soaring demand due to rapid increase in production of medical devices such as ventilators.
 

Based on composition type classification of global rare earth magnet market, neodymium (NdFeB) segment is slated to grow substantially over the forecast period, as it has replaced the traditionally used alnico and ferrite magnets in several applications where strong permanent magnets are preferred.
 

Speaking of application scope, automobile segment is slated to witness commendable growth over 2020-2025, owing to increasing penetration of electric vehicles. Notably, electric motors fitted with permanent magnets such as neodymium save energy, provide better induction, are lightweight, and generate more power.
 

On the regional front, Asia Pacific industry is poised to register a remarkable CAGR over the study period, owing to steady rise in demand for permanent magnets, low production costs, rapid industrialization, and growth in manufacturer investments in countries such as China and India.
 

Prominent players in global rare earth magnet industry sphere include Zhejiang Sheensen Magnetics Technology Co. Ltd., Eclipse Magnetics Ltd., Bunting Magnetics Co., Rochester Magnet Co., Eriez Manufacturing Co., Yantai Shougang Magnetic Material Inc., Shin-Etsu Chemical Co. Ltd., Hitachi Metals Ltd., and Lynas Corp. Ltd.