LONDON, May 15, 2017 /PRNewswire/ -- Neodymium-Iron-Boron (NdFeB) magnets are the strongest and most affordable types of rare earth magnets.
These magnets exhibit numerous characteristics due to which they have become quite popular in recent years. Although, NdFeB magnets have a lower curie temperature and are susceptible to oxidation, they offer the highest magnetic field strength and magnetic stability.
Here are some key Findings of the study:
- NdFeB magnets are used in electric motors, power tools, and other products requiring strong, compact permanent magnets.
- According to IMARC group, the Neodymium-Iron-Boron magnet market is presently worth over US$ 10.5 Billion with the total demand of NdFeB magnets growing at a CAGR of 8.5% during 2009-2016.
- The rapidly expanding industrial applications, limited substitutes for Neodymium magnets and the government initiatives to stimulate the use of green technologies so as to decrease the greenhouse gas emissions are some of the factors which are expected to drive a steady growth of the global Neodymium-Iron-Boron magnet market.
This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have or plan to have any kind of stake in the Neodymium-Iron-Boron magnet market.
The report has segmented the market on the basis of:
- Generators represent the largest sector followed by HDD/CD/DVD
- Energy Production and Storage
- Transducers and Drives
- China is the leading producer as well as the consumer due to its monopolistic hold over the raw materials used to produce them.
- Japan represents the second largest market for NdFeB magnets followed by Europe and the USA.
- As China provides a secure and economical supply of the major raw materials, most of the rare earth magnets manufacturers are based in China.
- Other manufacturers are located in the USA, Europe and Japan.
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