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Rare Earth Magnetic Materials, Global Market Size Forecast, Top 11 Players Rank and Market Share | |
Rare earth magnetic materials are a group of materials that exhibit strong magnetic properties due to the presence of rare earth elements. The most commonly used rare earth magnetic materials are based on compounds of neodymium, samarium, and dysprosium. These materials are used in a wide range of applications, including electronics, electric motors, generators, magnetic separators, and magnetic resonance imaging (MRI) machines. According to the new market research report “Global Rare Earth Magnetic Materials Market Report 2023-2029”, published by QYResearch, the global Rare Earth Magnetic Materials market size is projected to reach USD 7.33 billion by 2029, at a CAGR of 6.7% during the forecast period. According to QYResearch Top Players Research Center, the global key manufacturers of Rare Earth Magnetic Materials include Proterial, Shin-Etsu Chemical, etc. In 2022, the global top three players had a share approximately 38.3% in terms of revenue. Market Drivers: 1. Increasing demand for rare earth magnetic materials in the automotive industry for applications such as electric vehicle (EV) motors and power steering systems, driven by the global shift towards electric mobility and stringent emission regulations. 2. Growing adoption of rare earth magnets in renewable energy sectors, particularly wind turbines and generators, due to their high magnetic strength and stability, supporting the expansion of clean energy infrastructure. Restraint: 1. Supply chain challenges and geopolitical tensions surrounding rare earth elements (REEs), leading to price volatility and concerns over supply disruptions, impacting the availability and cost-effectiveness of rare earth magnetic materials. 2. Environmental and regulatory pressures associated with the extraction and processing of rare earth metals, leading to increased scrutiny and potential restrictions on mining activities, posing constraints on the production and utilization of rare earth magnetic materials. Opportunity: 1. Emerging applications of rare earth magnetic materials in advanced technologies such as magnetic refrigeration, magnetic resonance imaging (MRI), and magnetic levitation (maglev) systems, presenting new avenues for market growth and innovation. 2. Development of sustainable and eco-friendly alternatives to traditional rare earth magnets, leveraging advancements in materials science and recycling technologies to address environmental concerns and enhance the sustainability of rare earth magnetic material production. For more information, please contact the following e-mail address: Email: global@qyresearch.com Website: https://www.qyresearch.com QYResearch founded in California, USA in 2007.It is a leading global market research and consulting company. With over 16 years’ experience and professional research team in various cities over the world QY Research focuses on management consulting, database and seminar services, IPO consulting, industry chain research and customized research to help our clients in providing non-linear revenue model and make them successful. We are globally recognized for our expansive portfolio of services, good corporate citizenship, and our strong commitment to sustainability. Up to now, we have cooperated with more than 60,000 clients across five continents. Let’s work closely with you and build a bold and better future.  | |
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2024-04-23 (0.582 sec)