Rare Earth Magnets Market 2021: Industry Analysis, Growth, Price Trends, Opportunities and Forecast till 2026 - IMARC Group
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05 May 2021, 06:24 GMT+10
The global rare earth magnets market reached a value of US$ 14.4 Billion in 2020. Looking forward, the market is expected to continue its moderate growth during the next five years., according to a new report by IMARC Group.
Rare earth magnets are strong permanent magnets that assist in product miniaturization, improving performance and reducing manufacturing costs. They have significantly higher magnetic stability and field strength than ferrite (ceramic) and alnico magnets. Rare earth magnets, including alloys of neodymium, samarium, and dysprosium, are industrially manufactured through casting or sintering. Unlike electromagnets, rare earth magnets do not lose their magnetic property unless they are heated above the Curie temperature.