A neodymium magnet is the most extensively used rare-earth magnet. They provide exceptional levels of magnetism and resistance to demagnetization when compared to other magnets. The neodymium magnet has fastened its status as the most popular magnet in countless applications. Various industries, including medical science, renewable energy, automobiles, and technology have been significantly relying on super-strength neodymium magnets. Moreover, many individuals across the globe have been using this magnet for arts and crafts. The super-strength of neodymium magnets allows them to perform incredibly and can resist demagnetization. The growing demand for neodymium magnets for use in a myriad of applications is revolutionizing energy storage and power generation. This is anticipated to drive the North America neodymium (Nd-Fe-B) magnet market.
The neodymium magnet can be produced in many shapes and sizes, even as small as 1mm diameter, making it useful in a variety of applications. Neodymium magnets belong to the rare-earth family of elements; they are found in abundance in the earth’s crust. However, rare-earth elements are typically dispersed and not often found concentrated in economically exploitable deposits. The multiple applications in endless industries have benefited the neodymium (Nd-Fe-B) magnet market in North America, which is expected to cross US$ 5.3 Bn by 2031, at a CAGR of 5.6% during the forecast period.
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The COVID-19 pandemic has impacted almost every industry in North America. Governments in several nations implemented strict regulations against trade, supply chain, logistics, and limited manufacturing. The growing spread of coronavirus has created functional challenges for manufacturers of neodymium magnets operating in countries such as the U.S. Businesses are either shut or allowed to work with limited capacity following the COVID-19 guidelines. The pandemic led to widespread concern and financial hardship for individuals, businesses, and communities across the globe. Moreover, the disruption in the supply chain has resulted in the postponement of production and distribution of neodymium magnets. Furthermore, there was a huge decline in the demand for neodymium magnets from various end users, including automotive, electronics, energy, aerospace, and others, thus affecting the neodymium (Nd-Fe-B) magnet market in North America.
Before the pandemic, the neodymium magnet was blooming with the demand with a regular and steady supply of raw materials. However, the worldwide disrupted trade and supply chain is expected to lead to a slowdown in the production of raw materials, and an increase in production and distribution costs post COVID-19 pandemic. The current neodymium (Nd-Fe-B) magnet market witnessed an impact on production and demand, a very limited supply chain, and increased prices for almost everything. However, manufacturers in North America are keeping the neodymium (Nd-Fe-B) magnet market running even with limited workforce and resources.
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The neodymium magnet is mined in various countries, including the U.S., Brazil, India, and China. The applications of these magnets extend to the oil industry by grease filter producers to more effectively filter out the iron powder in oil. Furthermore, they are useful in covering machines, cars with awning, and in the creation of magnetic tool belts. They are also widely used in jewelry clips, identification badges, and in the production of baby strollers that are attached to carriers via magnets.
The healthcare sector is another field where neodymium magnets are utilized in medical devices. Magnetic resonance imaging devices use these magnets to diagnose and treat chronic pain syndrome, arthritis, wound healing, insomnia, headache, and several other diseases due to their capacity to produce a static magnetic field. The medical industry has increased the usage consistently for almost 30 years. The neodymium magnets are also popularly referred to as magic magnets for their curing effect. These factors are driving the neodymium (Nd-Fe-B) magnet market in North America.
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Analysts’ Viewpoint
The neodymium magnet has witness demand amid the COVID-19 pandemic from the medical equipment industry. However, there was a heavy decline in the demand from other end users. The use of neodymium magnets in multiple industries is expected to generate new opportunities, once the neodymium (Nd-Fe-B) magnet market restores from the ongoing crisis. The health and medical sector is gradually increasing the demand for neodymium magnets due to their variety of uses in medical devices as well as treatments. The increasing investment from governments of the U.S. and Canada for the rise in production of neodymium magnets is expected to aid North America neodymium (Nd-Fe-B) magnet market.
North America Neodymium (Nd-Fe-B) Magnet Market: Overview
Key Growth Drivers of North America Neodymium (Nd-Fe-B) Magnet Market
Key Challenges of North America Neodymium (Nd-Fe-B) Magnet Market
Lucrative Opportunities for Players in North America Neodymium (Nd-Fe-B) Magnet Market
Leading Players in North America Neodymium (Nd-Fe-B) Magnet Market
North America Neodymium (Nd-Fe-B) Magnet Market – Segmentation
TMR’s research study segments the neodymium (Nd-Fe-B) magnet market in North America in terms of type, application, and country. This report presents extensive market dynamics and growth trends associated with different segments and explains how they are influencing the growth of the neodymium (Nd-Fe-B) magnet market in North America.
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1. Executive Summary
1.1. North America Neodymium (Nd-Fe-B) Magnet Snapshot
1.2. Key Market Trends
1.3. Current Market and Future Potential
1.4. TMR’s Growth Opportunity Wheel
2. Market Overview
2.1. Market Segmentation
2.2. Market Indicators
2.3. Market Definitions
2.4. Market Dynamics
2.4.1. Drivers
2.4.2. Restraints
2.4.3. Opportunities
2.5. Porter’s Five Forces Analysis
2.6. Value Chain Analysis
2.6.1. List of Potential Customers
3. COVID-19 Impact Analysis
4. North America Neodymium (Nd-Fe-B) Magnet Market Production Outlook
5. North America Neodymium (Nd-Fe-B) Magnet Market Price Trend Analysis, 2021-2031
5.1. By Type
5.2. By Country
6. North America Neodymium (Nd-Fe-B) Magnet Market Analysis and Forecast, 2021-2031
6.1. Key Findings
6.1.1. North America Neodymium (Nd-Fe-B) Magnet Market Volume (Tons) and Value (US$ Mn) Forecast, by Type, 2021-2031
6.1.2. North America Neodymium (Nd-Fe-B) Magnet Market Volume (Tons) and Value (US$ Mn) Forecast, by Application, 2021-2031
6.1.3. North America Neodymium (Nd-Fe-B) Magnet Market Volume (Tons) and Value (US$ Mn) Forecast, by Country, 2021-2031
6.1.4. U.S. Neodymium (Nd-Fe-B) Magnet Market Volume (Tons) and Value (US$ Mn) Forecast, by Type, 2021-2031
6.1.5. U.S. North America Neodymium (Nd-Fe-B) Magnet Market Volume (Tons) and Value (US$ Mn) Forecast, by Application, 2021-2031
6.1.6. Canada Neodymium (Nd-Fe-B) Magnet Market Volume (Tons) and Value (US$ Mn) Forecast, by Type, 2021-2031
6.1.7. Canada Neodymium (Nd-Fe-B) Magnet Market Volume (Tons) and Value (US$ Mn) Forecast, by Application, 2021-2031
6.2. North America Neodymium (Nd-Fe-B) Magnet Market Attractiveness Analysis
7. Competition Landscape
7.1. North America Neodymium (Nd-Fe-B) Magnet Market Share Analysis, 2019
7.2. Company Profiles (Details – Overview, Financials, Recent Developments, and Strategy)
7.2.1. Urban Mining
7.2.1.1. Company Description
7.2.1.2. Business Overview
7.2.1.3. Financial Overview
7.2.1.4. Strategic Overview
7.2.2. Lynas Corporation
7.2.2.1. Company Description
7.2.2.2. Business Overview
7.2.2.3. Financial Overview
7.2.2.4. Strategic Overview
7.2.3. MP Materials Inc
7.2.3.1. Company Description
7.2.3.2. Business Overview
7.2.3.3. Financial Overview
7.2.3.4. Strategic Overview
7.2.4. USA Rare Earth
7.2.4.1. Company Description
7.2.4.2. Business Overview
7.2.5. Texas Mineral Resources Corp
7.2.5.1. Company Description
7.2.5.2. Business Overview
7.2.5.3. Financial Overview
7.2.5.4. Strategic Overview
7.2.6. Jingci Material Science Co. Ltd
7.2.6.1. Company Description
7.2.6.2. Business Overview
7.2.6.3. Financial Overview
7.2.6.4. Strategic Overview
7.2.7. Beijing Zhong Ke San Huan Hi-Tech Co., Ltd
7.2.7.1. Company Description
7.2.7.2. Business Overview
7.2.7.3. Financial Overview
7.2.7.4. Strategic Overview
7.2.8. Yantai Zhenghai Magnetic Materials Co., Ltd
7.2.8.1. Company Description
7.2.8.2. Business Overview
7.2.8.3. Financial Overview
7.2.8.4. Strategic Overview
7.2.9. Advanced Technology & Materials Co
7.2.9.1. Company Description
7.2.9.2. Business Overview
7.2.9.3. Financial Overview
7.2.9.4. Strategic Overview
7.2.10. Zhejiang Innuovo Magnetics Co., Ltd
7.2.10.1. Company Description
7.2.10.2. Business Overview
7.2.10.3. Financial Overview
7.2.10.4. Strategic Overview
7.2.11. Earth-Panda Advance Magnetic Material Co., Ltd
7.2.11.1. Company Description
7.2.11.2. Business Overview
7.2.11.3. Financial Overview
7.2.11.4. Strategic Overview
8. Primary Research: Key Insights
9. Appendix
List of Tables
Table 1. North America Neodymium (Nd-Fe-B) Magnet Market Volume (Tons) Forecast, by Type, 2020–2031
Table 2. North America Neodymium (Nd-Fe-B) Magnet Market Value (US$ Mn) Forecast, by Type, 2020–2031
Table 3. North America Neodymium (Nd-Fe-B) Magnet Market Volume (Tons) Forecast, by Application, 2020–2031
Table 4. North America Neodymium (Nd-Fe-B) Magnet Market Value (US$ Mn) Forecast, by Application, 2020–2031
Table 5. North America Neodymium (Nd-Fe-B) Magnet Market Volume (Tons) Forecast, by Country, 2020–2031
Table 6. North America Neodymium (Nd-Fe-B) Magnet Market Value (US$ Mn) Forecast, by Country, 2020–2031
Table 7. U.S. Neodymium (Nd-Fe-B) Magnet Market Volume (Tons) Forecast, by Type, 2020–2031
Table 8. U.S. Neodymium (Nd-Fe-B) Magnet Market Value (US$ Mn) Forecast, by Type, 2020–2031
Table 9. U.S. Neodymium (Nd-Fe-B) Magnet Market Volume (Tons) Forecast, by Application, 2020–2031
Table 10. U.S. Neodymium (Nd-Fe-B) Magnet Market Value (US$ Mn) Forecast, by Application, 2020–2031
Table 11. Canada Neodymium (Nd-Fe-B) Magnet Market Volume (Tons) Forecast, by Type, 2020–2031
Table 12. Canada Neodymium (Nd-Fe-B) Magnet Market Value (US$ Mn) Forecast, by Type, 2020–2031
Table 13. Canada Neodymium (Nd-Fe-B) Magnet Market Volume (Tons) Forecast, by Application, 2020–2031
Table 14. Canada Neodymium (Nd-Fe-B) Magnet Market Value (US$ Mn) Forecast, by Application, 2020–2031
List of Figures
Figure 1. North America Neodymium (Nd-Fe-B) Magnet Market Volume Share, by Type, 2020, 2025, and 2031
Figure 2. North America Neodymium (Nd-Fe-B) Magnet Market Attractiveness, by Type
Figure 3. North America Neodymium (Nd-Fe-B) Magnet Market Volume Share, by Application, 2020, 2025, and 2031
Figure 4. North America Neodymium (Nd-Fe-B) Magnet Market Attractiveness, by Application
Figure 5. North America Neodymium (Nd-Fe-B) Magnet Market Volume Share, by Country, 2020, 2025, and 2031
Figure 6. North America Neodymium (Nd-Fe-B) Magnet Market Attractiveness, by Country