North America Neodymium (Nd-Fe-B) Magnet Market: Introduction
The neodymium (Nd-Fe-B) magnet market in North America was valued at ~US$ 3 Bn in 2020 and is expected to exceed US$ 5 Bn by 2031, at a CAGR of ~6% during the forecast period. Neodymium magnet is a widely used type of rare-earth magnet. Neodymium magnet is a permanent magnet made from an alloy of neodymium, iron, and boron to form the Nd2Fe14B tetragonal crystalline structure.
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Neodymium magnet is a considerably strong type of permanent magnet that is available commercially. Based on manufacturing processes, neodymium magnet is divided into two subcategories: sintered NIB magnets and bonded NIB magnets. Neodymium magnets have replaced alnico and ferrite magnets in various applications in modern technology where strong permanent magnets are required, as they possess greater strength that allows the use of smaller, lighter magnets for a given application. Neodymium magnet is extensively employed in automotive, aerospace, medical devices, electronics, and power generation industries.
Neodymium iron boron (Nd-Fe-B) magnets offer the highest energy product of any material used currently and are available in a wide range of shapes, sizes, and grades. Neo magnets can be used in diverse applications, including high performance motors, brushless DC motors, magnetic separation, magnetic resonance imaging, sensors, switches, and loudspeakers.
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Neodymium magnets help increase the efficiency of generator motors, drive motors, and servo motors, resulting in significant power savings. Furthermore, they are imperative in the manufacture of hard drives and other electronic & electrical applications.
Key Drivers of North America Neodymium (Nd-Fe-B) Magnet Market
Neodymium magnets are used in ventilators, and the ongoing pandemic has fueled their demand, as they are crucial to treat respiratory failure and prolong a patient’s life. Manufacturers of ventilators, especially in the U.S. and Canada, have increased their production, owing to the surge in demand due to the COVID-19 pandemic. The high demand for medical equipment is driving the neodymium (Nd-Fe-B) magnet market in North America. However, demand for permanent magnets in other end-use industries has been negatively affected during the pandemic. According to the principle that neodymium magnets can attract ferromagnets and other substances, neodymium magnets can be used to remove foreign bodies from certain parts of patients in surgical operations, such as those in eyes or foreign bodies eaten by mistake.
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The electronics application segment is a major consumer of neodymium magnets. The increase in investments in smartphones, laptops, and household electronic devices is expected to augment the demand for neodymium magnets during the forecast period. The rise in production of smartphones is likely to boost the neodymium (Nd-Fe-B) magnet market in North America. The demand for neodymium magnet is anticipated to rise in North America in the near future, due to increase in usage of neodymium magnet in the consumer electronics industry in the region. Primary features of neodymium iron boron magnets are high heat resistance, coercivity, and remanence. The growth in demand for the rare earth metal neodymium, owing to its superior properties such as improved saturation magnetization, has led to its widespread usage in small-sized products with higher magnetic strength and increased pull force. The factors mentioned above coupled with availability of private insurance to meet regulatory requirements for neodymium magnet manufacturers are likely to drive the demand for neodymium magnets in North America during the forecast period.
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High Cost of Neodymium (Nd-Fe-B) Magnet Vis-à-vis Other Rare Earth to Hamper Neodymium (Nd-Fe-B) Magnet Market
The high cost of manufacture of neodymium magnet is projected to hamper the neodymium magnet market in North America. The unpredictability associated with the price of rare earth neodymium metals is also estimated to adversely affect the neodymium (Nd-Fe-B) magnet market in North America during the forecast period. Neodymium magnets carry some limitations due to their corrosive behavior. This is also projected to negatively impact the demand for neodymium magnets in various applications, thereby restraining the neodymium (Nd-Fe-B) magnet market in North America.
The lack of universal directives pertaining to applications of neodymium magnet is estimated to hamper the neodymium (Nd-Fe-B) magnet market in the near future. Every country has different directives and legislations pertaining to the use of neodymium magnet, and companies find it difficult to comply with these country-wise directives and legislations. This can discourage investment in the neodymium (Nd-Fe-B) magnet market, thereby restraining the neodymium magnet in North America.
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