Los Angeles, CA -- (SBWire) -- 07/30/2019 --In a recent study published by QY Research, titled "Global Rare Earth Magnet Market Insights, Forecast to 2026," offers an in-depth analysis of the market. The research analyzes the market status, share, growth rate, future trends, market drivers, opportunities and challenges, risks and entry barriers, sales channels, distributors, and Porter's five forces analysis.

In 2018, the global rare earth magnet valuation was US$7212.13 mn from US$5573.78 mn in 2014, and it will reach 10596.21 mn US$ in 2026, rising at CAGR of 6.04% between 2019 and 2026.

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Global Rare Earth Magnet Market: Drivers

Rare earth magnets are durable, light weight, and small in size, which makes them easier to use in machinery. These magnets have their own magnetic fields and do not get demagnetized unless heated at Curie's temperature. Rare earth magnets are alloy of elements such as neodymium, dysprosium, and samarium. The increase in technological developments in aerospace industry, automobiles industry, electronics, electricity production, wind energy generation, and other industries have increased the demand for permanent magnets. These magnets are used in day to day products, using permanent magnets ensures longevity. Hence there have been a rising market for the rare earth magnets.

The following manufacturers are covered in this report:

Hitachi Metals Group

Shin-Etsu

TDK

VAC

Beijing Zhong Ke San Huan Hi-Tech

Yunsheng Company

YSM

JL MAG

ZHmag

Jingci Material Science

AT&M

NBJJ

Innuovo Magnetics

SGM

Galaxy Magnetic

Zhejiang Zhongyuan Magnetic

Earth- Panda

Magsuper

Daido Electronics

Pinghu Geor Chi Electronics

Rare Earth Magnet Breakdown Data by Type:

Rare-earth Sintered Magnet

Rare-earth Bonded Magnet

Other

Rare Earth Magnet Breakdown Data by Application:

Automotive

Aerospace & Defense

Power Generation

Consumer Goods & Electronics

Industrial Machinery

Other

Rare Earth Magnet Production Breakdown Data by Region

North America

Europe

China

Japan & South Korea

Southeast Asia

Other Regions

Global Rare Earth Magnet Market: Competitive Landscape

Strategies such as new technologies, mergers and acquisitions, and joint ventures are expected to help the companies to boost their market share. The rise in automotive industry is expected to positively affect the market. Industries producing machineries will be moving towards new product development. Along with China, which dominates the market for rare earth magnets, other countries are also expected to show steady growth.

Recently, Lynas which is an Australian company, tied up Blue Line, a company in Texas for a new heavy metal separation facility in the U.S. for extraction of raw materials required for rare earth magnets. This facility is expected to open by 2021. America, Australia, and Japan are expanding in order to take over Asia-Pacific rare earth magnet market.

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