India Rare Earth Magnet Market, By Type (NdFeB Magnet, Samarium Cobalt Magnet (SmCo)), Product (Countersunk Magnets, Circular Disc Magnets, Hook & Eyebolt Magnets, Cylindrical Rod Magnets, Circular Ring Magnets, Rectangular, Self-Adhesive, Pot & Clamping Magnets), Application (Automotive Industry, Food & Drink Processing, Aerospace Industry, Renewable Energy, Consumer Electronics, Deep Sea Exploration, Others) – Industry Trends and Forecast to 2029
Market Analysis and Size
Rare-earth magnets are a relatively new invention. Their beginnings can be traced to the late 1960s, when scientists at the U.S. Air Force Materials Laboratory developed a Yttrium-Cobalt alloy with extremely strong magnetic characteristics. Dr Masato Sagawa created the first Neodymium magnets (NdFeB) in Japan, which provided a high level of performance and ushered in a new era of magnetic technology. Rare-earth magnets attracted the attention of manufacturers fast, and they were soon discovered in consumer and business items.
Data Bridge Market Research analyses that the India rare earth magnet market is expected to reach USD 479.47 million by 2029, at a CAGR of 7.8% during the forecast period. The periodic earth magnet market report also covers pricing analysis, patent analysis, and technological advancements in depth.
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Year
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2020
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Quantitative Units
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Revenue in USD Million, Volumes in Tons
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Segments Covered
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By Type (NdFeB Magnet, Samarium Cobalt Magnet (SmCo)), Product (Countersunk Magnets, Circular Disc Magnets, Hook & Eyebolt Magnets, Cylindrical Rod Magnets, Circular Ring Magnets, Rectangular, Self-Adhesive, Pot & Clamping Magnets), Application (Automotive Industry, Food & Drink Processing, Aerospace Industry, Renewable Energy, Consumer Electronics, Deep Sea Exploration, Others)
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Countries Covered
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India
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Market Players Covered
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Jai Mag Industries, Star Trace Private Limited, Kumar Magnet Industries, Magna Tronix, JD MAGNETIC IMPEX, Shree Shakti Industries, Ashvini Magnets Pvt. Ltd. And DURA MAGNETS PVT. LTD., among others
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Market Definition
Rare-earth magnets, produced from rare-earth element alloys, are the most powerful permanent magnets accessible today. Rare-earth magnets have significantly superior magnetic qualities to other magnet materials, making them the preferred choice for commercial, industrial, and technical applications. Rare-earth magnets are divided into Neodymium magnets and Samarium Cobalt magnets. Each of the two types of cobalt magnets, neodymium and samarium, has its own set of qualities, benefits, and traits. Both neodymium and samarium cobalt magnets are employed in various industrial, medical, scientific, aeronautical, and automotive applications due to their magnetic solid characteristics and strength. Wind turbine generators, audio equipment like loudspeakers and headphones, motors and servo motors, medical equipment like magnetic resonance imaging (MRI), electronics like computer hard disc drives, and much more employ this material.
India Rare Earth Magnet Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail below:
Drivers
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Continuous rise in demand for permanent magnet
Permanent magnets can maintain their magnetic properties even when exposed to a magnetic field. Rare earth, a type of permanent magnet, is a group of 17 metals, classified into lights and heavies depending on their atomic number, and are crucial to high-tech manufacturing products. Permanent magnets composed of rare earth minerals are essential components of climate-friendly products such as electric automobiles and wind turbines and other technology such as phones, refrigerators, missiles, and fighter jets. They form an essential part of the global rare earth supply chain, turning the processed minerals into valuable inputs for electronics and weapons manufacturers.
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Penetration of electric vehicles across the market
The automobile industry is concentrating on incorporating lightweight, compact, and affordable electrical components inside the vehicle system to assure reduced costs and optimal space utilization. Neodymium magnets are permanent magnets produced from a composition of neodymium, iron and boron. The material is still the most potent form of rare earth permanent magnet. In addition, neodymium magnets were safe to find in devices like hard drives, microphones, speakers, headphones, and magnetic bearings, but currently, neodymium magnets in electric motors are even more widespread than in electric motors they appear. Therefore, increasing global E.V. car demand is expected to boost the demand for rare earth magnet material.
Opportunity
- Growing demand for rare earth elements in the renewable energy sector
Renewable energy is energy produced from natural sources or from renewable resources that are constantly replenished. India is the third-largest energy consumer in the world after the U.S. and China. Thus, India's increasing demand for energy and power forces the government to search for new ways to generate energy, especially renewable. This has led India to constantly invest in and develop its renewable energy sector. As of January 2022, India's installed renewable energy capacity stood at 152.36 GW, representing 38.56% of the overall installed power capacity. This has positioned India fourth across the world regarding installed renewable power capacity. The rapid transition towards renewable energy favours India's rare earth elements market as rare earth elements have various nuclear, metallurgical, chemical, catalytic, electrical, magnetic, and optical properties, which makes them widely applicable in clean technologies and renewable energy sectors. It contains intermediate products, including permanent magnets, rare earth magnets, phosphors, alloys, catalysts, and polishing powders. This transition and using rare earth elements have brought technical advancements and innovation to different industries.
Restraints/Challenges
- The higher price range of permanent magnet
Volatile and unpredictable prices for various marketplaces have far-reaching consequences for industrial companies. Unanticipated barriers, such as rising energy costs and unexpected variations in raw material pricing, are disrupting supply chains and making it harder for businesses to stay profitable. The variation in the prices of the raw materials for producing rare earth magnets put up additional costs on the finished product. In addition to this, many companies find it difficult to correctly judge the risk of large fluctuations in raw material costs. When a company faces an increase in raw material costs and a decrease in sales prices at the same time, then the profit margin of the firm tends to decrease to a certain extent. Therefore, highly fluctuating raw material costs and ineffective price management can jeopardize enterprises' success, impacting the market growth.
- Environmental and health concerns associated with rare earth elements mining
Rare earth elements are key elements that are becoming more essential for developing new industries, for the national defence science and technology industry. They are non-renewable, making them a vital strategic resource for a nation. Rare earth functional elements are used in new energy vehicles, national defence equipment, rare earth permanent magnet motors, rail transportation, new energy products and other key areas of vigorous development. This usage drives the demand for the synergistic growth of rare earth products and even promotes the steady development of the rare earth industry. The strategic and economic value of rare earth elements is becoming increasingly prominent. The main countries for mining and distribution of rare earth deposits worldwide include China, the USA, Russia, Brazil, India, Australia, Greenland, and Malaysia. As the importance of rare earth elements increases, countries like Brazil, India, and Russia have started to extract rare elements from earth crust to secure demands and interest. This has resulted in various new mining sites across India in recent years. But, the mining and processing of rare earth metals usually result in significant environmental defects. Many deposits are associated with high concentrations of radioactive elements such as uranium and thorium, which requires different treatment and disposal. The accumulation of rare earth elements in soils has occurred due to pollution caused by the exploitation of rare earth resources. The pollution, environmental effect, and high concentration of radioactive elements have raised environmental-related concerns in rare earth element mining.
Post-COVID-19 Impact on India Rare Earth Magnet Market
COVID-19 significantly impacted the rare earth magnet market as almost every country opted for the shutdown of every production facility except the ones dealing in producing the essential goods. The production of the rare-earth magnet system got hampered during the lockdown. In the post lockdown scenario, the growth of India rare earth magnet market is attributed to the increasing adoption of electric vehicles, consumer products and technologies across all regions and countries. India's increasing wind energy systems are a major factor that contributes to the growth of the India rare earth magnet market.
Manufacturers & solution providers are making various strategic decisions to bounce back post-COVID-19. The players are conducting multiple research and development activities to improve the technology involved in the rare earth magnet. With this, the companies will bring advanced technologies to the market. In addition, government initiatives related to smart energy system has led to the market's growth
Recent Development
- Kumar Magnetic Industries have developed a wide range of Magnetic Separators based on neodymium-iron-boron (NdFeB) magnet as it offers excellent holding power, despite being thin and compact. These separators also offer protection against corrosion and are available in multiple finishes, depending on your specific requirements. This allowed company to get recognition in the Indian rare earth magnet market.
India Rare Earth Magnet Market Scope
India rare earth magnet market is segmented based on type, products and application. The growth amongst these segments will help you analyze major industry growth segments and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Type
- NdFeB Magnet
- Samarium Cobalt Magnet (SmCo)
Based on type, the India rare earth magnet market is segmented into NdFeB magnet and samarium cobalt magnet (SmCo).
Product
- Countersunk Magnets
- Circular Disc Magnets
- Hook & Eyebolt Magnets
- Cylindrical Rod Magnets
- Circular Ring Magnets
- Rectangular
- Self-Adhesive
- Pot & Clamping Magnets
Based on product, the India rare earth magnet market has been segmented into countersunk magnets, circular disc magnets, hook & eyebolt magnets, cylindrical rod magnets, circular ring magnets, rectangular, self-adhesive, pot & clamping magnets.
Application
- Automotive Industry
- Food & Drink Processing
- Aerospace Industry
- Renewable Energy
- Consumer Electronics
- Deep-Sea Exploration
- Others
Based on application, the India rare earth magnet market has been segmented into the automotive industry, food & drink processing, aerospace industry, renewable energy, consumer electronics, deep-sea exploration, and others.
Rare Earth Magnet Market Regional Analysis/Insights
India rare earth magnet market is analyzed, and market size insights and trends are provided by country, type, product and application as referenced above.
The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like downstream and upstream value chain analysis, technological trends, porter's five forces analysis, and case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of Indian brands and their challenges faced due to large or scarce competition from local and domestic brands, the impact of domestic tariffs, and trade routes are considered while providing a forecast analysis of the country data.
Competitive Landscape and India Rare Earth Magnet Market Share Analysis
India rare earth magnet market competitive landscape provides details of the competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, India presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points are only related to the companies' focus on India's rare earth magnet market.
Some of the major players operating in the India rare earth magnet market are Jai Mag Industries, Star Trace Private Limited, Kumar Magnet Industries, Magna Tronix, JD MAGNETIC IMPEX, Shree Shakti Industries, Ashvini Magnets Pvt. Ltd., DURA MAGNETS PVT. LTD.
Research Methodology
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analysed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, India vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
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