The India rare earth magnet market is witnessing robust growth, driven by increasing demand across various electronics, automotive, and renewable energy industries. Rare earth magnets, notably neodymium and samarium cobalt, exhibit superior magnetic properties, making those essential components in electric vehicles, wind turbines, and electronic devices. India's growing manufacturing sector and a rising emphasis on clean energy fuel the demand for these magnets.
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Data Bridge Market Research analyses that the India Rare Earth Magnet Market, which was USD 262.91 million in 2021, is expected to reach USD 479.47 million by 2029, at a CAGR of 7.8% during the forecast period. The surge in consumer electronics and gadgets, such as smartphones, laptops, and audio devices, fuels the demand for rare earth magnets. Their exceptional magnetic properties contribute to these products' compact and efficient design.
Key Findings of the Study
Demand in the aerospace sector is expected to drive the market's growth rate
Rare earth magnets play a crucial role in aerospace, finding applications in missile guidance systems and various aerospace components. Their high magnetic strength and compact size contribute to the efficiency and precision of guidance systems, enhancing aerospace performance. As demand for advanced technology in defense and aerospace increases, the utilization of rare earth magnets continues to drive market growth in this critical industry.
Report Scope and Market Segmentation
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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 Years
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2020 (Customizable to 2014-2019)
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Quantitative Units
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Revenue in USD Million, Volumes in Tons, Pricing in USD
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Segments Covered
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Type (NdFeB Magnet, Samarium Cobalt Magnet (SmCo)), Product (Countersunk Magnets, Circular Disc Magnets, Hook and Eyebolt Magnets, Cylindrical Rod Magnets, Circular Ring Magnets, Rectangular, Self-Adhesive, Pot and Clamping Magnets), Application (Automotive Industry, Food and Drink Processing, Aerospace Industry, Renewable Energy, Consumer Electronics, Deep Sea Exploration, Others)
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Market Players Covered
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Jai Mag Industries (India), Star Trace Private Limited (India), Kumar Magnet Industries (India), Magna Tronix (India), JD MAGNETIC IMPEX (India), Shree Shakti Industries (India), Ashvini Magnets Pvt. Ltd. (India) and DURA MAGNETS PVT. LTD. (India), among others
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Data Points Covered in the Report
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In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.
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Segment Analysis:
The India rare earth magnet market is segmented based on type, products and application.
- On the basis of type, the India rare earth magnet market is segmented into NdFeB magnet and samarium cobalt magnet (SmCo)
- On the basis of product, the India rare earth magnet market has been segmented into countersunk magnets, circular disc magnets, hook and eyebolt magnets, cylindrical rod magnets, circular ring magnets, rectangular, self-adhesive, pot and clamping magnets
- On the basis of application, the India rare earth magnet market has been segmented into the automotive industry, food and drink processing, aerospace industry, renewable energy, consumer electronics, deep-sea exploration, and others
Major Players
Data Bridge Market Research recognizes the following companies as the major India rare earth magnet market t players in India rare earth magnet market are Jai Mag Industries (India), Star Trace Private Limited (India), Kumar Magnet Industries (India), Magna Tronix (India), JD MAGNETIC IMPEX (India), Shree Shakti Industries (India)
Market Developments
- In August 2022, Lynas Rare Earths Ltd revealed plans to expand capacity at its Mt Weld mine in Western Australia, which is rich in neodymium (Nd) and praseodymium (Pr). The expansion will commence in early 2023, aiming for full operational capacity by 2024. This strategic move positions Lynas to meet the growing demand for these essential rare earth elements
- In April 2022, Iluka Resources Ltd unveiled a USD 1.2 billion investment for developing the Eneabba Phase 3 rare earth refinery in Western Australia. This significant initiative is geared towards establishing Iluka as a pivotal hub for the dedicated production of rare earth oxides, contributing to the downstream processing of Australia's abundant rare earth resources
- In December 2021, Enphase Energy revealed its acquisition of 365 Pronto, Inc. This strategic move aims to empower Enphase installers by offering on-demand access to a network of service providers. The acquisition enhances Enphase's capacity to efficiently manage and fulfill Operations and Maintenance (O&M) contracts, ensuring streamlined services for their renewable energy solutions
For more detailed information about the India rare earth magnet market report, click here – https://www.databridgemarketresearch.com/reports/india-rare-earth-magnet-market
