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Rare Earth Magnet Market Outlook to 2035

Published: April 2022

Following a pandemic-induced lull in 2020, Adamas Intelligence data indicates that global consumption of NdFeB magnets jumped 18.1% in 2021 on the materialization of some latent demand from the year prior coupled with a surge in electric vehicle sales of all types.

Going forward, from 2022 through 2035 we forecast that global demand for NdFeB magnets will increase at a CAGR of 8.6%, bolstered by double-digit growth from electric vehicle and wind power sectors, translating to comparable demand growth for the rare earths elements (i.e., neodymium, praseodymium, dysprosium and terbium) these magnets contain.

Over the same period, we forecast that global production of neodymium, praseodymium, dysprosium and terbium will collectively increase at a slower CAGR of just 5.4% as the supply side of the market increasingly struggles to keep up with rapidly growing demand.

In this report, we provide a detailed overview of the global NdFeB alloy, powder, magnet and magnet rare earth oxide markets, including a breakdown of historical production, consumption and prices from 2015 through 2021. Next, we unravel the anticipated near-term impacts of the pandemic recovery on world markets and forecast global supply, demand and prices from 2022 through 2035.

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