Published: April 2023
Following a latent demand pop in 2021 that saw the materialization of some pent-up demand from the year prior, Adamas Intelligence data indicates that global consumption of NdFeB magnets increased just 1.9% year-over-year in 2022, suppressed by global economic headwinds and regional pandemic-related challenges.
Nevertheless, from 2023 through 2040 we forecast that global demand for NdFeB magnets will increase at a CAGR of 7.5%, bolstered by double-digit growth from electric vehicle and wind power sectors, translating to comparable demand growth for the critical rare earths elements (i.e., didymium, dysprosium and terbium) these magnets contain.
Over the same period, we forecast that global production of didymium, dysprosium and terbium (the so-called magnet rare earths) will collectively increase at a slower CAGR of 5.2% 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 2022. Next, we unravel the anticipated near-term evolution of this increasingly dynamic value chain and forecast global supply, demand and prices from 2023 through 2040 under three distinct scenarios.