Healthcare Sector to Offer Lucrative Growth Opportunities to Neodymium Magnet Market Players in North America, Notes TMR

- Replacement of alnico and ferrite magnets in numerous applications by neodymium magnets to help expand the growth landscape of the neodymium magnet market

- Exponential demand for neodymium magnets due to their functional properties, such as enhanced saturation, is contributing to the market growth trajectory

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Transparency Market Research

Aug 23, 2021, 08:30 ET

ALBANY, N.Y., Aug. 23, 2021 /PRNewswire/ -- The expansive demand for neodymium magnets across a large number of applications in various end-use industries such as automotive, power generation, electronics, defense, aerospace, medical devices, healthcare, and others will bring immense growth prospects for the North America neodymium magnet market during the forecast period of 2021-2031.

Neodymium magnets are one of the cheapest and strongest rare earth magnets available commercially. They are the most powerful category of permanent magnets. They have a high magnetic field strength and possess good magnetic stability. Based on type, the neodymium magnet market has been classified into bonded NIB magnets and sintered NIB magnets. These magnets can resist demagnetization, and their exceptional magnetic strength makes them ideal for use in numerous applications. These factors will have a profound impact on the growth structure of the neodymium magnet market.

Transparency Market Research (TMR) has conducted detailed research on various growth factors associated with the neodymium magnet market in North America. A thorough research by TMR experts indicates that the North America market for neodymium magnet will expand at a CAGR of 5.6% during the forecast period of 2021-2031. The neodymium magnet market in North America was valued at US$ 3 Bn in 2021 and is expected to reach US$ 5.3 Bn by 2031.

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The application landscape of neodymium magnets has magnified to a considerable extent over the years. The utilization of neodymium magnets in numerous industries is estimated to ensure promising growth. Furthermore, the growing investments from government bodies in Canada and the U.S. for encouraging the production of neodymium magnets is expected to lead to significant growth. In addition, the features of neodymium iron boron magnets, such as remanence, resistance, and coercivity, will heighten the growth opportunities during the forecast period.

Key Findings of Report

Healthcare Industry Assures Tremendous Growth Opportunities for Neodymium Magnet Market in North America

The healthcare sector is expected to generate considerable demand for neodymium magnets due to their extensive use in different types of medical devices and equipment. These magnets are used prominently in magnetic resonance imaging (MRI) instruments, as they have the potential of generating static magnetic field. This property helps treat and diagnose various diseases and disorders such as arthritis, chronic pain syndrome, wounds, insomnia, headache, and others. These factors help in increasing the growth rate of the neodymium magnet market in North America.

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North America Neodymium Magnet Market: COVID-19 Impact

The impact of the COVID-19 pandemic was largely negative on the neodymium magnet market in North America. However, the U.S. was hit badly by the outbreak. High transmission numbers and fatality rates forced the country's government to impose strict stay-at-home orders and shut down the country for a brief period. As a result, many production facilities and manufacturing units were also closed. This factor led to a decline in the demand for neodymium magnets from numerous end-use industries, except the healthcare industry, as it was exempted from the restrictions.

The utilization of neodymium magnets in ventilators offered ample growth opportunities during the pandemic. However, the low demand from other applications hampered the growth projections of the neodymium magnet market substantially. Nevertheless, as the vaccination drives in the U.S. and Canada being held at a rapid pace, normalcy is likely to be restored. In addition, the economic packages announced by the U.S. Government for the manufacturing facilities and the relaxations in lockdown restrictions will assure growth stability in the upcoming years.

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Some well-entrenched players in the North America neodymium magnet market are Beijing Zhong Ke San Huan Hi-Tech Co., Ltd, MP Materials Inc., Advanced Technology & Materials Co., Ltd (AT&M), and Earth-Panda Advance Magnetic Material Co., Ltd.

North America Neodymium (Nd-Fe-B) Magnet Market: Segmentation

North America Neodymium (Nd-Fe-B) Magnet Market, by Type

Sintered NIB Magnets
Bonded NIB Magnets

North America Neodymium (Nd-Fe-B) Magnet Market, by Application

Automotive
Aerospace
Medical Devices
Electronics
Power Generation
Others (including General Industrial and Defense)

North America Neodymium (Nd-Fe-B) Magnet Market, by Country

U.S.
Canada

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