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Rare earth magnet market projected to reach 21.36 billion USD by 2031
The global rare earth magnet market is poised for significant growth, driven by the increasing demand for electric vehicles, wind power, and industrial robotics. According to reports from Global Info Research, the total rare earth magnet market is projected to reach 21.36 billion USD by 2031, growing at a compound annual growth rate (CAGR) of 9.6% from 2025.
Within this sector, the rare earth bonded magnet market—characterized by high shape flexibility and stability in high-temperature environments—is expected to reach 1.153 billion USD by 2031, with a projected CAGR of 6.3%. These magnets are critical components in automotive motors, industrial actuators, and medical devices.
The Asia-Pacific region, led by China, Japan, and South Korea, remains the primary growth hub due to its manufacturing capacity and technical expertise. In 2024, the top 10 companies in the rare earth magnet sector accounted for approximately 48.0% of the market share. Key industry players include JL MAG, ZHmag, Shin-Etsu, Proterial, and TDK. For the bonded magnet segment, the top five companies held a 34.0% market share in 2024, with Galaxy Magnetic maintaining a leading position.
Entities
Asia-Pacific · Daido Electronics · Galaxy Magnetic · Global Info Research · JL MAG · Shin-Etsu
Claims
What the coverage asserts, and how many sources carry each claim.
- [○ 1 SOURCE] The global rare earth magnet market is expected to grow at a CAGR of 9.6% between 2025 and 2031. www.dreamnews.jp
- [○ 1 SOURCE] The top 5 companies in the rare earth bonded magnet market held approximately 34.0% of the market share in 2024. www.the-miyanichi.co.jp
- [○ 1 SOURCE] The global rare earth bonded magnet market is projected to reach 1.153 billion USD by 2031. www.the-miyanichi.co.jp
- [● 2 SOURCES] Electric vehicle motors and wind power generators are primary drivers for the rare earth magnet market. www.the-miyanichi.co.jp · www.dreamnews.jp
- [○ 1 SOURCE] The global rare earth magnet market is projected to reach 21.36 billion USD by 2031. www.dreamnews.jp
- [○ 1 SOURCE] The top 10 companies in the rare earth magnet market held approximately 48.0% of the market share in 2024. www.dreamnews.jp
- [○ 1 SOURCE] The global rare earth bonded magnet market is expected to grow at a CAGR of 6.3% between 2025 and 2031. www.the-miyanichi.co.jp
- [○ 1 SOURCE] The top 10 rare earth magnet companies held approximately 48.0% of the market share in 2024. www.dreamnews.jp
- [○ 1 SOURCE] The top 5 rare earth bonded magnet companies held approximately 34.0% of the market share in 2024. www.the-miyanichi.co.jp