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Global rare earth magnet market growth and supply shifts

Overview

The global rare earth magnet market is projected to reach 21.36 billion USD by 2031, following a compound annual growth rate of 9.6% from 2025. This growth is driven by rising demand in sectors such as electric vehicles, wind power, and industrial robotics. Within this industry, the rare earth bonded magnet segment—valued for its stability in high-temperature environments and shape flexibility—is expected to reach 1.153 billion USD by 2031. These magnets serve as critical components for medical devices, industrial actuators, and automotive motors. The Asia-Pacific region, specifically China, Japan, and South Korea, serves as the primary growth hub. As of 2024, the top 10 companies in the sector held approximately 48.0% of the market share, with key players including 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. Recent projections suggest the magnet market could reach 23.88 billion USD by 2032, while the rare earth metals market is forecasted to rise to 21.03 billion USD by 2035. To mitigate supply chain vulnerabilities stemming from China’s high concentration in the sector—which accounted for approximately 91% of rare earth element refining and 94% of permanent magnet production in 2024—nations are investing in domestic capabilities. In the United States, companies like MP Materials and Lynas Rare Earths are expanding processing and manufacturing, while Japan’s Shin-Etsu Chemical has planned a new refining facility in Fukui Prefecture to stabilize supply. Furthering U.S. domestic capacity, Mkango Magnetic Materials has released a pre-feasibility study for HyProMag USA regarding a major expansion in Central Texas. The plan involves developing three new regional production plants and a centralized technology hub to supplement the existing Northlake, Texas facility.

Entities

Mkango Magnetic Materials Limited · Asia-Pacific · Shin-Etsu Chemical · Lynas Rare Earths · BBA USA Inc.

Claims

What the coverage asserts, and how many sources carry each claim.

Timeline

  1. [BUSINESS] 5 sources
    Mkango Magnetic Materials outlines US rare earth magnet expansion

    Mkango Magnetic Materials plans to quadruple its US rare earth magnet capacity by 2034 through a multi-plant expansion in Texas, with a potential project valuation of up to US$2.8 billion.

  2. [BUSINESS] 2 sources
    Rare earth magnet and metal markets projected to grow through 2035

    Driven by EVs and renewable energy, the rare earth magnet and metal markets are seeing rapid growth, prompting global efforts to diversify supply chains away from concentrated production in China.

  3. [BUSINESS] 2 sources
    Rare earth magnet market projected to reach 21.36 billion USD by 2031

    The global rare earth magnet market is projected to reach 21.36 billion USD by 2031, fueled by demand for EVs and renewable energy, with significant growth in the bonded magnet segment.

Sources

accessnews.com.au · digitalmedianet.com · dreamnews.jp · mimemo.io · share-talk.com · skillings.net · the-miyanichi.co.jp · ukinvestormagazine.co.uk

This summary has been updated 2 times: see revision history