DUBLIN--(BUSINESS WIRE )--The "Neodymium Magnet Market - Forecasts from 2022 to 2027" report has been added to ResearchAndMarkets.com's offering.

A neodymium magnet is a strong type of magnet that is composed of neodymium, boron, iron, and a few transition metals. These magnets have high strength and are very lightweight due to the fact that they are used in many applications in consumer electronics and the automotive industry. Neodymium magnets have a wide range of applications in hard disk drives, loudspeakers, headphones, anti-lock brake sensors,

MRI scanners, etc. The growing demand for neodymium magnets by various end-user industries such as automotives, consumer electronics, healthcare, and others is projected to drive the growth of the market during the forecast period. Growing demand for consumer electronics- converged devices such as smart TVs, smartphones, and digital setup boxes will be a major growth driver for the neodymium magnet market.

Moreover, the rising demand for MRI scanners in the healthcare industry is expected to increase the demand for neo magnets in the future because MRI scanners need high-powered magnetic activity to capture high-quality images. For purpose neo magnets are widely used in MRI scanners. Furthermore, rising demand for renewable energy and the growing installation of wind turbines across various countries are projected to increase the demand for neo magnets, which will further drive the overall market growth.

Rising applications of neo magnets in various industries:

The rising adoption of neodymium magnets in various industries such as consumer electronics, automotive, healthcare, etc. is expected to drive the growth of the market in the coming years. The COVID-19 pandemic pushed most consumers to make smartphones their new essential, which in turn will increase the demand for neodymium magnets in the semiconductor industry.

According to the IBEF, the Indian consumer electronics market was estimated to be around US$10.93 billion in the year 2019, and according to government estimations, the market is projected to reach US$21.18 billion in the year 2025. These developments are expected to enhance the neodymium magnet market growth, in the next few years.

Increasing urbanization and a rapidly growing population are creating a massive demand for advanced consumer electronic devices. The leading consumer electronic brands like Samsung, Apple, Redmi, and Oneplus are making huge investments in technology to introduce new devices to cater to the increased demand for advanced devices, which is driving the semiconductor market growth owing to which the neodymium magnet market will significantly grow during the forecast period.

Moreover, the growing investments and technological developments in the medical device industry across many countries are expected to increase the demand for neo magnets in the healthcare industry. For instance, Japanese investors made investments of Rs 70000 Cr in the medical devices sector of India. They are also targeting 1200 technical collaborations with Indian investors with a deal of 600+ billion yen, 200 joint ventures by overseas foreign investors for 200+ billion yen, and 50 MNCs for 200+ billion yen. The Indian government is also planning to introduce a credit incentive program worth US$6.8 billion to boost the country's healthcare infrastructure.

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ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900