According to the report by Expert Market Research (EMR), the global neodymium-iron-boron (NdFeB) magnet market reached a value of around USD 16.69 billion in 2025. Aided by the rapid growth of renewable energy technologies, electric vehicles, and advanced electronics, the market is projected to grow at a CAGR of 7.50% during the forecast period of 2026–2035, attaining a value of nearly USD 34.40 billion by 2035. The superior magnetic properties of NdFeB magnets, including high magnetic strength and compact size, continue to drive their widespread adoption across multiple industries.

Neodymium-iron-boron magnets are a type of rare-earth permanent magnet known for their exceptional strength and efficiency. They are extensively used in applications requiring high power density, such as electric motors, generators, wind turbines, consumer electronics, medical devices, and industrial automation equipment. Their ability to deliver strong magnetic performance while reducing size and weight makes them indispensable in modern high-performance technologies.

Neodymium-Iron-Boron Magnet Market Trends

One of the key trends shaping the global neodymium-iron-boron magnet market is the increasing demand for high-efficiency electric motors. The global shift towards electrification, particularly in the automotive sector, has significantly boosted the use of NdFeB magnets in electric vehicles (EVs) and hybrid electric vehicles (HEVs). Additionally, the rising deployment of wind energy projects has accelerated the demand for NdFeB magnets in direct-drive wind turbines. Ongoing research and development efforts aimed at improving thermal stability and reducing dependence on critical rare-earth elements are also influencing market dynamics.

Drivers of Growth

The primary driver of growth for the neodymium-iron-boron magnet market is the expanding renewable energy and electric mobility sectors. Governments worldwide are implementing stringent emission regulations and offering incentives to promote clean energy adoption, thereby increasing demand for efficient motors and generators. Furthermore, the growing consumption of consumer electronics, such as smartphones, laptops, and audio devices, continues to support market growth. Industrial automation and robotics, which rely heavily on high-performance magnetic components, also contribute significantly to the rising demand for NdFeB magnets.

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Neodymium-Iron-Boron Magnet Market Forecast

Looking ahead, the global neodymium-iron-boron magnet market is expected to witness robust growth through 2035, supported by technological advancements and strong demand from high-growth sectors such as electric vehicles, renewable energy, and advanced manufacturing. Asia Pacific is anticipated to remain a dominant region due to its strong manufacturing base and rapid adoption of clean energy technologies, while North America and Europe are expected to experience steady growth driven by electrification and industrial modernisation. Overall, with increasing focus on energy efficiency, miniaturisation, and sustainability, the neodymium-iron-boron magnet market is well-positioned for sustained expansion over the forecast period.