Rare Earth Magnet Market Outlook to 2040

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Summary of "Rare Earth Magnet Market Outlook to 2040" : https://www.adamasintel.com/report/r...tlook-to-2040/

Growth:

Strong growth projected for rare earth magnets (NdFeB) driven by electric vehicles and wind power (7.5% CAGR).

Demand surge for key elements needed in these magnets (didymium, dysprosium, terbium).
Moderate production growth for these elements (5.2% CAGR) lagging behind demand.

Supply and Demand:

Significant NdFeB magnet undersupply predicted (60,000 tonnes by 2030, 246,000 tonnes by 2040).

Similar undersupply trend for NdPr oxide (90,000 tonnes by 2040), dysprosium oxide (1,800 tonnes), and terbium oxide (450 tonnes).

Lack of new primary and secondary supply sources exacerbating the imbalance.

Market Value:

Overall market for magnet rare earth oxides expected to see significant expansion (5-fold growth by 2040).

Total consumption of these oxides to grow at a slightly lower rate than demand (5.2% CAGR).
Price increases likely due to undersupply and rising demand.

Global market value for magnet rare earth oxide consumption projected to reach $56.7 billion by 2040 (from $10.8 billion in 2023).

https://www.adamasintel.com/rare-ear...tlook-to-2040/