Market Forecasts: Boron, borates and derivatives, page-6

Neodymium-Iron-Boron Magnet Market

• Neodymium-iron-boron (NdFeB) magnets are rare earth magnets manufactured from neodymium, iron, and boron.
• It is the permanent magnet type with the highest magnetic properties compared to samarium cobalt (SmCo), alnico, and ferrite magnets.
• They are highly cost-effective while offering high resistance to demagnetization.
• They are used in many fields from metal separators to filter iron powder from oil reserves effectively, in magnetic resonance imaging devices but at present,
• there is a rise in the demand for renewable energy sources, such as wind and solar, to reduce the dependency on fossil fuels represents one of the key factors driving the market.
• Besides this, the increasing employment of NdFeB magnets in robotics to power wheels, sensors, and motion is contributing to the growth of the market.

Neodymium-Iron-Boron Magnet Global Market Report 2022: Applications in Growing Renewable Energy Industry Bolsters Sector

https://www.globenewswire.com/news-release/2022/10/12/2532598/0/en/Neodymium-Iron-Boron-Magnet-Global-Market-Report-2022-Applications-in-Growing-Renewable-Energy-Industry-Bolsters-Sector.html

Dublin, Oct. 12, 2022 (GLOBE NEWSWIRE) -- The "Neodymium-Iron-Boron Magnet Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027"
report has been added to ResearchAndMarkets.com's offering.

The global neodymium-iron-boron magnet market size reached US$ 13.6 Billion in 2021. Looking forward, the publisher expects the market to reach US$ 21.1 Billion by 2027, exhibiting a CAGR of 7.59% during 2021-2027.