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May 21, 2023

Adamas forecasts rare earth magnet annual growth at 7.5%

May 22, 2023 Share to your network: Critical minerals and metals

May 22, 2023

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Critical minerals and metals research company Adamas Intelligence, based in Toronto, Ontario, Canada, has published its ‘Rare Earth Magnet Market Outlook to 2040’ report, providing a detailed overview of the global NdFeB alloy, powder, magnet and magnet rare earth oxide markets, including a breakdown of historical production, consumption and prices from 2015 through 2022. The report further details the anticipated near-term evolution of the rare earth magnet value chain and forecasts global supply, demand and prices from 2023 through 2040 under three distinct scenarios.

Data sourced by Adamas indicated that world-wide consumption of NdFeB magnets increased some 1.9% year-over-year in 2022, a figure it said was suppressed by global economic headwinds and regional pandemic-related challenges. From 2023 through 2040, however, the company forecasts that global demand for NdFeB magnets will increase at a CAGR of 7.5%.

This growth should be bolstered by double-digit growth from electric vehicle and wind power sectors, necessarily translating to a growth in demand for the critical rare earth elements (i.e., didymium, dysprosium and terbium) that these magnets contain.

In ‘Rare Earth Magnet Market Outlook to 2040,’ Adamas has highlighted the following findings as of particular interest:

More information on the report, including a table of contents, is available here.

www.adamasintel.com

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