Neodymium Magnet Market Outlook to 2030

Global demand for neodymium-iron-boron (NdFeB) magnets is projected to rise as electric vehicles, renewable energy and consumer electronics expand.
A market forecast expects the sector to grow from about USD 3.02 billion in 2025 to USD 3.77 billion by 2030, at roughly a 4.5% CAGR.
EV traction motors, wind-turbine generators and compact high-performance electronics are the primary demand drivers; EV applications alone could require more than 114,000 tonnes by 2030.
Asia‑Pacific—particularly China—continues to dominate supply due to large rare-earth reserves and production capacity, while North America and Europe increase local capacity amid strategic diversification.
Key technical and commercial challenges include the high energy intensity of Nd processing (e.g., fluoride-based fused salt electrolysis), environmental impacts of mining/processing, and geopolitical supply risks.
Recycling, improved magnet formulations with higher energy density, and process innovations offer pathways to reduce primary ore dependence and improve supply-chain resilience.
Managing production energy costs, scaling recycling infrastructure, and diversifying sources will be critical to sustain growth and meet rising demand through 2030.