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North America Neodymium (Nd-Fe-B) Magnet Market: Introduction The neodymium (Nd-Fe-B) magnet market in North America was valued at US$ 3 Bn in 2020 and is expected to exceed US$ 5.3 Bn by 2031, at a CAGR of 5.6% during the forecast period. Neodymium magnet is a widely used type of rare-earth magnet. Neodymium magnet is a permanent magnet made from an alloy of neodymium, iron, and boron to form the Nd2Fe14B tetragonal crystalline structure. Neodymium magnet is a considerably strong type of permanent magnet that is available commercially. Based on manufacturing processes, neodymium magnet is divided into two subcategories: sintered NIB magnets and bonded NIB magnets. Neodymium magnets have replaced alnico and ferrite magnets in various applications in modern technology where strong permanent magnets are required, as they possess greater strength that allows the use of smaller, lighter magnets for a given application. Neodymium magnet is extensively employed in automotive, aerospace, medical devices, electronics, and power generation industries.

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