Permanent Magnet Market:
The GMI Research’s latest analysis reveals that the Permanent Magnet Market is slated to register a significant CAGR over the forecast period. This is attributed to the usage of permanent magnets in several devices, including music systems, laptops, televisions, computers, and others, along with the continuous growth in the global consumer electronics sector.
Permanent Magnet Market’s leading Manufacturers:
- Hitachi Metals, Ltd.
- Lynas Corporation Ltd.
- Arnold Magnetic Technologies
- TDK Corporation
- Shin-etsu Chemical Co., Ltd.
- Electron Energy Corporation
- Bunting Magnetics Co.
- Daido Steel Co., Ltd.
- Tengam Engineering, Inc.
- Adams Magnetic Products Co., Inc.
Permanent Magnet Market Dynamics (including market size, share, trends, growth, forecast, and industry analysis)
Key Drivers
The strong demand for permanent magnets in a larger range of sectors, such as general industrial, consumer electronics, medical technology, automotive, aerospace & defense, and environment & energy, among other sectors, is a major factor surging the growth of the permanent magnet market size. The strong demand for the permanent magnet in the consumer electronic sector due to its beneficial features like repulsion, inexpensiveness, high magnetic stability, lightweight, and other properties, is propelling the growth of the market. The usage of permanent magnets in several devices, including music systems, laptops, televisions, computers, and others, along with the continuous growth in the global consumer electronics sector, are some other factors driving the growth of the permanent magnet market.
The rising disposable income levels, the increasing industries, and rapid economic development are boosting the demand for the market. As per the permanent magnet market report, the strong demand for permanent magnets in the manufacturing of automotive vehicles, medical devices, and aerospace vehicles, wind generators is one of the major factors contributing to the growth of the market. The usage of permanent magnets in batteries, electric motor, and internal combustion engines in the production of hybrid electric vehicles, coupled with government inclination towards the adoption of energy-efficient vehicles, will further stimulate the growth of the permanent magnet market in the upcoming years. On the other hand, the high raw material prices for rare earth magnets will hinder the growth of the market. The emergence of the COVID-19 and China is considered to be the main market for rare earth magnets is predicted to hamper the growth of the permanent magnet market during the forecast period.
Type Segment Drivers
Based on the type, the market is segmented into ferrite magnet, neodymium iron boron magnet, alnico magnet, samarium cobalt magnet, alnico magnet, and others. The neodymium iron boron magnet is expected to lead the market due to its numerous beneficial features, such as light in weight, very high strength magnetic field, available in small sizes, and various shapes, comparatively less expensive than other magnet types. In addition to this, neodymium iron boron magnets are widely utilized in power tools, electric motors, wind turbines, and other products in the aerospace, automotive, energy & power, and consumer electronics sectors due to their high magnetic stability.
Permanent Magnet Market Segmentation:
Segmentation by Type:
- Neodymium Iron Boron Magnet
- Ferrite Magnet
- Samarium Cobalt Magnet
- Alnico Magnet
- Others
Segmentation by End-Use Industry:
- Consumer Electronics
- General Industrial
- Automotive
- Medical Technology
- Environment & Energy
- Aerospace & Defence
- Others
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
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