Global Permanent Magnets Market Size By Type (Neodymium Iron Boron Magnet, Ferrite Magnet, Samarium Cobalt Magnet), By End-Use Industry (Consumer Electronics, General Industrial, Automotive), By Geographic Scope And Forecast
Report ID: 141492|No. of Pages: 202
Global Permanent Magnets Market Size By Type (Neodymium Iron Boron Magnet, Ferrite Magnet, Samarium Cobalt Magnet), By End-Use Industry (Consumer Electronics, General Industrial, Automotive), By Geographic Scope And Forecast
Permanent Magnets Market Size And Forecast
Permanent Magnets Market size was valued at USD 33.3 Billion in 2021 and is projected to reach USD 70.9 Billion by 2030, growing at a CAGR of 8.5% from 2023 to 2030.
The market growth is majorly credited to the consumer goods and electronics industry, where Permanent Magnets are widely utilized in various applications, including smartphones and personal electronics. Increasing production within the electronics sector is the major driver of the market. The medical industry is also a vital segment of the market and with increasing COVID-19 cases across the world, the demand for ventilators is rising significantly, which is boosting the market growth of Permanent Magnets. The Global Permanent Magnets Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.
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Global Permanent Magnets Market Definition
Permanent magnets seem to be magnets that keep their magnetic characteristics long after the magnetising force has been removed. The magnetic flux within Permanent Magnets is generated by the inner structure of the material. Their job is to convert electrical energy to mechanical energy and vice versa, to control electrons or ions, and to employ magnet attraction or repulsion. Permanent Magnets are used in many generators, electric motors, and measuring devices. Radars, telephones, amplifiers, and loudspeakers all employ alnico magnets. Other notable applications include the car, electronics, power generation, and telecommunications industries.
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Global Permanent Magnets Market Overview
Development & modernization of infrastructure is one amongst the key factors driving the expansion of the Permanent Magnets Market. The growing trend of modernization and electrification to enhance efficiency and reduce the cost of production drive the utilization of Permanent Magnets in various industries. Today, building technologies offer advanced solutions that make sure the highest levels of sustainability, energy efficiency, and safety is achieved.
Building technologies not only offer industry-specific solutions for data centers, hospitals, life science companies, airports, hotels, and utility companies, but also offer solutions for commercial buildings also as cities and their infrastructures. Permanent Magnets are increasingly utilized in the motors of train doors and lift doors. The key opportunity lies in the rise in demand of electric vehicles in the near future as more and more governments are promoting and implementing the use of electric vehicles instead of gasoline ones. High-performance hybrid electric vehicle requires about 2kg to 3kg of rare-earth element magnets.
Hybrid electric vehicle uses both an electric motor and an indoor combustion engine to propel the vehicle. Additionally, high gasoline prices also will drive the demand for electric vehicles within the near future. this is able to create an enormous demand for Permanent Magnets during the forecast period. The main restraint in the growth of Permanent Magnets Market is the fluctuations in the cost of raw materials. It has widespread implications on manufacturing companies.
From rising energy costs to unexpected fluctuations in raw material price making it difficult for manufacturers to deliver quality products at low prices which affects their profit margins. There are fluctuations in prices of rare-earth element metals and other such raw materials that are needed to manufacture Permanent Magnets. This affects the standard and quality of Permanent Magnets produced. Manufacturers pass the extra costs to consumers. This sometimes leads to reduced consumption of Permanent Magnets and also reduces their image of being cost effective materials.
Global Permanent Magnets Market: Segmentation Analysis
The Global Permanent Magnets Market is segmented based on Type, End-Use Industry, And Geography.
Permanent Magnets Market, By Type
• Neodymium Iron Boron Magnet
• Ferrite Magnet
• Samarium Cobalt Magnet
• Alnico Magnet
• Others
On the basis of Type, the market is divided into 5 broad categories. The marketplace for neodymium iron boron magnet is projected to be the most important by type in the global Permanent Magnets Market. Neodymium iron boron magnet is the most used Permanent Magnets due to its enhanced properties like high heat resistance, coercivity, and remanence. Moreover, the rising demand from the automotive and consumer industry is additionally fueling the expansion of neodymium iron boron magnet within the global Permanent Magnets market.
Permanent Magnets Market, By End-Use Industry
• Consumer Electronics
• General Industrial
• Automotive
• Medical Technology
• Environment & Energy
• Aerospace & Defense
• Others
On the basis of End-Use Industry, Permanent Magnets Market is divided into categories as mentioned above. Out of these, the most important is the consumer electronics segment. Electronic segment seized a substantial share due to its widespread range of product applications. The magnet here are exercised as energy transfer tools that finds application in sensors, meters, actuators, alternators, speakers and various other electronic accessories.
Permanent Magnets Market, By Geography
• North America
• Europe
• Asia Pacific
• Rest of the world
On the basis of regional analysis, the Global Permanent Magnets Market is classified into North America, Europe, Asia Pacific, and Rest of the world.
In 2021, Asia Pacific had the highest volumetric share. The area is a global manufacturing powerhouse. Automotive and electronic manufacturing are important components of the region’s manufacturing industry. China, Japan, and South Korea have emerged as hotspots for the production of computer hardware components such as hard drives, computer chips, and microprocessors. This has contributed to an increase in the need for permanent magnets, which are widely used by electronics and hardware makers. Europe is expected to become the second-largest regional market by 2030, despite a significant fall in 2020. This is owing to slower development in European industrial production in recent years as a result of the global economic downturn and political uncertainty such as Brexit.
Key Players
The “Global Permanent Magnets Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are Hitachi Metals Ltd. (Japan), Daido Steel Co. Ltd. (Japan), TDK Corporation (Japan), Shin-etsu Chemical Co. Ltd. (Japan), Arnold Magnetic Technologies (U.S.), Lynas Corporation Ltd. (Australia), Electron Energy Corporation (U.S.), Tengam Engineering, Inc. (U.S.), Adams Magnetic Products Co. Inc. (U.S.), and Bunting Magnetics Co. (U.S.). The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.
Report Scope
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| STUDY PERIOD | 2018-2030 |
| BASE YEAR | 2021 |
| FORECAST PERIOD | 2023-2030 |
| HISTORICAL PERIOD | 2018-2020 |
| UNIT | Value (USD Billion) |
| KEY COMPANIES PROFILED | Hitachi Metals Ltd. (Japan), Daido Steel Co. Ltd. (Japan), TDK Corporation (Japan), Shin-etsu Chemical Co. Ltd. (Japan), Arnold Magnetic Technologies (U.S.), Lynas Corporation Ltd. (Australia) |
| SEGMENTS COVERED | • By Type |
| CUSTOMIZATION SCOPE | Free report customization (equivalent up to 4 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope |
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Industry Analysis Matrix
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