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.

A big reason the market's growing is because of all the stuff we use every day, like consumer goods and electronics. You'll find Permanent Magnets all over the place in those industries, especially in things like smartphones and personal electronics. With the electronics sector churning out more and more products, that's really powering the market! Plus, the medical world is super important too. And with the increasing COVID-19 cases worldwide, the demand for ventilators is going up – which gives a real boost to the market for Permanent Magnets. Want the full picture? The Global Permanent Magnets Market report takes a good hard look at everything.

It breaks down the important pieces, spots the trends, and figures out what's helping and hurting the market. You'll also see who the big players are and what's really making a difference.

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.

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 MarketSegmentation 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

So, when we look at the world, the Global Permanent Magnets Market basically breaks down into North America, Europe, Asia Pacific, and then, you know, everywhere else. Back in 2021, Asia Pacific was really leading the pack in terms of volume. Makes sense, right? It’s a huge manufacturing center. Think automotive and electronics – those industries are key there. Plus, places like China, Japan, and South Korea? They’re like the go-to spots for making computer hardware like hard drives and chips. And all those electronics and hardware makers really need permanent magnets. Now, even though Europe took a bit of a hit in 2020, it's still expected to be the second biggest market by 2030. It's just that their industrial production has been a little slower lately, what with the global economy being shaky and all the political stuff like Brexit hanging around.

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.

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We take a close look at the market using both numbers (quantitative) and deeper insights (qualitative), dividing it up based on things like money and other human factors. You'll get market value data (in USD Billion) for every piece of the market – the big chunks and the smaller sub-chunks. We'll point out which areas and types of products/services are likely to grow the quickest and be the biggest. Our analysis will show you how the product/service is used in each region, plus what's helping or hurting the market there. We'll also map out the competitive scene, showing you who the big players are and what they've been up tonew products, partnerships, expansions, and acquisitions over the last five years. Expect detailed company profiles, including overviews, insights, product comparisons, and SWOT analyses for the major players. Get a handle on the industry's present and future, with all the latest developments, growth opportunities, drivers, and potential roadblocks in both up-and-coming and established areas. We'll give you a deep dive into the market from different angles using Porter's five forces analysis, and we'll explain how the Value Chain works to give you even more insight. We'll paint a picture of the market's dynamics, highlighting opportunities for growth in the future. And to top it off, you'll get 6 months of analyst support after your purchase to answer any questions.

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