Permanent Magnet Market By Product Type (Neodymium-Iron-Boron Magnet, Ferrite Magnet, Samarium Cobalt Magnet, Others), By End-Use : Global Opportunity Analysis and Industry Forecast, 2023-2032

List of Tables

The global permanent magnet market was valued at $15.0 billion in 2022, and is projected to reach $37.3 billion by 2032, growing at a CAGR of 9.7% from 2023 to 2032.

Introduction

Permanent magnets are classified into several types on the basis of their composition and magnetic properties. The most common type includes ferrite magnets, neodymium magnets, samarium-cobalt magnets, and alnico magnets. Ferrite magnets, also known as ceramic magnets, are made from iron oxide mixed with barium, strontium, or lead, offering good resistance to demagnetization. Neodymium magnets, known for their exceptional strength, are composed of neodymium, iron, and boron. Samarium-cobalt magnets exhibit high resistance to temperature and corrosion, making them suitable for demanding environments. Alnico magnets, composed of aluminum, nickel, and cobalt, provide excellent temperature stability and magnetic strength.

One of the key advantages is their high magnetic strength-to-size ratio, allowing for compact designs in electronic devices, motors, and generators. Neodymium magnets, in particular, provide unparalleled magnetic strength, enabling the miniaturization of components while maintaining performance. Additionally, permanent magnets offer long-term reliability and stability, contributing to the durability and longevity of products. Their resistance to demagnetization ensures consistent performance throughout the lifespan of the application. Moreover, permanent magnets are cost-effective solutions due to their efficient use of materials and energy, resulting in reduced operational expenses.

The applications of permanent magnets span a wide range of industries, driving their continuous growth and innovation. In the automotive sector, permanent magnets are essential components in electric vehicle (EV) motors and hybrid vehicles, facilitating efficient energy conversion and propulsion systems. The shift towards electrification in transportation has led to increased demand for permanent magnets, stimulating advancements in magnet manufacturing and motor design. Furthermore, renewable energy technologies such as wind turbines and hydroelectric generators rely on permanent magnets for power generation. The lightweight and high-efficiency characteristics of permanent magnet generators make them ideal for renewable energy applications, contributing to the expansion of clean energy infrastructure.

In the electronics industry, permanent magnets are integral to the production of consumer electronics, including smartphones, computers, and audio speakers. The miniaturization trend in electronics necessitates smaller yet more powerful magnets, driving research and development efforts towards enhancing magnetic properties and manufacturing techniques. Additionally, permanent magnets play a crucial role in medical devices such as magnetic resonance imaging (MRI) machines and magnetic therapy products. The biomedical sector continues to explore novel applications of permanent magnets in diagnostics, treatments, and prosthetics, highlighting their versatility and effectiveness in healthcare applications.

Market Dynamics

Advancements in medical devices are expected to drive the growth of the permanent magnet market. Magnetic Resonance Imaging (MRI) machines utilize powerful magnets to generate strong magnetic fields, which are essential for producing detailed images of the internal structures of the body. The development of high-field MRI systems and advanced imaging techniques requires permanent magnets with superior magnetic properties, such as high magnetic flux density and stability, to enhance image quality, resolution, and diagnostic accuracy. Additionally, the increasing adoption of MRI in various medical applications, including neuroimaging, oncology, and cardiovascular imaging, further drives the demand for high-performance permanent magnets in MRI machines. In September 2022, the Inter-University Accelerator Centre (IUAC) in New Delhi introduced one of India's pioneering indigenous MRI machines. This innovative system features a 1.5 Tesla superconducting MRI magnet, enabling comprehensive full-body clinical scans.

Implantable medical devices, such as pacemakers, defibrillators, cochlear implants, and artificial joints, often incorporate permanent magnets for sensing, actuation, and fixation purposes. These magnets must exhibit biocompatibility, corrosion resistance, and long-term stability within the body to ensure safe and reliable operation. The development of miniaturized and power-efficient implantable devices, as well as novel applications such as magnetic drug delivery and neural stimulation, drives the demand for high-performance permanent magnets tailored to meet the specific requirements of implantable medical devices.

Environmental concerns are expected to restrain the growth of the permanent magnet market. The extraction of rare earth elements (REEs) often involves environmentally disruptive mining practices, such as open-pit mining, which can lead to habitat destruction, soil erosion, and contamination of water sources with toxic substances. Additionally, the presence of radioactive elements, such as thorium and uranium, in some REE deposits poses risks of radiation exposure and environmental contamination if not properly managed. REE processing facilities require significant quantities of water for various processing steps, leading to water consumption and potential contamination of freshwater sources with chemicals used in the extraction and purification processes. Effluent discharge containing heavy metals, acids, and other pollutants can degrade water quality and harm aquatic ecosystems, posing risks to human health and biodiversity.

Segments Overview

The permanent magnet market is segmented into type, end-use, and region. On the basis of type, the market is classified into neodymium iron boron magnet, ferrite magnet, samarium cobalt magnet, and others. On the basis of the end-use, the market is divided into consumer electronics, automotive, medical technology, energy, and others. Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.

On the basis of type Neodymium-Iron-Boron (NdFeB) magnet is dominated the permanent magnet market. NdFeB magnets find extensive use in electronic devices, such as computer hard drives, speakers, headphones, and magnetic resonance imaging (MRI) machines. Their small size and high magnetic strength make them ideal for such applications where compactness and efficiency are crucial. Additionally, NdFeB magnets are employed in motors, generators, magnetic separators, and magnetic resonance imaging (MRI) machines, among many other industrial and scientific applications.

On the basis of end-use energy is the fastest growing segment in permanent magnet growing with the CAGR of 10.4% during the forecast period. Permanent magnets are integral to the development of renewable energy technologies like wave and tidal power. In these systems, magnets are often utilized in linear generators or linear motors to convert the mechanical energy of ocean waves or tidal currents directly into electricity. The compact and durable nature of permanent magnets makes them well-suited for harsh marine environments, where reliability and longevity are critical factors for sustainable energy production.

Region wise Asia-Pacific is the most lucrative segment of the permanent magnet market. China stands out as a global leader in permanent magnet production and application. With its significant rare earth mineral reserves, particularly neodymium and samarium, China dominates the global market, supplying magnets crucial for industries like electronics, automotive, and renewable energy. Japan is another prominent player in the Asia-Pacific region known for its advanced technology and innovation in magnet applications. The Japanese electronics industry heavily relies on permanent magnets for products ranging from consumer electronics to industrial machinery. Moreover, Japan's automotive sector utilizes magnets extensively in electric vehicle (EV) motors and other automotive components, driving innovation and efficiency in transportation technology. Japanese companies are also actively involved in research and development to enhance magnet performance and explore new applications across various industries.

Competitive Analysis

In addition, the report covers profiles of key industry participants such as Arnold Magnetic Technologies, Adams Magnetic Products, LLC, Dexter Magnetic Technologies, Electron Energy Corporation, Lynas Rare Earths Ltd, Bunting, Stanford Magnets, TDK Corporation, VACUUMSCHMELZE GmbH & Co. KG, and Magnequench International, LLC.

Recent key developments in the permanent magnet industry

In December 2023, Advanced Magnet Lab, Inc. (AML) unveiled its innovative plan to revolutionize permanent magnet production in the U.S. By delving into novel material compositions for both sintered and non-sintered magnets, AML is set to utilize its two expansive facilities in Brevard County, Florida, covering roughly 10,000 square feet each. These facilities remain pivotal centers for the company's endeavors in prototyping, research, and the development of cutting-edge alloys and magnets.

Key Market Trends:

By type, the other segments including alnico, flexible magnet, terbium and others is the fastest growing segment representing a CAGR of 9.7% during the forecast period.
By end-use, the consumer electronics segment was the highest revenue contributor accounting for one third of the market share in the market.
By region, Asia-Pacific dominated the market accounting for one third of the market share in the global permanent magnet market.

Key Benefits For Stakeholders

This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the permanent magnet market analysis from 2022 to 2032 to identify the prevailing permanent magnet market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the permanent magnet market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global permanent magnet market trends, key players, market segments, application areas, and market growth strategies.

Additional benefits you will get with this purchase are:

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Manufacturing Capacity
End user preferences and pain points
Investment Opportunities
Upcoming/New Entrant by Regions
Technology Trend Analysis
New Product Development/ Product Matrix of Key Players
Patient/epidemiology data at country, region, global level
Additional company profiles with specific to client's interest
Expanded list for Company Profiles
Historic market data
Import Export Analysis/Data
Key player details (including location, contact details, supplier/vendor network etc. in excel format)
List of customers/consumers/raw material suppliers- value chain analysis
SWOT Analysis
Volume Market Size and Forecast

Key Market Segments

By End-Use

Consumer Electronics
Automotive
Medical Technology
Energy
Others

By Product Type

Neodymium-Iron-Boron (NdFeB) Magnet
Ferrite Magnet
Samarium Cobalt Magnet
Others

By Region

North America
- U.S.
- Canada
- Mexico
Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of Europe
Asia-Pacific
- China
- India
- Japan
- South Korea
- Australia
- Rest of Asia-Pacific
LAMEA
- Brazil
- South Africa
- Saudi Arabia
- Rest of LAMEA

Key Market Players:

Arnold Magnetic Technologies
Adams Magnetic Products, LLC
Dexter Magnetic Technologies
Electron Energy Corporation
Lynas Rare Earths Ltd
Bunting
Stanford Magnets
TDK Corporation
vacuumschmelze gmbh & co. kg
Magnequench International, LLC

Product Code: A216937

CHAPTER 1: INTRODUCTION

1.1. Report description
1.2. Key market segments
1.3. Key benefits to the stakeholders
1.4. Research methodology
- 1.4.1. Primary research
- 1.4.2. Secondary research
- 1.4.3. Analyst tools and models

CHAPTER 2: EXECUTIVE SUMMARY

2.1. CXO perspective

CHAPTER 3: MARKET OVERVIEW

3.1. Market definition and scope
3.2. Key findings
- 3.2.1. Top impacting factors
- 3.2.2. Top investment pockets
3.3. Porter's five forces analysis
3.4. Market dynamics
- 3.4.1. Drivers
- 3.4.2. Restraints
- 3.4.3. Opportunities
3.5. Value Chain Analysis
3.6. Key Regulation Analysis
3.7. Pricing Analysis
3.8. Patent Landscape

CHAPTER 4: PERMANENT MAGNET MARKET, BY PRODUCT TYPE

4.1. Overview
- 4.1.1. Market size and forecast
4.2. Neodymium-Iron-Boron (NdFeB) Magnet
- 4.2.1. Key market trends, growth factors and opportunities
- 4.2.2. Market size and forecast, by region
- 4.2.3. Market share analysis by country
4.3. Ferrite Magnet
- 4.3.1. Key market trends, growth factors and opportunities
- 4.3.2. Market size and forecast, by region
- 4.3.3. Market share analysis by country
4.4. Samarium Cobalt Magnet
- 4.4.1. Key market trends, growth factors and opportunities
- 4.4.2. Market size and forecast, by region
- 4.4.3. Market share analysis by country
4.5. Others
- 4.5.1. Key market trends, growth factors and opportunities
- 4.5.2. Market size and forecast, by region
- 4.5.3. Market share analysis by country

CHAPTER 5: PERMANENT MAGNET MARKET, BY END-USE

5.1. Overview
- 5.1.1. Market size and forecast
5.2. Consumer Electronics
- 5.2.1. Key market trends, growth factors and opportunities
- 5.2.2. Market size and forecast, by region
- 5.2.3. Market share analysis by country
5.3. Automotive
- 5.3.1. Key market trends, growth factors and opportunities
- 5.3.2. Market size and forecast, by region
- 5.3.3. Market share analysis by country
5.4. Medical Technology
- 5.4.1. Key market trends, growth factors and opportunities
- 5.4.2. Market size and forecast, by region
- 5.4.3. Market share analysis by country
5.5. Energy
- 5.5.1. Key market trends, growth factors and opportunities
- 5.5.2. Market size and forecast, by region
- 5.5.3. Market share analysis by country
5.6. Others
- 5.6.1. Key market trends, growth factors and opportunities
- 5.6.2. Market size and forecast, by region
- 5.6.3. Market share analysis by country

CHAPTER 6: PERMANENT MAGNET MARKET, BY REGION

6.1. Overview
- 6.1.1. Market size and forecast By Region
6.2. North America
- 6.2.1. Key market trends, growth factors and opportunities
- 6.2.2. Market size and forecast, by Product Type
- 6.2.3. Market size and forecast, by End-Use
- 6.2.4. Market size and forecast, by country
  - 6.2.4.1. U.S.
  - 6.2.4.1.1. Market size and forecast, by Product Type
  - 6.2.4.1.2. Market size and forecast, by End-Use
  - 6.2.4.2. Canada
  - 6.2.4.2.1. Market size and forecast, by Product Type
  - 6.2.4.2.2. Market size and forecast, by End-Use
  - 6.2.4.3. Mexico
  - 6.2.4.3.1. Market size and forecast, by Product Type
  - 6.2.4.3.2. Market size and forecast, by End-Use
6.3. Europe
- 6.3.1. Key market trends, growth factors and opportunities
- 6.3.2. Market size and forecast, by Product Type
- 6.3.3. Market size and forecast, by End-Use
- 6.3.4. Market size and forecast, by country
  - 6.3.4.1. Germany
  - 6.3.4.1.1. Market size and forecast, by Product Type
  - 6.3.4.1.2. Market size and forecast, by End-Use
  - 6.3.4.2. France
  - 6.3.4.2.1. Market size and forecast, by Product Type
  - 6.3.4.2.2. Market size and forecast, by End-Use
  - 6.3.4.3. UK
  - 6.3.4.3.1. Market size and forecast, by Product Type
  - 6.3.4.3.2. Market size and forecast, by End-Use
  - 6.3.4.4. Spain
  - 6.3.4.4.1. Market size and forecast, by Product Type
  - 6.3.4.4.2. Market size and forecast, by End-Use
  - 6.3.4.5. Italy
  - 6.3.4.5.1. Market size and forecast, by Product Type
  - 6.3.4.5.2. Market size and forecast, by End-Use
  - 6.3.4.6. Rest of Europe
  - 6.3.4.6.1. Market size and forecast, by Product Type
  - 6.3.4.6.2. Market size and forecast, by End-Use
6.4. Asia-Pacific
- 6.4.1. Key market trends, growth factors and opportunities
- 6.4.2. Market size and forecast, by Product Type
- 6.4.3. Market size and forecast, by End-Use
- 6.4.4. Market size and forecast, by country
  - 6.4.4.1. China
  - 6.4.4.1.1. Market size and forecast, by Product Type
  - 6.4.4.1.2. Market size and forecast, by End-Use
  - 6.4.4.2. India
  - 6.4.4.2.1. Market size and forecast, by Product Type
  - 6.4.4.2.2. Market size and forecast, by End-Use
  - 6.4.4.3. Japan
  - 6.4.4.3.1. Market size and forecast, by Product Type
  - 6.4.4.3.2. Market size and forecast, by End-Use
  - 6.4.4.4. South Korea
  - 6.4.4.4.1. Market size and forecast, by Product Type
  - 6.4.4.4.2. Market size and forecast, by End-Use
  - 6.4.4.5. Australia
  - 6.4.4.5.1. Market size and forecast, by Product Type
  - 6.4.4.5.2. Market size and forecast, by End-Use
  - 6.4.4.6. Rest of Asia-Pacific
  - 6.4.4.6.1. Market size and forecast, by Product Type
  - 6.4.4.6.2. Market size and forecast, by End-Use
6.5. LAMEA
- 6.5.1. Key market trends, growth factors and opportunities
- 6.5.2. Market size and forecast, by Product Type
- 6.5.3. Market size and forecast, by End-Use
- 6.5.4. Market size and forecast, by country
  - 6.5.4.1. Brazil
  - 6.5.4.1.1. Market size and forecast, by Product Type
  - 6.5.4.1.2. Market size and forecast, by End-Use
  - 6.5.4.2. South Africa
  - 6.5.4.2.1. Market size and forecast, by Product Type
  - 6.5.4.2.2. Market size and forecast, by End-Use
  - 6.5.4.3. Saudi Arabia
  - 6.5.4.3.1. Market size and forecast, by Product Type
  - 6.5.4.3.2. Market size and forecast, by End-Use
  - 6.5.4.4. Rest of LAMEA
  - 6.5.4.4.1. Market size and forecast, by Product Type
  - 6.5.4.4.2. Market size and forecast, by End-Use

CHAPTER 7: COMPETITIVE LANDSCAPE

7.1. Introduction
7.2. Top winning strategies
7.3. Product mapping of top 10 player
7.4. Competitive dashboard
7.5. Competitive heatmap
7.6. Top player positioning, 2022

CHAPTER 8: COMPANY PROFILES

8.1. Arnold Magnetic Technologies
- 8.1.1. Company overview
- 8.1.2. Key executives
- 8.1.3. Company snapshot
- 8.1.4. Operating business segments
- 8.1.5. Product portfolio
- 8.1.6. Business performance
- 8.1.7. Key strategic moves and developments
8.2. Adams Magnetic Products, LLC
- 8.2.1. Company overview
- 8.2.2. Key executives
- 8.2.3. Company snapshot
- 8.2.4. Operating business segments
- 8.2.5. Product portfolio
- 8.2.6. Business performance
- 8.2.7. Key strategic moves and developments
8.3. Dexter Magnetic Technologies
- 8.3.1. Company overview
- 8.3.2. Key executives
- 8.3.3. Company snapshot
- 8.3.4. Operating business segments
- 8.3.5. Product portfolio
- 8.3.6. Business performance
- 8.3.7. Key strategic moves and developments
8.4. Electron Energy Corporation
- 8.4.1. Company overview
- 8.4.2. Key executives
- 8.4.3. Company snapshot
- 8.4.4. Operating business segments
- 8.4.5. Product portfolio
- 8.4.6. Business performance
- 8.4.7. Key strategic moves and developments
8.5. Lynas Rare Earths Ltd
- 8.5.1. Company overview
- 8.5.2. Key executives
- 8.5.3. Company snapshot
- 8.5.4. Operating business segments
- 8.5.5. Product portfolio
- 8.5.6. Business performance
- 8.5.7. Key strategic moves and developments
8.6. Bunting
- 8.6.1. Company overview
- 8.6.2. Key executives
- 8.6.3. Company snapshot
- 8.6.4. Operating business segments
- 8.6.5. Product portfolio
- 8.6.6. Business performance
- 8.6.7. Key strategic moves and developments
8.7. Stanford Magnets
- 8.7.1. Company overview
- 8.7.2. Key executives
- 8.7.3. Company snapshot
- 8.7.4. Operating business segments
- 8.7.5. Product portfolio
- 8.7.6. Business performance
- 8.7.7. Key strategic moves and developments
8.8. TDK Corporation
- 8.8.1. Company overview
- 8.8.2. Key executives
- 8.8.3. Company snapshot
- 8.8.4. Operating business segments
- 8.8.5. Product portfolio
- 8.8.6. Business performance
- 8.8.7. Key strategic moves and developments
8.9. vacuumschmelze gmbh & co. kg
- 8.9.1. Company overview
- 8.9.2. Key executives
- 8.9.3. Company snapshot
- 8.9.4. Operating business segments
- 8.9.5. Product portfolio
- 8.9.6. Business performance
- 8.9.7. Key strategic moves and developments
8.10. Magnequench International, LLC
- 8.10.1. Company overview
- 8.10.2. Key executives
- 8.10.3. Company snapshot
- 8.10.4. Operating business segments
- 8.10.5. Product portfolio
- 8.10.6. Business performance
- 8.10.7. Key strategic moves and developments