REPORT HIGHLIGHT
Permanent Magnet market size was valued at USD 35,407.8 Million in 2022, expanding at a CAGR of 10.1% from 2023 to 2030.
A permanent magnet is a material that generates its own persistent magnetic field. Unlike temporary magnets, such as electromagnets that require an external electrical current to produce a magnetic field. Permanent magnets are typically made from materials that have naturally occurring magnetic properties, such as iron, cobalt, nickel, or certain alloys. These materials are composed of atoms with aligned magnetic moments, which create a macroscopic magnetic field. The alignment of the magnetic moments can occur through various processes, including exposure to a strong external magnetic field or heat treatment.
Permanent Magnet Market- Market Dynamics:
The permanent magnet market is driven by several factors. Firstly, the growing demand for energy-efficient devices and systems, such as electric vehicles and wind turbines, is fueling the demand for permanent magnets. Additionally, advancements in magnetic materials and manufacturing processes are enabling the production of stronger and more cost-effective permanent magnets.
However, the market faces certain restraints, including the fluctuating prices of raw materials and the limited availability of rare earth elements used in some high-performance permanent magnets. Nevertheless, opportunities exist in the development of sustainable magnet materials and the expansion of applications in industries such as aerospace, medical devices, and robotics. Furthermore, the increasing adoption of renewable energy sources and the emerging trend of miniaturization in electronics offer potential avenues for market growth.
Permanent Magnet Market- Segmentation Analysis:
- The global Permanent Magnet market is segmented on the basis of type, power range, end-user, and region.
- In terms of type, the market is divided into Neodymium Iron Boron Magnets, Alnico Magnets, Ferrite Magnets, and Samarium Cobalt Magnets. Among which, the Neodymium Iron Boron (NdFeB) magnets segment is the highest in demand in the permanent magnet market. NdFeB magnets are known for their exceptionally high magnetic strength, which makes them suitable for various applications requiring strong magnetic fields.
- As for the fastest-growing segment, it is the Ferrite magnets. Ferrite magnets, also known as ceramic magnets, are cost-effective and widely used in applications that do not require extremely high magnetic strength. Their advantages include high resistance to corrosion, excellent stability under high temperatures, and low cost.
Permanent Magnet Market- Geographical Insights:
In the permanent magnet market, North America and Asia Pacific are key regions driving growth. In North America, the market is primarily driven by factors such as the strong presence of automotive and aerospace industries, increasing demand for renewable energy, and growing adoption of electric vehicles. The region's focus on technological advancements, research and development, and the promotion of clean energy initiatives contribute to the demand for permanent magnets.
Asia Pacific holds a dominant position in the permanent magnet market, primarily due to the presence of major manufacturing hubs, such as China, Japan, and South Korea. These countries are key producers and consumers of permanent magnets, driven by the booming electronics, automotive, and renewable energy sectors. Additionally, the region benefits from cost advantages in magnet production, abundant rare earth resources, and supportive government policies promoting industrial growth and sustainable technologies.
Permanent Magnet Market-Competitive Landscape:
The permanent magnet market is highly competitive and fragmented, with numerous players operating globally. Major players in the market focus on product development, technological advancements, and strategic partnerships to gain a competitive edge. These companies also invest in research and development activities to enhance the performance and efficiency of permanent magnets, catering to the growing demand from industries such as automotive, electronics, and renewable energy. Additionally, the market witnesses a significant emphasis on sustainability, with players exploring eco-friendly alternatives and recycling initiatives to minimize environmental impact.
Key features of the study:
- This proposed research study on Permanent Magnet market provides market size (US$ million), compound annual growth rate (CAGR %) and forecast estimation (2023-2030), considering 2022 as the base year.
- The research report elucidates potential growth opportunities across different segments/countries and explains attractive investment proposition matrix for Permanent Magnet market.
- The overall report identifies new investment opportunities, challenges faced by established players, and growth factors to sustain in the Permanent Magnet market.
- Impact of COVID-19 on Permanent Magnet market size, forecast, CAGR, and market dynamics are discussed in detail under the research scope. Detailed insight on Permanent Magnet market post-COVID will also be covered.
- In order to give the users of this report a comprehensive view on the Permanent Magnet market, we have also included competitive landscape and key innovator analysis for the Permanent Magnet market.
- The study encompasses a growth prospect mapping analysis, wherein all the industry segments are benchmarked based on their market size, growth rate and attractiveness.
- The report offers detailed company profiling featuring major market participants which will help users to understand their financial information and strategic initiatives of players operating in the Permanent Magnet market.
- In addition, the report also unveil the important acquisitions & mergers, collaborations & joint ventures, new launch, research & development, regional expansion of major participants involved in the market on global as well as regional level.
- The global Permanent Magnet market report primarily caters to various stakeholders in this industry including suppliers, investors, new entrants, distributors, and financial analysts.
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
GLOBAL PERMANENT MAGNET MARKET KEY PLAYERS
- Ningbo Yunsheng Co. Ltd.
- Chengdu Galaxy Magnets Co Ltd.
- Eclipse Magnetics
- TDK Corporation
- Electron Energy Corporation
- Bunting Magnetics Co.
- Tengam Engineering, Inc.
- Arnold Magnetic Technologies
- Hitachi Metals, Ltd
- Shin-Etsu Chemical Co Ltd
- Adams Magnetic Products Co Inc.
- Yantai Shougang Magnetic Materials Inc.
- Goudsmit Magnetics
- Others
GLOBALPERMANENT MAGNET MARKET, BY POWE RANGE
- 0 KW and Below
- Between 4.0 and 22.0 kW
- Between 22.0 and 75.0 kW
- 0 KW and above
GLOBALPERMANENT MAGNET MARKET, BY TYPE
- Neodymium Iron Boron Magnets
- Alnico Magnets
- Ferrite Magnets
- Samarium Cobalt Magnets
- Others
GLOBAL PERMANENT MAGNET MARKET, BY END USER
- Consumer Electronics
- General Industrial
- Automotive
- Medical Technology
- Environment & Energy
- Aerospace & Defense
- Others
GLOBAL PERMANENT MAGNET MARKET, BY REGION
- Europe
- Germany
- France
- Italy
- Spain
- United Kingdom
- Russia
- Netherlands
- Sweden
- Poland
- Rest of Europe
- Asia Pacific
- India
- China
- South Korea
- Japan
- Australia
- Thailand
- Indonesia
- Philippines
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Rest of LATAM
- The Middle East and Africa
- Saudi Arabia
- United Arab Emirates
- Israel
- Turkey
- Algeria
- Egypt
- Rest of MEA