PUBLISHER: The Business Research Company | PRODUCT CODE: 1455229
PUBLISHER: The Business Research Company | PRODUCT CODE: 1455229
Electronic device magnets are magnets utilized in electronic devices to serve various purposes, contributing to the functionality and performance of different components.
The primary types of electronic device magnets include ferrite magnets, neodymium magnets, samarium cobalt magnets, and alnico magnets. Ferrite magnets, also known as ceramic magnets, are a type of permanent magnet crafted from a ceramic-such as material with magnetic properties. These magnets find applications in various material types, including permanent magnets and electromagnets, catering to diverse end-users such as consumer electronics, aerospace and defense, industrial and automation, healthcare, automotive, energy, consumer goods, and other sectors.
The electronic device magnets market research report is one of a series of new reports from The Business Research Company that provides electronic device magnets market statistics, including electronic device magnets industry global market size, regional shares, competitors with an electronic device magnets market share, detailed electronic device magnets market segments, market trends and opportunities, and any further data you may need to thrive in the electronic device magnets industry. This esophageal catheter market research report delivers a complete perspective on everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The electronic device magnets market size has grown rapidly in recent years. It will grow from $24.68 billion in 2023 to $27.33 billion in 2024 at a compound annual growth rate (CAGR) of 10.8%. The growth observed in the historical period can be ascribed to the surge in personal computing, the trends in mobile computing, the implementation of BYOD (Bring Your Own Device) policies, the adoption of cloud computing, and the considerations related to security and compliance requirements.
The electronic device magnets market size is expected to see strong growth in the next few years. It will grow to $39.04 billion in 2028 at a compound annual growth rate (CAGR) of 9.3%. The anticipated growth in the forecast period is linked to the adoption of hybrid work models, progress in artificial intelligence (AI) and machine learning (ML), emphasis on employee wellbeing, incorporation of virtual and augmented reality, cybersecurity challenges, and corresponding solutions. Key trends expected in the forecast period encompass technological convergence and integration, considerations regarding data privacy and governance, enterprise digital transformation, a shift towards cloud-based EUC (End User Computing) solutions, and the adoption of unified endpoint management.
The anticipated growth in the electronic device magnet market is expected to be driven by an increased demand for compact and efficient magnets. These magnets, characterized by their high magnetic strength and compact sizes, find applications in industrial automation, robotics, electric vehicles, and the expanding renewable energy sector. Utilized in electronic devices for functionalities such as sensors, actuators, and data storage, compact and efficient magnets contribute to miniaturization, energy efficiency, and overall device performance. A notable example is the heavy reliance of the U.S. on imports for sintered NdFeB magnets, with 75% sourced from China in 2021, according to the Bureau of Industry and Security (BIS). The remaining 9%, 5%, and 4% come from Japan, the Philippines, and Germany, respectively. Therefore, the increased demand for compact and efficient magnets is a driving force behind the growth of the electronic device magnet market.
The increasing demand for consumer electronics is poised to fuel the growth of the electronic device magnet market. Consumer electronics, such as smartphones and laptops, play a significant role in driving the demand for electronic device magnets. These magnets enable essential functions such as speaker audio, sensor operation, and secure device closures. In 2023, global smartphone sales, the largest sector in consumer electronics, experienced year-on-year growth in Q1 2021, up 27% compared to the previous year, as reported by Zipdo, a Germany-based provider of meeting management and productivity software. Consequently, the growing demand for consumer electronics is a key factor propelling the growth of the electronic device magnet market.
The anticipated growth may face hindrances due to supply chain vulnerabilities. Vulnerabilities in the supply chain can impede the availability of magnets within electronic devices through a single pathway. The Department of Energy noted in February 2022 that a significant challenge in the U.S. NdFeB magnet supply chain is the heavy dependence on China for both source materials and magnets. This challenge is further compounded by insufficient capabilities in the intermediate stages of rare earth metal processing and the manufacturing of sintered magnets. Consequently, supply chain vulnerability poses a restriction to the growth of the electronic device magnet market.
Prominent companies in the electronic device magnet market are actively pursuing innovative technologies, such as clean earth magnet technology, with the aim of reducing the cost of magnets utilized in electronic device production. Clean earth magnet technology involves the development of permanent magnets using iron nitride, a material known for its abundance, affordability, and environmentally friendly properties. A notable example is Niron Magnetics, a U.S.-based startup dedicated to creating sustainable and rare earth material-free magnets for electric vehicles (EVs) and other electronic devices. In 2023, Niron Magnetics successfully developed clean-earth magnets utilizing iron nitride, an abundant and cost-effective alternative to rare-earth minerals. These magnets exhibit performance and temperature stability equivalent to, or even better than, traditional rare earth magnets. The application of these magnets extends to various sectors, including consumer electronics, industrial motors, pumps, compressors, wind turbines, and other products.
In August 2023, Standex International Corporation, a U.S.-based electronics company, completed the acquisition of Minntronix Inc. for approximately $30 million. This strategic move by Standex is aimed at strengthening its market position, expanding the company's product portfolio, and enhancing its capabilities in the field of magnetics. The acquisition of Minntronix Inc., a U.S.-based company specializing in the design and manufacturing of magnetics for applications such as telecom and data communication, has the potential to contribute to increased market share and revenue for Standex in the electronic device magnet market.
Major companies operating in the electronic device magnets market report are Shin-Etsu Chemical Co. Ltd., TDK Corporation, Hitachi Metals Ltd., Yantai Shougang Magnetic Materials Inc., Vacuumschmelze GmbH & Co. KG, Yantai Zhenghai Material Co. Ltd., Arnold Magnetic Technologies, Hangzhou Permanent Magnet Group, Thomas & Skinner Inc., Magx America Inc., Bunting Magnetics Co., Industrial Magnetics Inc., Electron Energy Corporation, Magnum Magnetics Corporation, Viona Magnetics, JPMF Guangdong Co. Ltd., Ninggang Permanent Magnetic Materials Co. Ltd., Intermetallics Japan Corporation, Ningbo Co-Star Materials Hi-Tech Co. Ltd., Risheng Magnets International Co. Ltd., Molycorp Magnequench, Permanent Magnets Ltd., Magnetic Hold Inc., OneMonroe (Monroe Engineering Products), Magnetic Component Engineering, Integrated Magnetics, Magnet Technology
Asia Pacific was the largest region in the electronic device magnets market in 2023. The regions covered in the electronic device magnets market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the electronic device magnets market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The electronic device magnets market consists of sales of ceramic device magnets, and cobalt device magnets. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Electronic Device Magnets Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on electronic device magnets market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for electronic device magnets ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The electronic device magnets market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.