USD 35.20 Billion
Report ID: SQSG15J2003 | Region: Global | Published Date: February, 2024 | Pages: 157 | Tables: 68 | Figures: 71
Permanent Magnet Market size was valued at USD 35.20 Billion in 2021 and is poised to grow from USD 38.19 billion in 2022 to USD 73.35 billion by 2030, at a CAGR of 8.5% during the forecast period (2023-2030).
An item that maintains its magnetic characteristics even in the absence of a magnetizing force, such as an inducing field or current, is said to be permanent. In permanent magnets, the magnetic field is produced by the core structure of the material. These magnets are stable to external magnetic fields, have high magnetic moments, and have low tiny permeability. Hard magnets are another name for these magnets. These magnets employ the attraction of magnets to turn electrical energy into mechanical energy and back again, controlling the electrons as a result. Alloy magnets, ferrite magnets, and bonded magnets are some of these magnets. They are utilized in a variety of motors, loudspeakers, household items, and HVAC systems.
US Permanent Magnet Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 35.20 Billion
Neodymium Iron Boron (NdFeB)
Neodymium Iron Boron (NdFeB)
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The Global Permanent Magnet Market is segmented based on Type, Application, and Region. Based on the Type, the Global Permanent Magnet Market is segmented as Neodymium Iron Boron (NdFeB), Ferrite, Samarium Cobalt (SmCo), Aluminum Nickel Cobalt (Alnico), and Others. Based on the Application, the Global Permanent Magnet Market is segmented as Consumer Electronics, Automotive, General Industrial, Medical Devices, Energy, and Others. Based on Region it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Permanent Magnet Market Analysis by Type
The largest revenue share comes from the NdFeB category. This segment's expansion is credited to its excellent performance, compact size, and affordable characteristics. Electric motors and power tools are where these magnets are mostly used. Additionally, the absence of effective alternatives for NdFeB magnets is predicted to fuel the market, along with measures done by various governments to promote the adoption of green technology. The ferrite magnets offer high-temperature functioning, and demagnetization resistance, and are reasonably priced. Because of these characteristics, its application in vehicle parts such as windshield wipers, fuel pumps, engine starters, and antenna lifts is expected to expand significantly throughout the projection period.
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The Asia Pacific dominated the permanent magnet market in 2021. Due to the increasing demand for permanent magnets from automotive, consumer electronics, and energy applications, it is also the market segment that is expanding at the highest rate. Due to a large number of rare-earth resources in this area, China is the world's largest producer and user of these magnets. Hard magnet demand is expected to increase in North America due to the fast-rising need for consumer electronics such as wearable technology, personal computers, medical equipment, and mobile phones. A rapidly expanding automobile sector is predicted to significantly boost the hard magnet market in Europe. The market in Europe will also be driven by the increased demand for electric and hybrid cars as well as government rules that encourage the usage of these vehicles over conventional automobiles.
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Permanent Magnet Market Driver
Rising Demand for Consumer Electronics
Permanent Magnet Market Restraint
Fluctuation in Prices of Raw Material
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The Global Permanent Magnet market is relatively fragmented, with a high level of competition. Companies are working on new product launches and other initiatives to provide better equipment to their customers and expand their companies globally. These industry leaders are expanding their client base in a variety of ways, and many organizations are forming strategic and creative partnerships with other start-up businesses in order to increase market share and profitability.
Permanent Magnet Market Top Player's Company Profiles
Permanent Magnet Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by robust Secondary Desk research.
According to our Global Permanent Magnet Market Analysis, Permanent magnets' exceptional performance features have led to high demand from application industries, which is driving the market. Due to the presence of major permanent magnet producers and the explosive expansion of several end-use industries, APAC is the region with the fastest expanding permanent magnet market. Worldwide demand for items containing permanent magnets has increased as a result of rising knowledge of medical treatments using neodymium magnets and the expanding electronics industry.
|Market size value in 2021
|USD 35.20 Billion
|Market size value in 2030
|USD 73.35 billion
|Forecast Unit (Value)
|North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Permanent Magnet Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Permanent Magnet Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Permanent Magnet Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
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