Product ID: SQSG15J2003
Report ID:
SQSG15J2003 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
68 |
Figures:
71
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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REQUEST FREE CUSTOMIZATIONPermanent Magnet Market size was valued at USD 35.20 Billion in 2019 and is poised to grow from USD 38.19 billion in 2023 to USD 73.35 billion by 2031, at a CAGR of 8.5% during the forecast period (2024-2031).
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Product ID: SQSG15J2003