Global Permanent Magnets Market Analysis, Size, Growth, Share, Trend, Outlook & Forecast to 2028
Permanent Magnets Market Growth & Trends The global permanent magnets market size is anticipated to reach USD 32.86 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 5.9% from 2020 to 2027. Growing demand for permanent magnets from the consumer goods and electronics sector for applications such as smartphones, laptops, and air conditioners is anticipated to augment the market growth. Permanent magnets have the ability to generate a magnetic field by the internal structure of the material itself. They possess high coercivity that allows them to resist demagnetization. The market has been categorized based on material into ferrite, NdFeB, Alnico, and SmCo, in which ferrite accounted for the largest volume share in 2019 owing to its low cost, properties, and abundant availability of iron ore. NdFeB is known to be the strongest of all the above-mentioned magnets as it offers high energy product in a compact size with high magnetic remanence and coercivity than others. It is a widely used rare earth magnet for commercial, industrial, and technical applications. It is due to its application that large and heavy substances can now be made in reduced size, leading to cost savings. For instance, it is extensively used in smartphones, along with accessories such as earphones and wall chargers. Download Exclusive Sample Report (104 Pages PDF with All Related Graphs & Charts) For Free @ https://www.grandviewresearch.com/industry-analysis/permanent-magnetsindustry
The competitive scenario is intense in the market with the presence of various types of magnets catering to similar applications. As a result, market players are engaged in gaining a competitive edge in the industry through means of new plants and acquisitions. For instance, IREL (India) Limited is expected to set up a plant for producing rare earth permanent magnets based on Indigenous Technology in Visakhapatnam. Permanent Magnets Market Report Highlights
Asia Pacific is anticipated to register the fastest growth rate in terms of volume across the forecast period, on account of increasing production activities in the medical equipment and electronics sectors in countries like China and India By material, NdFeB held the largest revenue share of more than 66.0% in 2019 owing to its characteristics and high cost
The automotive application segment is anticipated to register a CAGR of 2.3% in terms of volume during the forecast period, on account of increasing emphasis on electric vehicle manufacturing, which is propelling the demand for electric motors
The medical application segment is expected to register the fastest growth rate of 6.8% in terms of volume over the forecast period, owing to the sudden surge in demand for medical equipment during the COVID-19 outbreak The consumer goods and electronics application segment accounted for the largest revenue share of more than 26.0% in 2019 owing to the increasing adoption of permanent magnets in various appliances and electronic products.
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Permanent Magnets Market Segmentation Grand View Research has segmented the global permanent magnets market on the basis of material, application, and region: Permanent Magnets Material Outlook (Volume, Kilotons; Revenue, USD Million, 2016 2027)
Ferrite
Neodymium Iron Boron (NdFeB)
Aluminum Nickel Cobalt (Alnico)
Samarium Cobalt (SmCo)
Permanent Magnets Application Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
Automotive
Consumer Goods & Electronics
Industrial
Aerospace & Defense
Energy
Medical
Others
Permanent Magnets Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2016 2027)
North America o
U.S.
o
Canada
o
Mexico
o
Germany
o
China
o
India
o
Japan
Europe
Asia Pacific
Central & South America o
Brazil
Middle East & Africa
List of Key Players of Permanent Magnets Market Arnold Magnetic Technologies
Electron Energy Corporation
Daido Steel Co., Ltd.
Hitachi Metals Ltd.
Shin-Etsu Chemical Co., Ltd.
TDK Corporation
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