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