Global Permanent Magnets Market Analysis

Market Insights

The Permanent Magnets Market was estimated at USD 34.2 Billion in 2021 and is likely to grow at a CAGR of 9.29% from 2022-2028 to reach USD 64.13 Billion in 2028.

To know more about this report, register here.

The global permanent magnet market is likely to witness significant changes in the coming years. New sources of supply are scheduled to be developed across the globe. China, which is the major producer of permanent magnets worldwide, is witnessing consolidation by state-owned enterprises. China owns the largest reserves of permanent magnets worldwide and is a low-cost producer of permanent magnets. China will continue to remain the largest producer during the forecast period.

What is a permanent magnet?

Permanent magnets are those magnets that are commonly used. They are known as permanent magnets because they do not lose their magnetic property once they are magnetized.

Drivers

Click here, to get detailed information about this report.

• Increasing automotive production and increasing use of permanent magnets in the consumer electronics, such as HDD, CD, and DVD applications are the key drivers.
• Growing inclination towards renewable energy (wind turbines and solar photovoltaic) and increasing production of electric & hybrid vehicles.

Key Players

The key manufacturers are-

• Molycorp Magnequench
• Hangzhou Permanent Magnet Group
• Shin-Etsu Chemical Co. Ltd
• Anhui Earth-Panda Advance Magnetic Material Co. Ltd
• Adams Magnetic Products Co.
• Hitachi Metals Ltd.

Segment Analysis

By Material Type

Ferrite material segment held more than 80% of the market share in 2021. Ferrite magnet is a low magnetic energy product and suitable for low-temperature applications. It alone accounted for more than 70% of the global permanent magnet market (on a volume basis) serving most of the major applications, such as stators in wind energy, and engine and battery components in the automotive industry. It has a lower price than other magnet types (Alnico, NdFeB, and SmCo).

Driven mainly by consumer electronics, standard automotive applications, and electric and hybrid vehicles. NdFeB is preferred in the engine components, battery components, moving car parts, HDD of consumer electronics and other integral systems. China and Japan together produce more than 95% of the global NdFeB supply.

By End-Use Industry Type

Consumer goods & electronics held more than 25% of the market share in 2021. The primary driver is the growing usage of permanent magnets in consumer electronics, particularly in HDD, CD, and DVD applications.

Automotive industry is expected to remain the largest consumer of permanent magnets during the forecast period. It accounted for 55% of the global permanent magnet market in 2015. Permanent magnets are used in engine components, battery components, moving car parts, and other integral systems. The energy segment is expected to witness the fastest growth in the next five years driven by the demand for renewable energy across the globe. All the major countries have set renewable energy targets and are continuously pushing harder to meet the renewable energy targets.

To know more about the market share segment-wise, register here.

Regional Insights

Asia Pacific held more than 75% of the market share in 2021. It is also expected to remain the largest market for permanent magnets during the forecast period. China is the leading producer as well as consumer of permanent magnets worldwide.

To get more information about this report, register here.

 Segmentation

This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The market is segmented in the following ways:

By Material Type:

• Ferrite
• Neo (NdFeb)
• SmCo
• Alnico

By End-Use Industry Type:

• Aerospace & Defense
• Automotive
• Consumer Electronics
• Energy
• Industrial
• Medical
• Others

By Sales Channel Type:

• Direct Sales
• Distributors

By Region:

• North America
• Europe
• Asia-Pacific
• Rest of the World

To understand more about the segment trends, register here

Research Methodology

• This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
• More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.
• We conducted more than 10 detailed primary interviews with companies across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the dynamics and will enable strategic decision-making for the existing players as well as those willing to enter the market.

The following are the key features of the report:

• Overview, industry life cycle analysis, supply chain analysis
• Environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
• Trend and forecast analysis
• Segment trend and forecast
• Competitive landscape and dynamics: Market share, product portfolio, Technology launches, etc.
• Attractive segments and associated growth opportunities
• Emerging trends
• Strategic growth opportunities for the existing and new players
• Key success factors

Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3)
• SWOT analysis of key players (up to 3)

Geographic Analysis

• Further segmentation of Asia-Pacific into China, India, and Rest of Asia Pacific

Regional Segmentation

• Current market segmentation of any one of the regions by material type

Custom Research: Stratview research offers custom research services across the sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your enquiry at sales@stratviewresearch.com