Permanent Magnets Market Growth Analysis | 2023-2028

Market Insights

The permanent magnets market was estimated at USD 37.62 billion in 2022 and is likely to grow at a CAGR of 9.19% during 2023-2028 to reach USD 64.13 billion in 2028.

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Market Dynamics

Introduction

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.

?The global permanent magnet market will likely 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.

Market Drivers

The market is driven by a host of factors, some of which are noted below:

• Increasing automotive production and increasing use of permanent magnets in 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.
• Permanent magnets are being used more frequently in medical imaging systems that are rapidly being used for diagnostic purposes.

How is the demand for consumer electronics growing, making it one of the major growth drivers?

The demand for permanent magnets will rise as consumer electronics demand increases. These magnets' advantageous properties include attraction, repulsion, and energy conversion, increasing the usage of permanent magnets in a variety of consumer gadgets, including laptops, televisions, music systems, computers, and smartphones. Consumer electronics are in high demand due to changing customer preferences and technological improvements, which fuel the market's expansion throughout the forecast period.

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Key Players

The key manufacturers in the permanent magnets market are:

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

Note: The above list does not necessarily include all the top players in the market.

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Segment Analysis

By Material Type

The ferrite material segment held more than 80% of the market share in 2022. 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).

They are 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 electronics held more than 25% of the market share in 2022. The primary driver is the growing usage of permanent magnets in consumer electronics, particularly in HDD, CD, and DVD applications.

The automotive industry is expected to remain the largest consumer of permanent magnets during the forecast period. It accounted for more than 50% of the global permanent magnet market in 2022. 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 global demand for renewable energy. All the major countries have set renewable energy targets and are continuously pushing harder to meet the targets.

Regional Insights

Asia Pacific held more than 75% of the market share in 2022. 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.

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Research Methodology

This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s permanent magnets market realities and future market possibilities for the forecast period of 2023 to 2028. After a continuous interest in our permanent magnets market report from the industry stakeholders, we have tried to further accentuate our research scope to the permanent magnets market to provide the most crystal-clear picture of the market. The report segments and analyses the market in the most detailed manner to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.

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 1000 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 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

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

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Market 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 permanent magnets 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 (Country Analysis: the USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

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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.