Permanent Magnets Market is Segmented by Material Type (Ferrite, NdFeb, SmCo, and Alnico), by End-Use Industry (Aerospace & Defense, Automotive, Consumer Electronics, Energy, Industrial, Medical, and Others), by Sales Channel (Direct Sales and Distributors), by Region (North America, Europe, Asia-Pacific, and Rest of the World)
Permanent Magnets Market is Segmented by Material Type (Ferrite, NdFeb, SmCo, and Alnico), by End-Use Industry (Aerospace & Defense, Automotive, Consumer Electronics, Energy, Industrial, Medical, and Others), by Sales Channel (Direct Sales and Distributors), by Region...
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.
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
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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.
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.
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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.
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.
Report – Features
Market Segmentation
4
Regions Covered
4
Countries/Sub-Regions Covered
17
No. of Figures & Tables
>150
Company Profiles
17
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
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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
Global Permanent Magnets Market Features
Market Size in 2028
USD 64.13 billion
Market Size in 2021
USD 34.2 billion
Market Growth (2022-2028)
9.29% CAGR
Base Year of Study
2021
Trend Period
2016-2020
Forecast Period
2022-2028
Segments Covered
By Material Type (Ferrite, NdFeb, SmCo, and Alnico), by End-Use Industry (Aerospace & Defense, Automotive, Consumer Electronics, Energy, Industrial, Medical, and Others),
By Sales Channel (Direct Sales and Distributors),
By Region (North America, Europe, Asia-Pacific, and Rest of the World)
Top Companies in 2022
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.
Dominant Region
Asia Pacific held more than 75% of the market share in 2021.
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
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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.
Molycorp Magnequench, Hangzhou Permanent Magnet Group, Shin-Etsu Chemical Co. Ltd, Anhui Earth-Panda Advance Magnetic Material Co. Ltd, Adams Magnetic Products Co., and Hitachi Metals Ltd. are among the key players in the Permanent Magnets Market.
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.
Asia Pacific held more than 75% of the market share in 2021. It is also expected to remain the largest market for global permanent magnets during the forecast period