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 is estimated to grow from USD 37.62 billion in 2022 to USD 64.13 billion by 2028 at a CAGR of 9.19% during the forecast period.
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.
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.
Anhui Earth-Panda Advance Magnetic Material Co. Ltd
Adams Magnetic Products Co.
Market Dynamics
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 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.
Permanent magnets are being used more frequently in medical imaging systems that are rapidly being used for diagnostic purposes.
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How the Demand for consumer electronics is 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.
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 goods & 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.
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 global demand for renewable energy. All the major countries have set renewable energy targets and are continuously pushing harder to meet the renewable energy 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.
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
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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 the market players across the value chain in all four regions and with 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 the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.
What Deliverables Will You Get in this Report?
Key questions this report answers
Relevant contents in the report
How big is the sales opportunity?
In-depth analysis of the Permanent Magnets Market
How lucrative is the future?
The market forecast and trend data and emerging trends
Which regions offer the best sales opportunities?
Global, regional, and country-level historical data and forecasts
Which are the most attractive market segments?
Market segment analysis and Forecast
Which are the top players and what is their market positioning?
Porter’s five forces analysis, PEST analysis, Life cycle analysis
What are the factors affecting the market?
Drivers & challenges
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10% free customization
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
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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 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 2022. It is also expected to remain the largest market for global permanent magnets during the forecast period
