Permanent Magnet Market Research Business Opportunity, Global Trend, Future Growth, Key Findings and Forecast to 2027

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The global permanent magnet market sizeis expected to reach USD 34.70 billion by 2026; attributed totheir increasing use in the hybrid electric vehicle production.

Permanent Magnet Market Research Business Opportunity, Global Trend, Future Growth, Key Findings and Forecast to 2027

The global permanent magnet market sizeis expected to reach USD 34.70 billion by 2026; attributed totheir increasing use in the hybrid electric vehicle production. A permanentmagnet is an object that possesses magnetic properties even in the absence of amagnetic field. They have two magnetic ends called the north pole and southpole respectively. They are used in different types of motors such asloudspeakers, various appliances, HVAC, and others. A recently published reportby Fortune Business Insights titled, “Permanent Magnet Market Size,Share & Industry Analysis, By Type (Neodymium Iron Boron (NdFeB), Ferrite,Samarium Cobalt (SmCo), Aluminum Nickel Cobalt (Alnico), and Others), ByApplication (Consumer Electronics, Automotive, General Industrial, MedicalDevices, Energy, and Others), and Regional Forecast, 2019-2026,” offersa comprehensive overview of the market. According to this report, the marketvalue stood at USD 17.85 Billion in 2018 and is likely to riseat a CAGR of 8.7% between 2019 to 2026.

COVID-19 Impact Analysis:

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What are the Highlights of the Report?

The report offers a 360-degree analysis of the market anddiscusses factors such as drivers, restraints, challenges, and upcomingopportunities of the market. It also throws light on the table of segmentationof the market based on factors such as type, application, and geography, andnames of the leading segment. Moreover, the report discusses majorindustry developments, current trends, and other interesting insights into themarket. It also highlights the names of players functioning in the market andthe key strategies adopted by them to gain momentum in the market.

Permanent Magnet Market Drivers:

Increasing Popularity of Hybrid Vehicles will Add Impetus toMarket

Various factors are responsible for the permanent magnet marketgrowth. These include the increasing demand for various electronic devices suchas television, laptops, music systems, and smartphones, coupled with the risein need for more energy for consumption. This, coupled with the growing demandfrom the automotive sector will also aid in the expansion of the market in theforecast period. Besides this, the advancement in technology and use ofneodymium iron boron (NdFeB) for various applications such as domesticappliances and wind turbines, and other electronic equipment such as speakersare likely to bode well for the market in the coming years.

Regional Segmentation:

Asia Pacific to Continue Dominating Market with IncreasingPreference Towards Electric Vehicles

In 2018, Asia Pacific earned a revenue of USD 13.82 Billion andemerged dominant with the increasing demand for permanent magnets for variousapplications such as energy, consumer electronics, and automotive. Chinaemerges as the leading producer attributed to the availability of abundantrare-earth deposits. This, coupled with the rise in popularity of electricvehicles will help Asia Pacific continue dominating the market in theforthcoming years.

On the other side, the market in North America will gain impetusfrom the rise in demand for consumer electronics such as personal computers,wearable devices, mobile phones, and medical devices. Additionally, the Europemarket will rise steadily on account of the rise in demand for hybrid andelectric vehicles.

Browse Summary of This Research Report with Detailed Table of Content:

https://www.fortunebusinessinsights.com/permanent-magnet-market-102776

Competitive Landscape:

Companies Expanding Base in China to Earn High Revenue

A large portion of permanent magnets is produced in China, thusmaking this region account for more than 70% of the overall production volume.Owing to this factor, a large number of producers in the market are aiming atexpanding their territory in this nation for earning better revenues. Besidesthis, players are investing massively on resources and development ofcustomized permanent magnet products to suffice to the needs of theirconsumers. Apart from this, manufacturers are adopting various strategies suchas collaborations with other companies, joint ventures, agreements, and contractsfor increasing their product portfolio, thereby gaining a competitive edge inthe market.

List of Permanent Magnet Market Manufacturers include:

Adams Magnetic Products Co., Inc.
Arnold Magnetic Technologies Corp.
TDK Corporation
Tengam Engineering, Inc.
Alpha Magnet
Electron Energy Corporation
Ningbo Yunsheng Co. Ltd.
Integrated Magnetics
Magnequench International, LLC,
Tridus Magnetics and Assemblies
Bunting Magnetics Co.
Anhui Earth-Panda Advance Magnetic Material Co., Ltd.
Hangzhou Permanent Magnet Group
Daido Steel Co., Ltd.
Shin-etsu Chemical Co., Ltd.
Hitachi Metals, Ltd.
Other Players

Major Industry Developments of the Market include:

April 2019 – Bunting Magnetics introduced ElectroMax Overband Magnet at Bauma.The company aims at adhering to the needs of customers such as more compact,smaller electro overband, and lighter magnets.

MAY 2018 – Santoku Corporation, the rare earth metal producer was acquired byHitachi Metals Ltd., for the production of a wholly-owned subsidiary.

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