The global permanent magnet market size is expected to reach USD 66.65 Billion in 2028 and register a CAGR of 9.7% over the forecast period, according to the latest report by Reports and Data. Key factors such as the growing scope of product applications in the automobile industry, along with the increasing use of Internet-compatible devices are driving market revenue growth. A permanent magnet or hard magnet is a type of magnet that maintains its magnetic properties after removing demagnetizing force.
It is widely applied in various end-use sectors such as electronics, medical technology, industrial, automotive, aerospace & defense, and environment & energy. The consumer electronics segment accounted for the majority revenue share in the global market in 2020. Rising investments in the development of advanced electronics, and growing adoption of cloud computing and digitalization are some major factors driving revenue growth of this segment.
North America accounted for a significant revenue share in 2020 and the trend is expected to gain traction over the forecast period. Major revenue contributors in the North American market are the United States and Canada markets. Factors such as a rising focus on technological research, and growing demand for automobiles are key factors driving revenue growth of the market in this region.
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Top Key Players: Hitachi Metals, Ltd., TDK Corporation, Shin-Etsu Chemical Co., Ltd., Electron Energy Corporation, Adams Magnetic Products Co., Inc., Bunting Magnetics Co., Tengam Engineering, Inc., Yantai Shougang Magnetic Materials Inc., Ningbo Yunsheng Co. Ltd., and Chengdu Galaxy Magnets Co., Ltd.
Market Overview:
Consumers are placing higher importance on sustainability and, as a result, are choosing items based on factors like circularity and carbon footprint. Furthermore, consumer concern about carbon emissions has prompted increased investment in renewable energy, energy efficiency, and transportation decarbonization. These developments have had a considerable impact on chemical end sectors, particularly in the automobile and construction industries. COVID-19 has exacerbated the situation by lowering the automobile and construction industries (as well as many others) and disrupting current supply lines.
The adoption of digital technologies by oil, gas, and chemical firms has been fueled primarily by cost savings and greater reliability. Many organizations in these areas saw excellent benefits from advanced market sensing, improved operational optimization, and expanded usage of "in silico" simulations. Companies' existing digital technologies provided an advantage with the abrupt entrance of COVID-19 and the accompanying shutdown of facilities and worksites, but they were often insufficient for the level of remote working and cybersecurity that was suddenly required.
The report is written with the aid of industry analysts, market segmentation, and data collection in order to assist readers in making profitable business decisions. The report includes a comprehensive database of technical and product advances. It also provides information on growth rates and market value, as well as a thorough examination of niche market segments. The report provides strategic advice to newcomers and existing businesses about how to make profitable and well-informed business decisions.
The Permanent Magnet market has been segmented into key regions of the world and offers an analysis of growth rate, market share, current and emerging trends, production and consumption ratio, industrial chain analysis, demand and supply, import and export, revenue contribution, and presence of key players in each region. A country-wise analysis of the market is offered in the report to gain a better understanding of the regional spread and progress of the Permanent Magnet market.
Type Outlook (Revenue, USD Billion; 2018-2028)
- Neodymium Iron Boron Magnets
- Ferrite Magnets
- Samarium Cobalt Magnets
- Alnico Magnets
- Others
End-Use Outlook (Revenue, USD Billion; 2018-2028)
- Consumer Electronics
- Medical Technology
- General Industrial
- Automotive
- Aerospace & Defense
- Environment & Energy
- Others
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The global Permanent Magnet market is segmented into:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Questions Addressed in the Report:
- What are the dominating factors that are influencing the growth of the industry?
- In the forecast period, which market segment is expected to rise the most?
- What are the risks and challenges that the industry is facing?
- In the coming years, which area is projected to dominate the market?
- Who are the major players in the market? What kind of strategic business plans have they made?
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