Latest News- Magnet Market: Permanent is expected to lead the Type segment during 2024-2028

The Magnet Market is being driven by Increasing demand for magnets from automobile sector

The Magnet Market is expected to grow at a CAGR of 7.89% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 17.54 billion. In the medical devices sector, magnets have emerged as a crucial component due to their extensive usage in biomedical applications. Notably, magnets play a pivotal role in the development of advanced sensors and biosensors for medical diagnosis and monitoring in severe conditions. Moreover, magnetic technologies are integral to medical devices such as MRI scanners and X-ray machines. Additionally, magnetic particles have gained significant traction in the biomedical industry, offering potential in drug delivery and cellular therapy. Nanocrystalline magnetic particles, when loaded with therapeutic agents, can be precisely targeted and subsequently removed using an external magnetic field post-treatment. This magnetic technology's versatility and effectiveness are driving its widespread adoption within the medical devices industry. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Type
  • Permanent
  • Electromagnet
• End-user
  • Consumer goods and electronics
  • Automotive
  • General industry
  • Aerospace and defense
  • Others
• Geography
  • APAC
    • China
    • India
    • Japan
  • North America
    • US
  • Europe
    • Germany
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increasing demand for magnets from automobile sector
• Growing demand for defense aircraft and increasing government expenditure on defense
• Increased applicability of magnets in storage technology

However, the market also witnesses some limitations, which are as follows:

• Fluctuating cost of raw materials of magnets
• High R and D costs related to magnet manufacturing
• Slowdown of industrial manufacturing sector in China

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Market Scope in Magnet Market Research Report

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Research Analysis Overview

The Magnet Market Analysis reveals growth in sectors like automotive and industrial applications, driven by government purchases and consumer spending. Key products include computer cables, mobile phones, electric motors, voice coil motors, fax stepper motors, and printer machine rollers. Ferrite magnets, an external source, are crucial in industries like mining and power consumption. Regulatory authorities oversee mining licenses and residue management. The market dynamics are influenced by GDP growth and the demand for electric motors in various sectors.

Market Research Overview

The global magnet market is a significant segment of the larger diversified metals and mining industry, as identified by Technavio. This market encompasses businesses involved in the production or extraction of rare earth magnets, primarily used in renewable energy applications such as wind turbine generators, as well as in various technological devices like wearable gadgets and electric vehicles. Key components in this sector include rare earth materials, primarily neodymium and praseodymium, which are essential for producing ferrite and neodymium magnets. The market's size is determined by the consolidated revenue generated by companies specializing in the production or extraction of these magnets and associated mining operations. Notable trends impacting the market include the increasing demand for renewable energy sources, the ongoing trade war between the US and China affecting rare earth supplies, and the potential implementation of the Defense Production Act to secure domestic sources of rare earth materials for national defense and economic growth.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/