Latest News- Permanent Magnets Market: NdFeB magnets is expected to lead the Material segment during 2025-2029

The Permanent Magnets Market is being driven by Increasing demand from automobile sector

The Permanent Magnets Market is expected to grow at a CAGR of 9% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 18453.2 million. The Permanent Magnets market has experienced significant growth in the medical devices sector due to the increasing utilization of magnets in biomedical applications. Notably, magnetic components are integral to advanced medical equipment such as MRI scanners and X-ray machines. Furthermore, magnetic particles are gaining prominence in the biomedical industry, with applications in targeted drug delivery and cellular therapy. For instance, nanocrystalline magnetic particles enable precise drug administration, minimizing distribution to unwanted areas of the body. This targeted approach enhances therapeutic efficacy and reduces potential side effects, thereby fueling market expansion. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Material
  • NdFeB magnets
  • Ferrite magnets
  • Samarium cobalt magnets
  • Alnico magnets
• End-user
  • Consumer goods and electronics
  • Automotive
  • General industrial
  • Aerospace and defense
  • Others
• Method
  • Sintered magnets
  • Bonded magnets
  • Injection molded magnets
  • Hot-pressed magnets
• Geography
  • APAC
    • China
    • India
    • Japan
    • South Korea
  • North America
    • Canada
    • US
  • Europe
    • Germany
    • UK
    • France
  • 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 from automobile sector
• Increased applicability in storage technology
• Increase in iron ore production volume

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

• Fluctuating cost of raw materials
• High research and development cost
• High costs associated with mining of rare-earth metals

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Market Scope in Permanent Magnets Market Research Report

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Research Analysis Overview

The Permanent Magnets Market is driven by sectors such as sustainable energy sources, defense, aerospace, automation, and the automotive industry. Regulatory scrutiny and material costs, particularly for rare earth metals like Dysprosium and Neodymium, pose challenges. Key segments include the Ferrite material segment, consumer goods & electronics, industrial applications, oil & gas industry, medical sector, and manufacturing companies. Optimum efficiency, capital investment, human expertise, and magnetizing force are crucial factors. Permanent magnets are used in various applications, including automotive, automation, and consumer goods, due to their strong magnetic properties and durability. Industries like defense, aerospace, and medical sectors also rely on permanent magnets for their unique features, contributing to the market's growth. Manufacturing companies seek permanent magnets for their role in energy efficiency, technology advancements, and cost savings. Despite the challenges, the market continues to grow due to the increasing demand for permanent magnets in various industries and the need for sustainable energy sources.

Market Research Overview

The global diversified metals and mining industry encompasses businesses involved in the production or extraction of a range of metals and minerals, including non-ferrous metals such as lead, nickel, tin, titanium, zinc, cobalt, mercury, tungsten, beryllium, bismuth, cerium, cadmium, niobium, indium, gallium, germanium, lithium, selenium, tantalum, tellurium, vanadium, and zirconium, as well as salt, borate, phosphate rock, and diversified mining operations. Key end-use sectors include sustainable energy sources, defense, aerospace, automation, consumer goods & electronics, automotive, industrial applications, and the oil & gas industry. Companies in this market generate significant revenue from the production and extraction of these essential elements, making it a significant contributor to global economic growth. Technavio's market analysis calculates the industry size based on the combined revenues of these businesses.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
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