Permanent Magnets Market Size to grow by USD 12.79 billion between 2024-2028
According to a research report “ Permanent Magnets Market” by Material (Neodymium iron boron magnets, Ferrite magnets, Samarium cobalt magnets, Alnico magnets) End-user (Consumer goods and electronics, Automotive, General industrial, Aerospace and defense, Others) Geography (APAC, North America, Europe, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 12.79 billion, at a CAGR of 8.37% during the forecast period. In major automotive markets, including the US, China, India, and Japan, the automobile sector is experiencing significant growth. This expansion is driving the need for advanced, fuel-efficient, and emissions-reducing vehicle control systems. In response, automotive manufacturers are incorporating increasingly complex electrical systems into their vehicles. The resulting demand for high-performance permanent magnets, utilized in the production of automotive actuators and drive assemblies, has intensified. This surge in demand has catalyzed the development of rare earth metals and the production of compact, high-performance neodymium-iron-boron (NdFeB) and samarium-cobalt (SmCo) magnets. These magnets offer superior performance and can be engineered into a diverse array of shapes and geometries.
Browse market data tables, figures, and in-depth TOC on “Permanent Magnets Market” by Material (Neodymium iron boron magnets, Ferrite magnets, Samarium cobalt magnets, Alnico magnets) End-user (Consumer goods and electronics, Automotive, General industrial, Aerospace and defense, Others) Geography (APAC, North America, Europe, South America, Middle East and Africa) Global Forecast to 2028. Download Free Sample
By Material, the Neodymium iron boron magnets segment is projected to dominate the market size in 2024
In the Asia Pacific (APAC) region, China, Japan, South Korea, and India are the leading markets for permanent magnets in the consumer goods and electronics sectors. These countries consume a significant proportion of permanent magnets due to their extensive usage in daily life items such as kitchenware, personal care products, home entertainment equipment, and various electronic devices. Consumers in these regions demand high-performance and efficient products, leading to the increasing adoption of permanent magnets in speakers for enhanced sound output, motors for smooth operation, and magnetic bags and accessories for added convenience. The consumer goods segment is experiencing robust growth, fueled by rising disposable incomes, urbanization, and evolving lifestyles, further bolstering the demand for permanent magnets in APAC.
By End-user, Consumer goods and electronics segment is expected to hold the largest market size for the year 2024
Neodymium-Iron-Boron (NdFeB) magnets, known for their high magnetic field strength and cost-efficiency, have gained significant traction in various industries. These permanent magnets offer superior performance characteristics, including high magnetic stability and field strength, despite their relatively low Curie temperature and susceptibility to oxidation. The robust demand for NdFeB magnets can be attributed to their extensive applications in sectors such as electronics, military, automotive, and healthcare, among others. Factors fueling the market growth include the increasing adoption of NdFeB magnets in power tools and electric motors, as well as the limited availability of viable alternatives.
APAC is forecasted to hold the largest market size by region in 2024
In the Asia-Pacific region, the permanent magnets market is experiencing significant growth due to the rapid industrialization and expansion in key sectors such as automotive, industrial, energy, and consumer electronics. The consumer electronics sector, in particular, is projected to witness a notable surge in demand for permanent magnets, driven by the enhancement of living standards and increasing disposable income. These magnets are utilized in various applications, including the magnetic heads of hard disk drives (HDDs) and compact discs (CDs), as well as the motors of peripherals like printers, fax machines, and scanners. Furthermore, the increasing adoption of cloud computing and the subsequent development of data centers to store vast amounts of data have fueled the demand for permanent magnets in this sector.
The Permanent Magnets Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
The Permanent Magnet market is driven by the magnetizing force of these magnets, which offer optimum efficiency and are essential in various industries. Permanent magnets, made from materials like Neodymium and Dysprosium, rare earth metals, require significant capital and human expertise for manufacturing. The technology used in producing these magnets is constantly evolving, with automation playing a crucial role in reducing man-hours and increasing production. The Automotive sector, Medical sector, Oil & gas industry, and Industrial application segment are significant consumers of permanent magnets. The Automotive segment, in particular, is witnessing robust growth due to the increasing demand for electric vehicles. The Consumer goods & electronics industry also relies heavily on permanent magnets, with Alnico and Ferrite material segments being popular choices. Manufacturing companies face regulatory scrutiny due to the energy costs involved in producing these magnets. The Aerospace and Defense industries use permanent magnets in various applications, including motors, generators, and actuators. Sustainable energy sources like wind and solar power are also driving the demand for permanent magnets in the energy sector. Overall, the Permanent Magnet market is poised for growth, with continuous advancements in technology and materials.
Market Research Overview
The Permanent Magnets Market encompasses a wide range of applications, including electric vehicles, engine components, battery components, moving car parts, consumer electronics, and various industrial applications. The Ferrite material segment dominates the market due to its affordability and resistance to demagnetization at room temperature. Electric vehicles are a significant growth area, with permanent magnets essential for electric motors. In the automotive sector, permanent magnets are used in engine starters, fuel pumps, and various automotive components. In the consumer goods & electronics segment, permanent magnets are found in electric window regulators, windscreen wipers, door locks, and various components of consumer electronics such as smart phones, computers, music systems, televisions, and laptops. Permanent magnets are also used in compressors, HVAC systems, appliances, speakers, motors, and various industrial applications. Rare earth magnets, such as Samarium Cobalt (SmCo) and Neodymium, are commonly used due to their high-temperature operations and strong magnetic power. The market is driven by consumer disposable income, green technologies, and the increasing demand for energy-efficient solutions. Prices and quality of magnets are crucial factors, as are raw materials, such as rare earth metals. The market is also influenced by technological advancements, regulatory scrutiny, and the increasing automation of various industries, including aerospace, defense, and sustainable energy sources. Manufacturing companies in the automotive, medical, oil & gas, and industrial application segments are major consumers of permanent magnets. The market's future looks promising, with the increasing demand for electric vehicles, energy-efficient solutions, and the growing importance of sustainability. However, the market faces challenges such as energy costs, regulatory scrutiny, and the availability and cost of raw materials. Human expertise, capital, and optimum efficiency are essential for manufacturers to remain competitive in this dynamic market.
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