Permanent Magnet Market Is Expected To Reach $48.72 Billion By 2032

Zion Market Research has published a new report titled “Permanent Magnet Market by Type (Neodymium Iron Boron Magnet, Ferrite Magnet, Samarium Cobalt Magnet, Alnico Magnet, and Others) and by End-Use Industry (Industrial, Medical Technology, Aerospace & Defense, Consumer Electronics, Automotive, Environment & Energy, and Others), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2024 – 2032”. According to the report, the global permanent magnet market was valued at  $23.11 billion in 2023 and is slated to hit $48.72 billion by the end of 2032 with a CAGR of nearly 8.64% between 2024 and 2032.

Permanent magnets are magnetic materials where the magnetic fields are created by the internal structure of the materials themselves. Permanent magnets are used in various types of motors, such as HVAC, appliances, loudspeakers, etc. The global permanent magnet market is expected to grow rapidly in the future, owing to the growing investments made in aerospace, electronics, and automotive sectors. Additionally, rapid industrialization and swift urbanization in developing countries like Mexico, China, India, and Brazil are also increasing the demand for permanent magnets in the automotive sectors.

Permanent magnets are widely used in consumer electronics, such as computers, loudspeakers, etc., which is also projected to propel the permanent magnet market growth globally in the years ahead. However, the inconsistent costs of raw materials are likely to hamper the global permanent magnet market growth. Additionally, the growth in R&D spending and technological advancements related to the product are estimated to open new opportunities for permanent magnet market growth over the forecast time period.

Browse the full “Permanent Magnet Market by Type (Neodymium Iron Boron Magnet, Ferrite Magnet, Samarium Cobalt Magnet, Alnico Magnet, and Others) and by End-Use Industry (Industrial, Medical Technology, Aerospace & Defense, Consumer Electronics, Automotive, Environment & Energy, and Others), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2024 – 2032” Report at https://www.zionmarketresearch.com/report/permanent-magnet-market

The global permanent magnet market is divided on the basis of type and end-user industry. The type segment of the permanent magnet market includes ferrite magnet, alnico magnet, samarium cobalt magnet, neodymium iron boron magnet, and others. Neodymium iron boron magnets are projected to dominate the global permanent magnet market, as these magnets are widely used in consumer electronics. Based on end-user industry, the permanent magnet market includes industrial, medical technology, consumer electronics, environment and energy, automotive, aerospace and defense, and others. The automotive sector is expected to dominate the market in the future, owing to the flourishing global automotive industry. Moreover, the consumer electronics sector is estimated to register the fastest growth rate in the future.

By region, Asia Pacific dominated the global permanent magnet market in 2018 and is expected to continue its dominance in the upcoming years as well. This can be attributed to rapid industrialization and the region’s flourishing automotive industry. North America is expected to be the fastest growing region the global permanent magnet market in the years ahead, owing to the growing use of various electronic consumer goods like semiconductors, home appliances, and smartphones.

The European permanent magnet market is projected to grow significantly in the future, due to the increased investments made in the defense and aerospace sector. Rapid industrialization in Latin America is driving the automotive industry, which is propelling the region’s permanent magnet market growth.

Permanent Magnet Market: Competitive Space

The global permanent magnet market profiles key players such:

• Hangzhou Group
• Daido Steel
• Adams Magnetic Products
• Shin-Etsu Chemical
• Electron Energy Corp
• Lynas Corporation
• Hitachi Metals
• Tengam Engineering
• TDK Corporation
• Bunting Magnetics
• Arnold Magnetic Technologies

This report segments the global permanent magnet market into:

Global Permanent Magnet market: Type Analysis

• Neodymium Iron Boron Magnet
• Ferrite Magnet
• Samarium Cobalt Magnet
• Alnico Magnet
• Others

Global Permanent Magnet market: End-Use Industry Analysis

• Industrial
• Medical Technology
• Aerospace and Defense
• Consumer Electronics
• Automotive
• Environment and Energy
• Others

Global Permanent Magnet market: Regional Analysis

• North America
  • The U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• Middle East and Africa

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