Permanent Magnet Market Size, Share, Trends, Growth 2032

Permanent Magnet Industry Prospective:

The global permanent magnet market size was evaluated 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.

The study covers the key drivers and restraints of the permanent magnet market. It also provides its market impact within the forecast period. Furthermore, the study also includes the opportunities accessible in the permanent magnet market on a global level.

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Permanent Magnet Market: Overview

In order to offer the users of this report, a comprehensive view of the permanent magnet market, we have enclosed a detailed value chain analysis. To know the competitive landscape within the market, an analysis of Porter’s Five Forces model for the permanent magnet market has additionally been enclosed within the study. The study includes a market attractiveness analysis, wherein all the segments are benchmarked supported their market size, growth rate, and general attractiveness.

The study also includes the market share of the key participant’s operating in the permanent magnet market across the globe. Additionally, the report covers the strategic development together with acquisitions & mergers, agreements, partnerships, collaborations, and joint ventures, and regional growth of key players within the market on a regional basis.

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Permanent Magnet Market: Growth Factors

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., alongside various commercial and industrial applications. These magnets are also used in garbage separators, audio-visual equipment, computers, telephones, kitchen appliances, automobiles, microwave ovens, medical imaging devices, 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.

Moreover, the flourishing automotive industry in the Asia Pacific region is further expected to boost the use of permanent magnets. 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.

Permanent Magnet Market : Report Scope

Permanent Magnet Market: Segmentation

The study provides a crucial view of the permanent magnet market based on type, end-use industry, and region.

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 magnet is 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 segment is expected to dominate the global market in the future, owing to the growing automotive industry across the globe. Moreover, the consumer electronics segment is estimated to emerge as the fastest growing segment in the future.

Permanent Magnet Market: Regional Insights

The regional classification includes Europe, North America, Latin America, Asia Pacific, and the Middle East and Africa.

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.

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