USD 35.20 Billion
Permanent Magnet Market Size, Share, Growth Analysis, By Type(Neodymium Iron Boron (NdFeB), Ferrite, Samarium Cobalt (SmCo), Aluminum Nickel Cobalt (Alnico)), By Application(Consumer Electronics, Automotive, General Industrial, Medical Devices), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG15J2080 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
68
|Figures:
71
Permanent Magnet Market Insights
Permanent Magnet Market size was valued at USD 35.20 Billion in 2019 and is poised to grow from USD 38.19 billion in 2023 to USD 73.35 billion by 2031, at a CAGR of 8.5% during the forecast period (2024-2031).
An item that maintains its magnetic characteristics even in the absence of a magnetizing force, such as an inducing field or current, is said to be permanent. In permanent magnets, the magnetic field is produced by the core structure of the material. These magnets are stable to external magnetic fields, have high magnetic moments, and have low tiny permeability. Hard magnets are another name for these magnets. These magnets employ the attraction of magnets to turn electrical energy into mechanical energy and back again, controlling the electrons as a result. Alloy magnets, ferrite magnets, and bonded magnets are some of these magnets. They are utilized in a variety of motors, loudspeakers, household items, and HVAC systems.
US Permanent Magnet Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Neodymium Iron Boron (NdFeB)
Fastest Growth
Neodymium Iron Boron (NdFeB)
Growth Rate
8.5% CAGR
Global Permanent Magnet Market 2021-2028 ($ Bn)
Country Share for North America Region- 2021 (%)
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Permanent Magnet Market Segmental Analysis
The Global Permanent Magnet Market is segmented based on Type, Application, and Region. Based on the Type, the Global Permanent Magnet Market is segmented as Neodymium Iron Boron (NdFeB), Ferrite, Samarium Cobalt (SmCo), Aluminum Nickel Cobalt (Alnico), and Others. Based on the Application, the Global Permanent Magnet Market is segmented as Consumer Electronics, Automotive, General Industrial, Medical Devices, Energy, and Others. Based on Region it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Permanent Magnet Market Analysis by Type
The largest revenue share comes from the NdFeB category. This segment's expansion is credited to its excellent performance, compact size, and affordable characteristics. Electric motors and power tools are where these magnets are mostly used. Additionally, the absence of effective alternatives for NdFeB magnets is predicted to fuel the market, along with measures done by various governments to promote the adoption of green technology. The ferrite magnets offer high-temperature functioning, and demagnetization resistance, and are reasonably priced. Because of these characteristics, its application in vehicle parts such as windshield wipers, fuel pumps, engine starters, and antenna lifts is expected to expand significantly throughout the projection period.
Global Permanent Magnet Market Share By Type, 2021 (%)
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Permanent Magnet Market Regional Insights
The Asia Pacific dominated the permanent magnet market in 2021. Due to the increasing demand for permanent magnets from automotive, consumer electronics, and energy applications, it is also the market segment that is expanding at the highest rate. Due to a large number of rare-earth resources in this area, China is the world's largest producer and user of these magnets. Hard magnet demand is expected to increase in North America due to the fast-rising need for consumer electronics such as wearable technology, personal computers, medical equipment, and mobile phones. A rapidly expanding automobile sector is predicted to significantly boost the hard magnet market in Europe. The market in Europe will also be driven by the increased demand for electric and hybrid cars as well as government rules that encourage the usage of these vehicles over conventional automobiles.
Global Permanent Magnet Market By Geography, 2021 - 2028
- Largest
- Fastest
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Permanent Magnet Market Dynamics
Permanent Magnet Market Driver
Rising Demand for Consumer Electronics
- The need for permanent magnets will rise as consumer electronics demand rises. These magnets' advantageous traits, including attraction, repulsion, and energy conversion, will increase their demand in a variety of consumer gadgets, including laptops, televisions, music systems, computers, and smartphones. Customer electronics are in high demand due to changing consumer tastes and technological improvements, which will fuel the market's expansion throughout the forecast period.
Permanent Magnet Market Restraint
Fluctuation in Prices of Raw Material
- The price and quality of magnets vary due to fluctuating raw material supply, such as alloys made of rare-earth elements, and growing energy costs. Due to the disruption of the supply chains, it is difficult for manufacturers to provide high-quality goods at competitive pricing. In the upcoming years, it is projected that these obstacles would impede market expansion.
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Permanent Magnet Market Competitive Landscape
The Global Permanent Magnet market is relatively fragmented, with a high level of competition. Companies are working on new product launches and other initiatives to provide better equipment to their customers and expand their companies globally. These industry leaders are expanding their client base in a variety of ways, and many organizations are forming strategic and creative partnerships with other start-up businesses in order to increase market share and profitability.
Permanent Magnet Market Top Player's Company Profiles
- Hitachi Metals, Ltd. (Tokyo, Japan)
- Adams Magnetic Products Co., Inc. (Elmhurst, US)
- Shin-Etsu Chemical Co., Ltd. (Tokyo, Japan)
- Arnold Magnetic Technologies Corp. (New York, US)
- Daido Steel Co., Ltd. (Aichi, Japan)
- TDK Corporation (Tokyo, Japan)
- Electron Energy Corporation (New Jersey, US)
- Hangzhou Permanent Magnet Group (Duisburg, Germany)
- Anhui Earth-Panda Advance Magnetic Material Co., Ltd. (Anhui, China)
- Tengam Engineering, Inc. (Michigan, US)
- Bunting Magnetics Co. (Kansas, US)
- Alpha Magnet (California, US)
- Tridus Magnetics and Assemblies (California, US)
- Ningbo Yunsheng Co. Ltd. (Zhejiang, China)
- Magnequench International, LLC, (Singapore)
- Integrated Magnetics (Arizona, US)
Permanent Magnet Market Recent Developments
- In March 2021, Arnold Magnetic Technologies announced that it has acquired Ramco Electric Motors, Inc. Arnold's strategic goals to provide novel materials and engineering solutions that enable clients to create next-generation technologies are furthered by this purchase.
- In April 2021, with the intention of selling its TimkenSteel (Shanghai) Corporation Limited ("TSS") subsidiary in China for around US$ 7 million in cash, TimkenSteel Corp. announced a purchase agreement with Daido Steel (Shanghai) Co., Ltd. ("Daido").
Permanent Magnet Key Market Trends
- The market expansion would be aided by the rising demand for magnets in hybrid electric cars. In addition, hybrid electric cars need between 2 and 3 kg of rare earth magnets because they have both an internal combustion engine and an electric motor. Additionally, it is utilized in a number of other parts, including speakers, electric window regulators, door locks, and windshield wipers. Thus, the steadily growing demand for hybrid electric vehicles will propel the automotive sector and thus support the expansion of the hard magnet market.
Permanent Magnet Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by robust Secondary Desk research.
According to our Global Permanent Magnet Market Analysis, Permanent magnets' exceptional performance features have led to high demand from application industries, which is driving the market. Due to the presence of major permanent magnet producers and the explosive expansion of several end-use industries, APAC is the region with the fastest expanding permanent magnet market. Worldwide demand for items containing permanent magnets has increased as a result of rising knowledge of medical treatments using neodymium magnets and the expanding electronics industry.
| Report Metric | Details |
|---|---|
| Market size value in 2019 | USD 35.20 Billion |
| Market size value in 2031 | USD 73.35 billion |
| Growth Rate | 8.5% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Permanent Magnet Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Permanent Magnet Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Permanent Magnet Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Permanent Magnet Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Permanent Magnet Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Permanent Magnet Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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