Global Permanent Magnet Market

Permanent Magnet Market Size, Share, Growth Analysis, By Type (Samarium Cobalt magnet, Ferrite magnet), By End-Use Industries (Consumer Electronics, Automotive), By Region - Industry Forecast 2024-2031

Report ID: SQMIG15J2080 | Region: Global | Published Date: December, 2024
Pages: 157 | Tables: 68 | Figures: 71

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.

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Global Permanent Magnet Market size was valued at USD 35.20 Billion in 2022 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). 

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. 'Hitachi Metals, Ltd. ', 'TDK Corporation ', 'Arnold Magnetic Technologies ', 'Adams Magnetic Products Co., Inc. ', 'Shin-Etsu Chemical Co., Ltd. ', 'Daido Steel Co., Ltd. ', 'Electron Energy Corporation ', 'Hangzhou Permanent Magnet Group ', 'Ningbo Yunsheng Co., Ltd. ', 'Anhui Earth-Panda Advance Magnetic Material Co., Ltd. ', 'Molycorp Magnequench ', 'Alpha Magnet ', 'Tengam Engineering, Inc. ', 'Bunting Magnetics Co. ', 'Tridus Magnetics and Assemblies ', 'Integrated Magnetics ', 'Lynas Corporation Ltd. ', 'Magnequench International, LLC ', 'GKN Powder Metallurgy ', 'Solvay'

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.

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.

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.

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Global Permanent Magnet Market

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