The global Permanent magnet market is expected to grow from USD 34.4 billion in 2021 to USD 54.1 billion by 2026, at a CAGR of 9.5% during the forecast period. Increasing demand from the automotive industry and general industrial applications are driving the growth of the market. These permanent magnets are used in consumer electronics, general industrial, automotive, medical technology, environment & energy, aerospace & defense, and other applications. However, the negative impact of the COVID-19 pandemic on the end use industries has affected the Permanent magnet adversely.
“The neodymium iron boron magnet is the fastest-growing segment by magnet type in terms of value and volume.”
The neodymium iron boron magnet market is expected to witness high growth because of the growing demand for miniaturization of various equipment. They are the most preferred permanent magnets owing to their strong magnetic properties. These magnets are made of alloys of neodymium, iron, and boron. They can be made in blocks, rings, discs, arcs, triangle, and spheres. NdFeB magnets are sintered anisotropic materials. They also contain dysprosium and terbium to maintain and improve the properties of magnets. It is the strongest permanent magnet available today with maximum energy products.
“The consumer electronics industry dominates the global permanent magnet market in 2020”
The demand for permanent magnet in consumer electronics industry is expected to increase mainly due to improving standards of living and rising disposable income in the APAC region. In the consumer electronics segment, permanent magnets are used in magnetic heads of Hard Disk Drives (HDD), CDs, as well as in motors of peripheral devices such as printers, fax machines, scanners, and photocopies. The increasing usage of cloud computing and related development resulted in the growing demand for data centers to store enormous amount of data. The growing demand from data centers for HDD pushes the demand for permanent magnets. These magnets are also used in air conditioners, washing machines, dryers, cooling fan motors in computers, fans, microwaves, loudspeakers, and VCR tape drive motors, among others. Permanent magnets help enhance the efficiency of such appliances.
“APAC to lead the permanent magnet during the forecast period”
APAC is projected to have the highest growth in the permanent magnet and will expand significantly by 2026. This dominance is attributed to the rising demand from domestic industries in the region. The demand for permanent magnet is growing, especially, in APAC and South America. The markets in these regions are expected to register high growth in comparison to other regions. The growth of the permanent magnet market in the APAC region is also driven by foreign investment and availability of low cost labor and raw materials.
This study has been validated through primary interviews conducted with various industry experts globally. These primary sources have been divided into the following three categories:
- By Company Type- Tier 1- 40%, Tier 2- 33%, and Tier 3- 27%
- By Designation- C Level- 50%, Director Level- 20%, and Others- 30%
- By Region- North America- 15%, Europe- 50%, Asia Pacific (APAC) - 20%, South America-5%, Middle East & Africa (MEA)-10%,
This report covers the global Permanent magnet and forecasts the market size until 2026. It includes the following market segmentation-By magnet type (Neodymium Iron Boron Magnets, Ferrite Magnets, Samarium Cobalt Magnets, Alnico Magnets and Others), end-use (Consumer Electronics, General Industrial, Automotive, Medical Technology, Environment & Energy, Aerospace & Defense and Others), and Region (North America, Europe, APAC, MEA, South America) - Global Forecast to 2026. Porter’s Five Forces Analysis, along with the drivers, restraints, opportunities, and challenges, have been discussed in the report. It also provides company profiles and competitive strategies adopted by the major players in the global Permanent magnet.
Key benefits of buying the report:
The report is expected to help market leaders/new entrants in this market in the following ways:
1. This report segments the global Permanent magnet comprehensively. It provides the closest approximations of the revenues for the overall market and the sub-segments across different verticals and regions.
2. The report helps stakeholders understand the pulse of the Permanent magnet and provides them with information on key market drivers, restraints, challenges, and opportunities.
3. This report will help stakeholders to understand competitors better and gain more insights to better their position in their businesses. The competitive landscape section includes the competitor ecosystem, new product development, expansion, and acquisition.
Reasons To Buy the report:
The report will help leaders/new entrants in this market by providing them with the closest approximations of the revenues for the overall Permanent magnet and the sub-segments. This report will help stakeholders to understand the competitive landscape and gain more insights and position their businesses and market strategies in a better way.