CHICAGO, July 29,
2024 /PRNewswire/ -- The
report "Permanent Magnet Market by Type
(Neodymium Iron Boron magnet, Samarium Cobalt magnet, Ferrite
magnet, AlNiCo magnet), End-Use Industries (Consumer Electronics,
Automotive, Medical, Environment & Energy, Aerospace &
Defense) - Global Forecast to 2029", is estimated at
USD 53.5 billion in 2024 and is
projected to reach USD 80.4 billion
by 2029, at a CAGR of 8.5% from 2024 to 2029. Permanent magnets are
materials that generates persistent magnetic field without the need
of an external source. Even after the removal of magnetic force,
these magnets can retain magnetism for longer time. Permanent
magnets are made of hard ferromagnetic materials which attracts or
repels certain metals or magnets. Neodymium Iron Boron magnets,
Samarium Cobalt magnets, Ferrite magnets and AlNiCo magnets are the
four main types of permanent magnets. They are available in various
sizes and grades and are used in wide range of end-use
industries.
Browse in-depth TOC on "Permanent Magnet
Market"
200 – Tables
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Figures
300 – Pages
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Neodymium Iron Boron magnet type accounted for the largest
market share, in terms of value in 2023.
Global permanent magnet market has been segmented based on the
magnet type. In 2023, Neodymium Iron Boron magnet type dominated
the market in terms value by contributing to the highest market
share. Neodymium Iron Boron magnets, also known as rare earth
magnets, possess high magnetic strength, excellent thermal
conductivity, maximum energy product, resistance to moisture and
corrosion. They are cost effective and are used in wide range of
end-use industries.
Consumer Electronics to remain the largest end-use industries
in terms of volume during the forecast period.
In 2023, Consumer electronics accounted for the largest market
share of global permanent magnet market, in terms of volume.
Growing demand of permanent magnets for consumer electronics due to
changing consumer preferences and improved standard of living is
driving the market. Increase in usage of electronic devices has
dominated the consumer electronics industry. In upcoming years, the
demand for consumer electronics industry is witnessing growth due
to advancement in technologies and consumer shifting towards smart
homes and appliances.
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Asia Pacific region
accounted for the largest share in 2023, in terms of
volume.
In 2023, Asia Pacific region
accounted for the highest market share, in terms of volume. Due to
increase in urban population and Industrialization, the consumer
spending in this region is driving the growth of consumer
electronics, general industrial, automotive, medical technology,
environment & energy, aerospace & defense industries. Also,
growing focus towards recyclability and clean earth materials is
driving the usage of permanent magnets in various industries. Major
key players in the permanent magnet market are focusing the
Asia Pacific region due to the
strong regional market. Many manufacturers are shifting their
manufacturing base in this region due to low-cost production
facilities.
Key Players:
Prominent companies in the permanent magnet market include are
Proterial, Ltd. (Japan), Arnold
Magnetic Technologies (US), TDK Corporation (Japan), Yantai Dongxing Magnetic Materials
Inc. (China), Shin-Etsu Chemical
Co., Ltd. (Japan), Electron Energy
Corporation (US), Adams Magnetic Products, LLC (US), Bunting
Magnetics Co. (US), Tengam Engineering, Inc. (US), Ningbo Yunsheng
Co., Ltd. (China), Chengdu Galaxy
Magnets Co., Ltd. (China),
Goudsmit Magnetics (Netherlands),
Eclipse Magnetics (UK), Dexter Magnetic Technologies (US),and Earth
Panda Advance Magnetic Material Co., Ltd. (China).
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