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From 2023 to 2030, the worldwide market for permanent magnets is projected to expand from its 2022 valuation of USD 20.59 billion at a CAGR (compound annual growth rate) of 9.6 percent. The increasing popularity of alternative energy sources like wind and solar is expected to boost the market throughout the forecast period. At now, generators in wind turbines make use of permanent magnets to boost efficiency. Due to their advantages, such as greater dependability and decreased maintenance costs, rare earth magnets like Neodymium Ferrite Boron (NdFeB) are increasingly being employed in wind turbines. Due to widespread use in high-end applications including robots, wearable gadgets, electric vehicles, and wind power, rare earth magnet demand in the United States is predicted to expand at a faster rate than its ferrite counterpart over the projection period.
An item is said to be permanent if it continues to exhibit magnetic properties even in the absence of an initiating factor, such as an inducing field or current. The permanent magnet's magnetic field originates from the material's atomic structure. These magnets have low small permeability, large magnetic moments, and are stable in external magnetic fields. These magnets are also known as "hard" magnets. These magnets use magnetic attraction to convert electricity into mechanical energy and vice versa, allowing for precise manipulation of electrons. Some examples of these magnets include alloy magnets, ferrite magnets, and bonded magnets. They are used in many different kinds of motors, speakers, appliances, and air conditioning and heating systems.
Major economies like China, India, and Japan are seeing rising demand for autos. The expansion of the automotive sector in Asia Pacific is driving the development of the regional permanent magnet market. China, India, Japan, and Indonesia are all important contributors to development in this area. In 2020, India's auto market was the fifth largest in the world. In 2020, India had 3.49 million new vehicle sales, including both personal and commercial cars. Manufacturing facilities in the Asia-Pacific region are growing at companies including General Motors, Tata Motors, Volkswagen Group, Toyota, Honda, and Hyundai. Increasing demand for permanent magnets is being driven by the booming auto industry.
Raw material price swings are a major factor slowing the expansion of the permanent magnet industry. The repercussions for factories are far-reaching. Unforeseen challenges are upsetting supply chains, making it more challenging for manufacturers to offer high-quality products at low prices and still turn a profit. The cost of rare earth metals and similar materials that are used to create permanent magnets has varied over time. Both the quality and output of permanent magnets are impacted by this. The manufacturer then charges the customer for the difference. This not only diminishes permanent magnets' reputation as economical materials, but it might also reduce their utilization. Due to growing supply limitations from China, the cost of rare earth minerals like dysprosium and neodymium, used to make rare earth permanent magnets, is extremely unstable.
Miniaturization and other applications have resulted in the widespread use of permanent magnets at extremely low volumes. It takes a lot of time, money, and resources to conduct research and development. Permanent magnets can only be made from a small selection of materials, and those that are produced must meet strict requirements throughout a wide range of operating conditions before they are even considered for use. Once the product's intended market is established, it must provide maximum efficiency, resulting in not just long-term but also immediate gains. To produce environmentally safe, efficient, and effective permanent magnets at competitive prices, many industry participants lack access to advanced technology, finance, and human experience.
There has been an uptick in the automobile industry's use of permanent magnets in hybrid electric vehicles. About 2 to 3 kilograms of rare earth magnets are needed for high-performance hybrid electric automobiles. Hybrid electric vehicles combine the advantages of both electric propulsion and internal combustion propulsion. Hybrid electric vehicles are becoming increasingly popular, and this trend is predicted to continue in heavily polluted areas. More eco-friendly electric propulsion systems are being implemented by governments worldwide. In addition, rising fuel prices will soon be a major factor in stimulating interest in electric vehicles. The need for permanent magnets would skyrocket as a result within the anticipated time frame.
The increasing need for magnets in hybrid electric vehicles is expected to contribute to the market's growth. Hybrid electric vehicles require between 2 and 3 kg of rare earth magnets due to the fact that they use both an electric motor and an internal combustion engine. It's also used in things like door locks, windshield wipers, electric window regulators, and speakers. As a result, the rise of the hard magnet market will be bolstered by the automotive sector, which will be driven by the rising demand for hybrid electric vehicles.
Report Coverage
Global Permanent Magnet research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Permanent Magnet report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Permanent Magnet competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Permanent Magnet market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Permanent Magnet market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Permanent Magnet market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
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), Schöck Bauteile GmbH (Germany), Dextra Group (Thiland), Pultron Composites (New Zealand), Pultrall Inc. (US), Owens Corning (US), Kodiak Fiberglass Rebar LLC (US).
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Permanent Magnet market based on the below-mentioned segments:
Global Permanent Magnet Market, By Type
Neodymium Iron Boron Magnets
Ferrite Magnets
Samarium Cobalt Magnets
Alnico Magnets
Others
Global Permanent Magnet Market, By End User
Consumer Electronics
General Industrial
Automotive
Medical Technology
Environment & Energy
Aerospace & Defense
Others
Global Permanent Magnet market, Regional Analysis
An item is said to be permanent if it continues to exhibit magnetic properties even in the absence of an initiating factor, such as an inducing field or current. The permanent magnet's magnetic field originates from the material's atomic structure. These magnets have low small permeability, large magnetic moments, and are stable in external magnetic fields. These magnets are also known as "hard" magnets. These magnets use magnetic attraction to convert electricity into mechanical energy and vice versa, allowing for precise manipulation of electrons. Some examples of these magnets include alloy magnets, ferrite magnets, and bonded magnets. They are used in many different kinds of motors, speakers, appliances, and air conditioning and heating systems.
Major economies like China, India, and Japan are seeing rising demand for autos. The expansion of the automotive sector in Asia Pacific is driving the development of the regional permanent magnet market. China, India, Japan, and Indonesia are all important contributors to development in this area. In 2020, India's auto market was the fifth largest in the world. In 2020, India had 3.49 million new vehicle sales, including both personal and commercial cars. Manufacturing facilities in the Asia-Pacific region are growing at companies including General Motors, Tata Motors, Volkswagen Group, Toyota, Honda, and Hyundai. Increasing demand for permanent magnets is being driven by the booming auto industry.
Raw material price swings are a major factor slowing the expansion of the permanent magnet industry. The repercussions for factories are far-reaching. Unforeseen challenges are upsetting supply chains, making it more challenging for manufacturers to offer high-quality products at low prices and still turn a profit. The cost of rare earth metals and similar materials that are used to create permanent magnets has varied over time. Both the quality and output of permanent magnets are impacted by this. The manufacturer then charges the customer for the difference. This not only diminishes permanent magnets' reputation as economical materials, but it might also reduce their utilization. Due to growing supply limitations from China, the cost of rare earth minerals like dysprosium and neodymium, used to make rare earth permanent magnets, is extremely unstable.
Miniaturization and other applications have resulted in the widespread use of permanent magnets at extremely low volumes. It takes a lot of time, money, and resources to conduct research and development. Permanent magnets can only be made from a small selection of materials, and those that are produced must meet strict requirements throughout a wide range of operating conditions before they are even considered for use. Once the product's intended market is established, it must provide maximum efficiency, resulting in not just long-term but also immediate gains. To produce environmentally safe, efficient, and effective permanent magnets at competitive prices, many industry participants lack access to advanced technology, finance, and human experience.
There has been an uptick in the automobile industry's use of permanent magnets in hybrid electric vehicles. About 2 to 3 kilograms of rare earth magnets are needed for high-performance hybrid electric automobiles. Hybrid electric vehicles combine the advantages of both electric propulsion and internal combustion propulsion. Hybrid electric vehicles are becoming increasingly popular, and this trend is predicted to continue in heavily polluted areas. More eco-friendly electric propulsion systems are being implemented by governments worldwide. In addition, rising fuel prices will soon be a major factor in stimulating interest in electric vehicles. The need for permanent magnets would skyrocket as a result within the anticipated time frame.
The increasing need for magnets in hybrid electric vehicles is expected to contribute to the market's growth. Hybrid electric vehicles require between 2 and 3 kg of rare earth magnets due to the fact that they use both an electric motor and an internal combustion engine. It's also used in things like door locks, windshield wipers, electric window regulators, and speakers. As a result, the rise of the hard magnet market will be bolstered by the automotive sector, which will be driven by the rising demand for hybrid electric vehicles.
Report Coverage
Global Permanent Magnet research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Permanent Magnet report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Permanent Magnet competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Permanent Magnet market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2022 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2021 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | 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), Schöck Bauteile GmbH (Germany), Dextra Group (Thiland), Pultron Composites (New Zealand), Pultrall Inc. (US), Owens Corning (US), Kodiak Fiberglass Rebar LLC (US). |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Permanent Magnet Market from 2021 to 2030.
- Market Forecast for Permanent Magnet Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Permanent Magnet competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Permanent Magnet
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Permanent Magnet market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Permanent Magnet market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
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), Schöck Bauteile GmbH (Germany), Dextra Group (Thiland), Pultron Composites (New Zealand), Pultrall Inc. (US), Owens Corning (US), Kodiak Fiberglass Rebar LLC (US).
Primary Target Market
- Market Players of Permanent Magnet
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Permanent Magnet market based on the below-mentioned segments:
Global Permanent Magnet Market, By Type
Neodymium Iron Boron Magnets
Ferrite Magnets
Samarium Cobalt Magnets
Alnico Magnets
Others
Global Permanent Magnet Market, By End User
Consumer Electronics
General Industrial
Automotive
Medical Technology
Environment & Energy
Aerospace & Defense
Others
Global Permanent Magnet market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
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