Permanent Magnet Market by Type (Neodymium Iron Boron Magnet, Ferrite Magnet, Samarium Cobalt Magnet, Alnico Magnet, and Others) and by End-Use Industry (Industrial, Medical Technology, Aerospace & Defense, Consumer Electronics, Automotive, Environment & Energy, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025

Global permanent magnet market expected to reach USD 30.67 billion by 2025, at a CAGR of 8.5% between 2019 and 2025. Permanent magnets are magnetic materials where the magnetic fields are created by the internal structure of the materials themselves.

26-Apr-2019 | Number of pages: 110 | Report Code: ZMR-1496 | Report Format : | Status : Published

Analysis

Permanent magnets are magnetic materials where the magnetic fields are created by the internal structure of the materials themselves. Permanent magnets are used in various types of motors, such as HVAC, appliances, loudspeakers, etc., alongside various commercial and industrial applications. These magnets are also used in garbage separators, audio-visual equipment, computers, telephones, kitchen appliances, automobiles, microwave ovens, medical imaging devices, etc.

The global permanent magnet market is expected to grow rapidly in the future, owing to the growing investments made in aerospace, electronics, and automotive sectors. Additionally, rapid industrialization and swift urbanization in developing countries like Mexico, China, India, and Brazil are also increasing the demand for permanent magnets in the automotive sectors. Permanent magnets are widely used in consumer electronics, such as computers, loudspeakers, etc., which is also projected to propel the permanent magnet market growth globally in the years ahead. Moreover, the flourishing automotive industry in the Asia Pacific region is further expected to boost the use of permanent magnets. However, the inconsistent costs of raw materials are likely to hamper the global permanent magnet market growth. Additionally, the growth in R&D spending and technological advancements related to the product are estimated to open new opportunities for permanent magnet market growth over the forecast time period.

Global Permanent Magnet Market

The global permanent magnet market is divided on the basis of type and end-user industry. The type segment of the permanent magnet market includes ferrite magnet, alnico magnet, samarium cobalt magnet, neodymium iron boron magnet, and others. Neodymium iron boron magnet is projected to dominate the global permanent magnet market, as these magnets are widely used in consumer electronics. Based on end-user industry, the permanent magnet market includes industrial, medical technology, consumer electronics, environment and energy, automotive, aerospace and defense, and others. The automotive segment is expected to dominate the global market in the future, owing to the growing automotive industry across the globe. Moreover, the consumer electronics segment is estimated to emerge as the fastest growing segment in the future.

By region, Asia Pacific dominated the global permanent magnet market in 2018 and is expected to continue its dominance in the upcoming years as well. This can be attributed to rapid industrialization and the region’s flourishing automotive industry.

Some key players of the global permanent magnet market are Hangzhou Group, Daido Steel, Adams Magnetic Products, Shin-Etsu Chemical, Electron Energy Corp., Lynas Corporation, Hitachi Metals, Tengam Engineering, TDK Corporation, Bunting Magnetics, and Arnold Magnetic Technologies.


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