Permanent Magnet Market by Type (Neodymium Iron Boron Magnet, Ferrite Magnet, Samarium Cobalt Magnet, and Others), End-Use Industry (Consumer Electronics, General Industrial, Automotive, Medical, Energy, and Others): Global Market Size Estimates and Forecast (2022-2030)

Code: BMIRE00026228 | Pages: 100 | Industry: Chemicals and Materials | Date: Sep 2022 | Type: Global

The market crossed US$ 34 billion mark in 2022 and is expected to hit US$ 63 billion by 2030, recording a CAGR of 7% during the forecast period.

Permanent magnet market has been significantly growing due to increasing their demand from automotive industry

The growing demand for permanent magnet from the automotive industry is mainly driving the market growth. In countries such as China, India, and Japan, the demand for automobiles is growing. The growing automotive industry is propelling the growth of the permanent magnet market. The neodymium iron boron magnet segment is expected to pace up with the increasing its demand from various applications. Further, other segments such as ferrite magnet and samarium cobalt magnet are also expected to gain traction during the forecasted year.

Within the report, the market is segmented into type, end-use industry, and geography. By type, the market is further segmented into neodymium iron boron magnet, ferrite magnet, samarium cobalt magnet, and others. On the basis of end-use industry, the market is segmented into consumer electronics, general industrial, automotive, medical, energy, and others. Geographically, the market is sub segmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa.

Get more information on this report :

Strong growth of the permanent magnet market in Asia Pacific region

Asia Pacific region is one of the major consumers of permanent magnets. There is a growing demand for permanent magnets from various end-use industries such as consumer electronics, general industrial, automotive, medical, and energy. In addition, rising disposable income of people and strong economic growth in the region also fuels the permanent magnet market growth in the region.

Growing demand from consumer electronics industry

The demand for permanent magnet from the consumer electronics industry is growing owing to increasing demand for different consumer electronic products. Improving standards of living and rising disposable income of people mainly drives the demand for consumer electronics products. In consumer electronics, the permanent magnet is used in magnetic heads of Hard Disk Drives (HDD), CDs, and in motors of peripheral devices such as printers, fax machines, and scanners. The growing use of these devices drives the permanent magnet market growth.

Recent strategic developments in permanent magnet market

The permanent magnet market has undergone several significant developments, and a few of these have been mentioned below:

  • In May 2018, Adams Magnetic Products Co. has expanded its flexible magnet fabrication service capabilities by investing in equipment for two additional production lines.
  • In 2021, Chicago Pneumatic India launched permanent magnet motor compressors.

The permanent magnet market is driven by several players by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. Hitachi Metals, Ltd.; TDK Corporation; Shin-Etsu Chemical Co., Ltd.; Electron Energy Corporation; and Adams Magnetic Products Co., Inc. are among the prominent players operating in the market.

Target audience for the report:

  • Raw material providers
  • Permanent magnet related associations, organizations, forums, and alliances
  • Government bodies, such as regulating authorities and policy makers
  • Venture capitalists, private equity firms, and start-up companies
  • Application industries of permanent magnet
  • Research institutes, organizations, and consulting companies

Scope of the report:

In this report, the market has been segmented on the basis of:

  • Type
  • Neodymium Iron Boron Magnet
  • Ferrite Magnet
  • Samarium Cobalt Magnet
  • Others
  • End-Use Industry
  • Consumer Electronics
  • General Industrial
  • Automotive
  • Medical
  • Energy
  • Others
  • Region
    • North America
    • Europe
    • Asia Pacific (APAC)
    • South & Central America
    • Middle East & Africa
  • Companies profiled
  • Hitachi Metals, Ltd.
  • TDK Corporation
  • Shin-Etsu Chemical Co., Ltd.
  • Electron Energy Corporation
  • Adams Magnetic Products Co., Inc.

Companies profiled

- Hitachi Metals, Ltd.

- TDK Corporation

- Shin-Etsu Chemical Co., Ltd.

- Electron Energy Corporation

- Adams Magnetic Products Co., Inc.

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