Global Permanent Magnets Market Report and Forecast 2023-2028
According to the report by Expert Market Research (EMR), the global permanent magnets market reached a volume of around 1145.41 KMT in 2022. Aided by the robust demand in electronic goods, automobile industries, and the emerging sector of renewable energy, the market is projected to further grow at a CAGR of 3.8% between 2023 and 2028.
Permanent magnets are objects that produce a persistent magnetic field, which has varied applications across several industries. These magnets, primarily composed of iron, nickel, cobalt, and rare earth elements, have intrinsic properties that make them vital in modern technology. From serving fundamental roles in electric motors and generators to being the core components in hard drives and electronic devices, their demand is continually on the rise.
The surge in the consumption of electronic devices globally, especially in emerging economies, is a crucial driver of the permanent magnet market. As the world becomes increasingly digitised, the need for smaller, more efficient, and more powerful electronic components becomes paramount. Permanent magnets, especially those made from rare earth elements, are ideally suited for such applications due to their superior magnetic strength and durability.
Furthermore, the automobile industry's shift towards electric vehicles (EVs) plays an instrumental role in driving the permanent magnets market growth. These magnets are fundamental in electric motors, which are the heart of EVs. As countries worldwide are pushing for greener modes of transportation and curbing carbon emissions, the transition towards EVs is inevitable, subsequently leading to a spike in the demand for high-quality permanent magnets.
Renewable energy, another burgeoning sector, depends heavily on permanent magnets. Wind turbines, a significant source of green energy, use these magnets in their generators. With the global emphasis on sustainable energy sources, investments in wind energy projects are expected to skyrocket, thus impacting the permanent magnet market outlook.
The burgeoning realm of consumer electronics and smart home devices is yet another domain where permanent magnets are gaining prominence. From smartphones to voice-controlled assistants, these devices have integrated themselves into daily lives, and each of these devices depends on permanent magnets for specific functionalities.
On the industrial horizon, advancements in robotics and automation have paved the way for a heightened permanent magnets market demand. Robots, with their precision and efficiency, are rapidly replacing manual labour in factories. The motors that power these robots, in many cases, rely on permanent magnets to function.
The market can be divided based on type, end-use, and region.
Market Breakup by Type
- Neodymium Iron Boron
- Aluminium Nickel Cobalt
- Samarium Cobalt
Market Breakup by End-Use
- Computer Hard Disk Drives (HDD), CD, DVD
- Hybrid Electric Vehicles
- Electric Bicycles
- Heating, Ventilating and Air Conditioners (HVAC)
- Wind Turbines
Market Breakup by Region
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global permanent magnets market. Some of the major players explored in the report by Expert Market Research are as follows:
- Adams Magnetic Products Co.
- Arnold Magnetic Technologies
- The Bunting® Magnetics Co.
- Advanced Technology & Materials Co., Ltd. (AT&M)
- Hitachi Metals, Ltd.
- Industrial Magnetics, Inc.
- MASTER MAGNETICS, Inc.
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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.