The Business Research Company’s report on the Permanent Magnet Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
What are the key drivers behind the permanent magnet market’s growth in recent years?
The increasing demand for automobile applications is expected to propel the growth of the permanent magnet market. Permanent-magnet motors are most commonly used in variable-speed drives, in which the stator is powered by a variable-frequency, variable-voltage, electronically controlled source. For instance, in February 2022, according to Brand Finance plc, a UK-based brand valuation company, in 2022, the automobile sector achieved approximately 78 million unit sales, marking a substantial 10% increase. Therefore, the increasing demand for automobile applications is driving the growth of the permanent magnet market.
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How does the future projection of the permanent magnet market size compare to its historical growth?
The permanent magnet market size has grown rapidly in recent years. It will grow from $37.8 billion in 2024 to $42.52 billion in 2025 at a compound annual growth rate (CAGR) of 12.5%. The growth in the historic period can be attributed to electronics and it industry growth, rise in demand from consumer electronics, government policies and regulations, industrial automation, focus on clean energy initiatives.
The permanent magnet market size is expected to see rapid growth in the next few years. It will grow to $67.16 billion in 2029 at a compound annual growth rate (CAGR) of 12.1%. The growth in the forecast period can be attributed to electric vehicle market expansion, increasing demand for smart devices, expansion of industrial robotics, growing demand for permanent magnet generators, increasing focus towards wind energy. Major trends in the forecast period include magnetic levitation technology, development of rare earth-free magnets, miniaturization of electronic devices, customization and design flexibility, magnetic refrigeration.
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Which key players are shaping the future of the permanent magnet market?
Major companies operating in the permanent magnet market include Siemens AG, Mitsubishi Electric Corporation, Toshiba Corp., Hitachi Ltd., Asea Brown Boveri, Robert Bosch GmbH, Meidensha Corp., Continental AG, Alstom SA, Broad-Ocean Motor Co. Ltd., Xizi Forvorda ELECTRICAL MACHINERY CO. LTD., DRS Technologies Pvt. Ltd., Emerson Electric Co., Johnson Electric Holdings Limited, Leonardo DRS, Nidec Motor Corporation, Hangzhou Permanent Magnet Group, Arnold Magnetic Technologies Corp., Tokyo Denki Kagaku Kogyo, Shin-Etsu Chemical Co. Ltd., Electron Energy Corporation, Adams Magnetic Products Co. Inc., Bunting Magnetics Co., Tengam Engineering Inc., Yantai Shougang Magnetic Materials Inc., Chengdu Galaxy Magnets Co. Ltd., Goudsmit Magnetics Ltd., Eclipse Magnetics Ltd., MagnaWorks Technology Inc., Dura Magnetics Inc., Daido Steel Co. Ltd., Hengdian Group DMEGC Magnetics Co. Ltd., Ningbo Vastsky Magnet Co. Ltd.
What trends will propel the growth and evolution of the permanent magnet market?
Major companies operating in the protein purification and isolation market are innovating advanced products such as earth-free permanent magnets. An earth-free permanent magnet refers to a type of magnet that does not contain rare-earth elements, such as neodymium, samarium, or dysprosium. These rare-earth elements are typically used in powerful magnets due to their superior magnetic properties. For instance, in June 2024, Materials Nexus, a UK-based quantum mechanic company launched MagNex. MagNex a novel permanent magnet that is free from rare earth elements. This innovation cuts costs, mitigates supply chain risks, and offers high performance and environmental benefits, marking a significant advancement for industries like electric vehicles and renewable energy. MagNex also reduces costs, lowers carbon emissions, and enhances supply chain security by eliminating the need for rare earth elements.
Which regions are expected to become dominant players in the permanent magnet market?
Asia-Pacific was the largest region in the permanent magnet market in 2024.Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the permanent magnet market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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What are the emerging key segments in the permanent magnet market, and how are they evolving?
The permanent magnet market covered in this report is segmented –
1) By Type: Ferrite Magnets, Samarium Cobalt Magnets, Alnico Magnets, Neodymium Iron Boron Magnets
2) By Sales Channel Type: Direct Sales, Distributors
3) By End-Use: General Industrial, Automotive, Medical Technology, Environment And Energy, Aerospace And Defense, Consumer Electronics
Subsegments:
1) By Ferrite Magnets: Hard Ferrite Magnets, Soft Ferrite Magnets
2) By Samarium Cobalt Magnets: SmCo5 Magnets, Sm2Co17 Magnets
3) By Alnico Magnets: Cast Alnico Magnets, Sintered Alnico Magnets
4) By Neodymium Iron Boron Magnets: N35 Grade Magnets, N42 Grade Magnets, N52 Grade Magnets
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What defines the structure and scope of the permanent magnet market?
A permanent magnet refers to a piece of magnetized material used in various types of electronic products that generates a strong magnetic field on its own and preserves its magnetic characteristics in the absence of a magnetizing force, such as a current or an inducing field.
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