Permanent Magnet Market Statistics, Overview, Revenue Growth Trends

Posted by meera on October 27th, 2021

Reports and Data’s latest study titled ‘Global Permanent Magnet Market’ is an in-depth analysis of the global Permanent Magnet industry and studies each industry segment in detail. The market intelligence report makes accurate estimations of the Permanent Magnet market’s future growth potential. It provides the reader with a clear description of the market’s future growth prospects and upcoming trends. The report includes quantitative and qualitative analyses of the Permanent Magnet market and the key aspects of the market, such as the product portfolios, pricing structure, industry trends, end-user industries, sales statistics, distribution channels, and top manufacturers. The report offers a closer view of the key market dynamics including market growth drivers, threats, opportunities, and challenges. A thorough study of the key business strategies, demand and supply ratios, leading market regions, and the established and new market players in a pivotal component of the report.

The global permanent magnet market size is expected to reach USD 66.65 Billion in 2028 and register a CAGR of 9.7% over the forecast period, according to the latest report by Reports and Data. Key factors such as growing scope of product applications in the automobile industry, along with increasing use of Internet compatible devices are driving market revenue growth. Permanent magnet or hard magnet is a type of magnet that maintains its magnetic properties after removing demagnetizing force.

It is widely applied in various end-use sectors such as electronics, medical technology, industrial, automotive, aerospace & defense, and environment & energy. Consumer electronics segment accounted for majority revenue share in the global market in 2020. Rising investments in development of advanced electronics, and growing adoption of cloud computing and digitalization are some major factors driving revenue growth of this segment.

Market Dynamics:

The materials and chemicals industry is rapidly gaining traction over the forecast period and is expected to expand significantly in the coming years. Technological advancements and rising innovation are key factors boosting global market growth. The global Permanent Magnet market is projected to register robust revenue CAGR during the forecast period between 2021 and 2028. Increasing awareness about green energy and eco-friendly biodegradable products, environmental impact due to carbon emissions are few key factors supporting market growth. High demand for various chemicals and raw materials in various industrial sectors such as food and technology, pharmaceutical and biotechnology, manufacturing, paint and coating, paper, plastic among others. In addition, increasing research and development activities, growing demand for products like perfumes, soaps and detergents for daily usage along with rising disposable income across the globe are further boosting market growth.

The report offers in depth insight about prominent players in the market, their market position, global and financial standing, license agreement, brand promotions and product portfolio. The global Permanent Magnet market is highly competitive and consist of various key players at global and regional levels. These players are adopting various strategies like joint ventures, collaborations, partnerships, and new product launches to strengthen their market position.

Leading companies operating in the market and profiled in the report include:

Adams Magnetic Products Co., Anhui Earth-Panda Advance Magnetic Material Co. Ltd., Arnold Magnetic Technologies, Daido Steel Co. Ltd., Eclipse Magnetics Ltd., Electron Energy Corporation, Goudsmit Magnetics Group, Hangzhou Permanent Magnet Group, Hitachi Metals Ltd., Molycorp Magnequench, TDK Corporation, and Thomas & Skinner Inc., among others

Material Outlook (Revenue, USD Billion; 2020-2028)

Neodymium Iron Boron Magnets

Ferrite Magnets

Samarium Cobalt Magnets

Alnico Magnets

Other Magnets

End Users Outlook (Revenue, USD Billion; 2020-2028)

Consumer Electronics

Automotive

Environment & Energy

General Industrial

Medical Technology

Aerospace & Defense

Others

The Permanent Magnet market is segmented into five major regions such as North America, Europe, Asia Pacific, Latin America and Middle East and Africa.

Regional Outlook:

North America

US

Canada

Mexico

Europe

Germany

UK

Italy

France

BENELUX

Rest of Europe

Asia Pacific

China

India

Japan

South Korea

Rest of APAC

Latin America

Brazil

Rest of LATAM

Middle East & Africa

Saudi Arabia

UAE

South Africa

Rest of MEA

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