Permanent Magnet Market worth $80.4 billion by 2029 - Exclusive Report by MarketsandMarkets™

CHICAGO, July 29, 2024 /PRNewswire/ — The report “Permanent Magnet Market by Type (Neodymium Iron Boron magnet, Samarium Cobalt magnet, Ferrite magnet, AlNiCo magnet), End-Use Industries (Consumer Electronics, Automotive, Medical, Environment & Energy, Aerospace & Defense) – Global Forecast to 2029″, is estimated at USD 53.5 billion in 2024 and is projected to reach USD 80.4 billion by 2029, at a CAGR of 8.5% from 2024 to 2029. Permanent magnets are materials that generates persistent magnetic field without the need of an external source. Even after the removal of magnetic force, these magnets can retain magnetism for longer time. Permanent magnets are made of hard ferromagnetic materials which attracts or repels certain metals or magnets. Neodymium Iron Boron magnets, Samarium Cobalt magnets, Ferrite magnets and AlNiCo magnets are the four main types of permanent magnets. They are available in various sizes and grades and are used in wide range of end-use industries.

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200 – Tables

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300 – Pages

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Neodymium Iron Boron magnet type accounted for the largest market share, in terms of value in 2023.

Global permanent magnet market has been segmented based on the magnet type. In 2023, Neodymium Iron Boron magnet type dominated the market in terms value by contributing to the highest market share. Neodymium Iron Boron magnets, also known as rare earth magnets, possess high magnetic strength, excellent thermal conductivity, maximum energy product, resistance to moisture and corrosion. They are cost effective and are used in wide range of end-use industries.

Consumer Electronics to remain the largest end-use industries in terms of volume during the forecast period.

In 2023, Consumer electronics accounted for the largest market share of global permanent magnet market, in terms of volume. Growing demand of permanent magnets for consumer electronics due to changing consumer preferences and improved standard of living is driving the market. Increase in usage of electronic devices has dominated the consumer electronics industry. In upcoming years, the demand for consumer electronics industry is witnessing growth due to advancement in technologies and consumer shifting towards smart homes and appliances.

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Asia Pacific region accounted for the largest share in 2023, in terms of volume.

In 2023, Asia Pacific region accounted for the highest market share, in terms of volume. Due to increase in urban population and Industrialization, the consumer spending in this region is driving the growth of consumer electronics, general industrial, automotive, medical technology, environment & energy, aerospace & defense industries. Also, growing focus towards recyclability and clean earth materials is driving the usage of permanent magnets in various industries. Major key players in the permanent magnet market are focusing the Asia Pacific region due to the strong regional market. Many manufacturers are shifting their manufacturing base in this region due to low-cost production facilities.

Key Players:

Prominent companies in the permanent magnet market include are Proterial, Ltd. (Japan), Arnold Magnetic Technologies (US), TDK Corporation (Japan), Yantai Dongxing Magnetic Materials Inc. (China), Shin-Etsu Chemical Co., Ltd. (Japan), Electron Energy Corporation (US), Adams Magnetic Products, LLC (US), Bunting Magnetics Co. (US), Tengam Engineering, Inc. (US), Ningbo Yunsheng Co., Ltd. (China), Chengdu Galaxy Magnets Co., Ltd. (China), Goudsmit Magnetics (Netherlands), Eclipse Magnetics (UK), Dexter Magnetic Technologies (US),and Earth Panda Advance Magnetic Material Co., Ltd. (China).

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