Permanent Magnets Market

The new report by Expert Market Research titled, ‘Global Permanent Magnets Market Report and Forecast 2023-2028’, gives an in-depth analysis of the global permanent magnets market report, assessing the market based on its segments like types, end uses, and major regions.

The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.

The key highlights of the report include:

Market Overview (2018-2028)

  • Forecast CAGR (2023-2028): 4.0%

Permanent magnets are crucial for enhancing the output of wind turbines by bolstering their efficiency. In this regard, the increasing application of wind turbines in commercial and residential sector to meet the energy demands is driving the permanent magnets market.

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Meanwhile, these magnets are also used in AC motors. Hence, the anticipated increase in the demand for permanent magnets in HVAC systems, owing to the rising standards of living, is likely to provide impetus to the market growth during the forecast period.

In terms of region, the Asia Pacific region accounts for a significant share of the market owing to the rapid industrialisation, leading to increased utilisation of permanent magnets in various end-use industries.

Permanent Magnets Industry Definition and Major Segments

Permanent magnets are the materials, the internal structure of which generates magnetic field. Permanent magnets are manufactured using hard ferromagnetic materials, which when magnetised, maintain their magnetic properties until they are demagnetised. Permanent magnets, just like any other magnet, have two poles, north and south which attract the opposite sides.

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On the basis of type, the market can be segmented into the following:

  • Ferrite
  • Neodymium Iron Boron
  • Aluminium Nickel Cobalt
  • Samarium Cobalt

Based on end-use, the market has been segmented into:

  • Computer Hard Disk Drives (HDD), CD, DVD
  • Hybrid Electric Vehicles
  • Electric Bicycles
  • Heating, Ventilating and Air Conditioners (HVAC)
  • Wind Turbines
  • Others

The regional markets for permanent magnets include:

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa

Permanent Magnets Market Trends

The key trends in the permanent magnets market include the technological advancements in the automotive industry, which is bolstering the production capacity of hybrid electric vehicle manufacturing facilities. In addition to this, the stringent regulations of the government across emerging economies to curb the carbon emission are leading to a transition from traditional fuel-based bikes towards electric bicycles, which is another crucial trend in the market.

Moreover, the growing research and development activities by the major market players to develop superior quality permanent magnets are likely to lead to a heightened commercialisation of the product in the coming years.

Key Market Players

The major players in the market are:

  • Adams Magnetic Products Co.
  • Arnold Magnetic Technologies
  • The Bunting® Magnetics Co.
  • Advanced Technology & Materials Co., Ltd. (AT&M)
  • Hitachi Metals, Ltd.
  • Industrial Magnetics, Inc.
  • Others

The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.

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Expert Market Research (EMR) is leading market research company with clients across the globe. Through comprehensive data collection and skillful analysis and interpretation of data, the company offers its clients extensive, latest, and actionable market intelligence which enables them to make informed and intelligent decisions and strengthen their position in the market. The clientele ranges from Fortune 1000 companies to small and medium scale enterprises.

EMR customises syndicated reports according to clients’ requirements and expectations. The company is active across over 15 prominent industry domains, including food and beverages, chemicals and materials, technology and media, consumer goods, packaging, agriculture, and pharmaceuticals, among others.

Over 3000 EMR consultants and more than 100 analysts work very hard to ensure that clients get only the most updated, relevant, accurate and actionable industry intelligence so that they may formulate informed, effective and intelligent business strategies and ensure their leadership in the market.

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