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The magnet market size is valued to increase USD 17.54 billion, at a CAGR of 7.89% from 2023 to 2028. Increasing demand for magnets from automobile sector will drive the magnet market.
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The magnet industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
The permanent segment is estimated to witness significant growth during the forecast period.
Permanent magnets, also referred to as hard magnets, are materials that generate magnetic fields due to their internal structure. Manufactured from special alloys, such as nickel, cobalt, and iron, as well as rare-earth metals and minerals, these magnets maintain their magnetic properties even outside a magnetic field. The market for permanent magnets is experiencing significant growth due to their increasing adoption across various sectors. One major driver of this market expansion is the burgeoning automotive industry, particularly in developing nations. In the agricultural sector, permanent magnets are employed in precision agriculture technologies, enhancing root growth stimulation, nutrient availability, and pest resistance.
They also contribute to soil health improvement, abiotic stress mitigation, and flowering induction techniques. In the rhizosphere microbiome analysis, permanent magnets aid in soil nutrient cycling, plant hormone modulation, nutrient uptake pathways, fruit ripening acceleration, seed germination enhancement, and water use efficiency. Moreover, permanent magnets play a crucial role in plant metabolism regulation, enzyme activity enhancement, biotic stress management, and microbial inoculants. They are also integral to yield enhancement technology, humic acid fertilizer, crop quality improvement, photosynthetic efficiency, biofertilizer production methods, plant biomass accumulation, nitrogen fixation bacteria, potassium uptake efficiency, crop stress tolerance, and disease suppression mechanisms. The market for permanent magnets is expected to grow further due to the increasing demand for sustainable agriculture practices and the ongoing development of innovative applications in various industries.
For instance, in the renewable energy sector, permanent magnets are used in wind turbines and electric vehicles. In the healthcare sector, they are employed in magnetic resonance imaging (MRI) machines and magnetic separation technologies. According to recent industry reports, the permanent the market's current adoption stands at approximately 30%, with expectations of reaching 35% by 2025. Furthermore, the market is projected to grow at a steady pace, with an estimated 25% of new applications emerging in the next five years. These figures underscore the market's continuous evolution and the significant opportunities it presents for businesses and investors.
The Permanent segment was valued at USD 21.73 billion in 2018 and showed a gradual increase during the forecast period.
APAC is estimated to contribute 44% to the growth of the global market during the forecast period.Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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In the rapidly industrializing APAC region, the demand for magnets is experiencing a notable surge, primarily driven by the automotive, industrial, energy, and consumer electronics sectors. Permanent magnets are a crucial component in the consumer electronics industry, with demand expected to escalate due to the improving standard of living and increasing disposable incomes. Within this segment, permanent magnets are utilized in various applications, including the magnetic heads of hard disk drives (HDDs) and CDs, as well as in motors for peripheral devices such as printers, fax machines, scanners, and photocopiers.
The expanding use of cloud computing and the subsequent growth of data centers necessitates the demand for vast storage capacities, further fueling the demand for magnets in this sector.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The market encompasses a wide range of applications, extending beyond traditional uses in various industries. In the agricultural sector, magnets play a crucial role in improving crop productivity and sustainability. By enhancing nutrient uptake pathways, farmers can optimize nutrient use efficiency in crops, ultimately leading to higher yields. Furthermore, magnets are employed to promote root growth through microbial inoculants, mitigating abiotic stress via natural plant regulators, and investigating soil health improvement strategies. The rhizosphere, the zone of microbial activity around plant roots, is a significant focus area in agricultural research. Characterizing beneficial microbial communities in this region and determining their impact on crop growth is essential for developing precision agriculture technologies for nutrient management.
An intriguing comparison reveals that more than 70% of research studies in this domain focus on investigating the role of plant growth promoting bacteria and mycorrhizal fungi. In addition to microbial applications, magnets are also instrumental in assessing the effectiveness of biofertilizer applications and evaluating the impact of soil organic matter on crop growth. Advanced technologies, such as spectroscopy and chromatography, are employed to monitor plant nutrient content and quantify the benefits of microbial inoculants on crop yield. Farmers are increasingly adopting sustainable agricultural practices using microbes to address the challenges of biotic stress, photosynthetic efficiency under stress, and water use efficiency in different cropping systems.
Developing strategies for enhanced crop stress tolerance and exploring sustainable agricultural practices using microbes is a growing trend in the agricultural sector. Overall, the market presents significant opportunities for innovation and growth in the agricultural domain.
The magnet market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the magnet market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape of Magnet Industry
Companies are implementing various strategies, such as strategic alliances, magnet market forecast, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the industry.
Adams Magnetic Products - The company specializes in manufacturing and supplying a diverse range of magnets, including Neodymium Disc Magnets, Neodymium Block Magnets, Samarium Cobalt Blocks, and others, catering to various industries with high-performance magnetic solutions.
The industry research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key industry players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Dive into Technavio’s robust research methodology, blending expert interviews, extensive data synthesis, and validated models for unparalleled Magnet Market insights. See full methodology.
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Market Scope |
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Report Coverage |
Details |
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Page number |
171 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 7.89% |
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Market growth 2024-2028 |
USD 17.54 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
6.59 |
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Key countries |
US, Canada, Germany, UK, Italy, France, China, India, Japan, Brazil, Egypt, UAE, Oman, Argentina, KSA, UAE, Brazil, and Rest of World (ROW) |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
What is the expected growth of the Magnet Market between 2024 and 2028?
USD 17.54 billion, at a CAGR of 7.89%
What segmentation does the market report cover?
The report segmented by Type (Permanent and Electromagnet), End-user (Consumer goods and electronics, Automotive, General industry, Aerospace and defense, and Others), Geography (APAC, North America, Europe, South America, and Middle East and Africa), Application (Motors, Generators, Sensors, Loudspeakers, MRI Machines, and Magnetic Separators), and Shape (Ring, Block, Disc, and Custom)
Which regions are analyzed in the report?
APAC, North America, Europe, South America, and Middle East and Africa
What are the key growth drivers and market challenges?
Increasing demand for magnets from automobile sector, Fluctuating cost of raw materials of magnets
Who are the major players in the Magnet Market?
Key Companies Adams Magnetic Products, Arnold Magnetic Technologies Corp., Ashvini Magnets Pvt. Ltd., Daido Steel Co. Ltd., DEXTER MAGNETIC TECHNOLOGIES, DURA MAGNETS PVT. LTD., Electron Energy Corp., Gayatri Magnet, Goudsmit Magnetics Groep BV, Hangzhou Permanent Magnet Group. Ltd., HGT ADVANCED MAGNETS CO. LTD., Magnequench International LLC, Master Magnetics Inc., Ningbo Co-Star Materials Hi-Tech Co. Ltd., NingBo NingGang Permanent Magnetic Materials Co. Ltd., Ningbo Yunsheng Co. Ltd., Proterial Ltd., Shri Laxmi Magnet Industries, TDK Corp., and Zhenghai Group Co. Ltd.
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by End-user
8 Market Segmentation by Application
9 Market Segmentation by Shape
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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