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The permanent magnets market size is estimated to grow at a CAGR of 8.37% between 2023 and 2028. The market size is forecast to increase by USD 12.79 billion.
This permanent magnets market report extensively covers market segmentation by Material, End-User, and Geography. The Material segment is classified into neodymium iron boron magnets, ferrite magnets, samarium cobalt magnets, and alnico magnets. The End-user segment includes consumer goods and electronics, automotive, general industrial, aerospace and defense, and others. Under the Geography segment falls the key regions APAC, North America, Europe, South America, and Middle East and Africa. Our report examines historic data from 2017 to 2021, besides analyzing the current market scenario.
The growth of the market depends on several factors such as the increasing demand from the automobile sector, the increased applicability of storage technology, and the increase in iron ore production volume.
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Permanent magnets are also termed hard magnets. Permanent magnets are materials where the magnetic field is generated by the internal structure of the material itself. These magnets are manufactured from special alloys such as nickel, cobalt, and iron, among several other rare-earth metals, and minerals, including lodestone. They retain their magnetic properties even when they are removed from the magnetic field. The global permanent magnets market can further be classified into ferrite magnets, neodymium iron boron (NdFeB) magnets, samarium cobalt (SmCo) magnets, and Alnicos magnets. The increased adoption of such permanent magnets across various industries will propel market growth during the forecast period.
The neodymium iron boron magnets segment is estimated to witness significant growth during the forecast period. This segment is among the strongest and most cost-efficient types of permanent magnets. These magnets display numerous properties, due to which they have been increasingly adopted in recent years. This segment offers high magnetic field strength and stability despite having a low Curie temperature and being susceptible to oxidation.
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The neodymium iron boron magnets segment was the largest segment and was valued at USD 11.43 billion in 2018. Moreover, NdFeB magnets are used in power tools, electric motors, and other products that require strong and compact permanent magnets. Furthermore, some of the factors that fuel the growth of the segment across the globe during the forecast period include the rising and extensive applications of NdFeB magnets in sectors including electronics, military, automotive, heart care, and others, along with the limited availability of substitutes. Hence, such factors are fuelling the growth of this segment which in turn will drive the market growth during the forecast period.
APAC is estimated to contribute 56% 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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Some of the main factors that are significantly contributing to the growth of the market in APAC are the rapid industrialization and significant expansions in the automotive, industrial, energy, and consumer electronics sectors in the region, permanent magnets. In addition, the demand for permanent magnets in the consumer electronics sector is projected to witness a surge in the utilization of permanent magnets due to the improvement of living standards and the increase in disposable income in Asia-Pacific.
Moreover, permanent magnets are employed in a variety of applications, including the magnetic head of Hard disk drives(HDDs) and compact discs (CDs), as well as the motors of peripherals like printers, faxes and scanners. Furthermore, the increasing use of cloud computing and the associated development have led to increasing demand for data centers for storing huge amounts of data which fuels the demand for permanent magnets. Hence, such factors drive the market growth in APAC during the forecast period.
One of the key factors driving the permanent magnet market growth is the increased applicability of storage technology. The use of permanent magnets in energy storage technology offers a range of advantages. These magnets allow the development of energy storage systems that are both compact and lightweight, as well as those that are highly efficient and cost-effective. In addition, permanent magnets offer stability, dependability, and rapid response times, making them an ideal choice for integrating renewable energy sources into power grids.
Moreover, the market for permanent magnets has been fuelled by the development and implementation of cutting-edge energy storage technologies. In addition, as the number of renewable energy installations increases, the need for energy storage solutions that are both efficient and dependable has become increasingly important for managing intermittent and ensuring network stability. Furthermore, permanent magnets facilitate the efficient conversion, transport, and storage of electric vehicles, renewable energy generation, grid stabilization, and industrial automation, thus addressing the energy storage needs of various industries. Hence, such factors drive the market growth during the forecast period.
A key factor shaping the permanent magnet market growth is the AI simulations for magnetic material geometry design. Artificial Intelligence (AI) simulations offer a range of advantages for the design and production of magnetic components. By leveraging sophisticated algorithms and computer models, manufacturers can analyze a vast array of design options, pinpointing the most suitable configurations. Therefore, it not only does save time and effort, but also reduces the expenses associated with physical fabrication and testing.
Moreover, AI simulations enable manufacturers to gain valuable insights into how magnetic materials behave in real-world environments. In addition, accurate and precise simulations offer an in-depth understanding of how different geometries influence magnetic properties like magnetization and coercivity, as well as remanence. Hence, such factors are positively impacting the market which, in turn, will drive the market growth during the forecast period.
High costs associated with the mining of rare-earth metals are one of the key challenges hindering the permanent magnet market growth. The extraction and refinement of rare earth minerals, including neodymium and praseodymium, are important for the operation of permanent magnets due to their magnetic properties. However, these processes can be highly intricate, laborious, and costly.
Moreover, the difficulty of extracting rare earth materials from economically viable deposits is a major factor in the high cost of mining them. In addition, rare earth minerals are usually found in small quantities, making the mining process more difficult and necessitating large-scale operations. Moreover, these deposits tend to be in remote areas, requiring substantial investments in infrastructure and transportation. Hence, such factors hinder the market growth during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Adams Magnetic Products: The company offers permanent magnets such as Neodymium and Samarium Cobal.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Arnold Magnetic Technologies Corp., Daido Steel Co. Ltd., Earth Panda Advance Magnetic Material Co.Ltd., Electron Energy Corp., Guangdong Lingyi Intelligent Manufacturing Co. Ltd., Hitachi Ltd., Ningbo Yunsheng Co. Ltd., TDK Corp., Bunting Magnetics Co., Chengdu Galaxy Magnets Co. Ltd., DURA MAGNETS PVT. LTD., Gayatri Magnet, Goudsmit Magnetics Groep BV, Hangzhou Permanent Magnet Group. Ltd., Ningbo Co star Materials Hi Tech Co. Ltd., NingBo NingGang Permanent Magnetic Materials Co. Ltd., Ningbo Risheng Magnets Co. Ltd., Yantai Dongxing Magnetic Materials Inc., and Zhenghai Group Co. Ltd.
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 market 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.
The market research 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 report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Permanent Magnets Market Customer Landscape
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Permanent Magnets Market Scope |
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Report Coverage |
Details |
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Page number |
177 |
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Base year |
2023 |
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Historic period |
2017-2021 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 8.37% |
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Market growth 2024-2028 |
USD 12.79 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
7.13 |
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Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 56% |
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Key countries |
US, China, Japan, India, and Germany |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Adams Magnetic Products, Arnold Magnetic Technologies Corp., Daido Steel Co. Ltd., Earth Panda Advance Magnetic Material Co.Ltd., Electron Energy Corp., Guangdong Lingyi Intelligent Manufacturing Co. Ltd., Hitachi Ltd., Ningbo Yunsheng Co. Ltd., TDK Corp., Bunting Magnetics Co., Chengdu Galaxy Magnets Co. Ltd., DURA MAGNETS PVT. LTD., Gayatri Magnet, Goudsmit Magnetics Groep BV, Hangzhou Permanent Magnet Group. Ltd., Ningbo Co star Materials Hi Tech Co. Ltd., NingBo NingGang Permanent Magnetic Materials Co. Ltd., Ningbo Risheng Magnets Co. Ltd., Yantai Dongxing Magnetic Materials Inc., and Zhenghai Group Co. Ltd. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Material
7 Market Segmentation by End-user
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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