Permanent Magnets Market Report
RA06827
Permanent Magnets Market by Material Type (Ferrite, Neodymium Iron Boron (NdFeB), Aluminum Nickel Cobalt (Alnico), and Samarium Cobalt (SmCo)), Application (Automotive, Consumer Goods & Electronics, Industrial, Aerospace & Defense, Energy, Medical, and Others) and Region (North America, Europe, Asia-Pacific, and LAMEA): Opportunity Analysis and Industry Forecast, 2023-2032
Permanent Magnets Overview
Permanent magnets are items that can generate a magnetic field without the use of an external power source. They are created from unique metals like iron and cobalt or certain alloys that naturally possess magnetic qualities. When a permanent magnet is brought close to a magnetic substance such as iron or steel, it will attract and adhere to it because of interactions between the magnetic properties of the material and the magnetic field of the magnet. Permanent magnets are used in many common technologies and products, such as refrigerator magnets, to hold notes and images in place.
They are also employed in electric motors and generators to convert electrical energy into mechanical energy and vice versa. Permanent magnets are also used to make music or store data in hard drives, speakers, and headphones. Overall, permanent magnets that can generate their own magnetic field without external assistance are critical for many magnetism-based applications.
Global Permanent Magnets Market Analysis
The global permanent magnets market size was $20.81 billion in 2022 and is predicted to grow with a CAGR of 8.7%, by generating a revenue of $46.21 billion by 2032.
COVID-19 Impact on Global Permanent Magnets Market
The Covid-19 pandemic had a significant impact on the permanent magnets market. The global supply chains were disrupted, leading to delays in the production and delivery of raw materials and finished products. Many manufacturing facilities faced temporary closures or reduced operations due to lockdown measures and social distancing protocols. The demand for permanent magnets, which are widely used in various industries such as automotive, electronics, and renewable energy, also experienced a decline during the pandemic. The economic slowdown and uncertainties led to reduced consumer spending and investment in new projects, affecting the overall demand for products that utilize permanent magnets. Furthermore, travel restrictions and trade barriers created to control the virus's spread harmed the market. The import and export of permanent magnets and related components were hampered because of the disruption in international trade.
However, as the world gradually recovers from the pandemic, the permanent magnets market is expected to rebound. With the resumption of economic activities and the implementation of vaccination programs, industries are gradually returning to normal operations. The increasing focus on renewable energy and electric vehicles is driving the demand for permanent magnets, as they are crucial components in these sectors. Furthermore, governments and organisations are putting in place initiatives and measures to help the economy recover and encourage sustainable technology, which might have a positive impact on the permanent magnets market.
Various Benefits of Permanent Magnets to Drive the Market Growth
Permanent magnets can be used for extended periods of time without the need for an external power source since they constantly and persistently generate a magnetic field. Also, they do not require any more energy to maintain their magnetic field once magnetised. This makes them far more efficient than electromagnets, which require a constant power supply. Despite their modest size and weight, permanent magnets may generate substantial magnetic fields. This makes them perfect for applications where space and weight are limited, such as portable electronic gadgets.
Permanent magnets have a long lifespan and require little maintenance, lowering the overall cost of employing them. They are also conveniently accessible and reasonably priced. Because of the enormous magnetic fields they generate, permanent magnets can draw and hold metallic objects without the use of physical touch or other forces. These advantages make permanent magnets useful in a wide range of industries and everyday applications, contributing to technical improvements and increased efficiency.
Inefficiency of Permanent Magnets to Function at High Temperatures to Restrain the Market Growth
Permanent magnets have a limited temperature range within which they can operate effectively. High temperatures can cause them to lose their magnetism reducing their overall strength or rendering them non-magnetic. Many permanent magnets are fragile and prone to breaking such as those constructed of ceramic or neodymium, as a result they have a shorter lifespan and are more likely to be harmed by impact or mechanical stress. Neodymium and samarium-cobalt permanent magnets are two types of permanent magnets that are at risk of corrosion and oxidation. These magnets may degrade over time due to moisture exposure or certain conditions, losing structural integrity as well as magnetic strength.
Advancements in Permanent Magnets to Drive Excellent Opportunities for Future
In the future, there are several potential advancements expected in permanent magnets. Scientists are researching ways to improve the magnetic properties of permanent magnets, such as increasing their magnetic strength and stability. This could lead to stronger and more efficient magnets. Researchers are exploring the development of new materials for permanent magnets. These materials may exhibit superior magnetic properties, allowing for smaller and lighter magnets with improved performance. Future upgrades may focus on creating permanent magnets that require less energy to produce and maintain their magnetic field. This could lead to more energy-efficient devices and systems that utilize these magnets.
Global Permanent Magnets Market, by Material, 2022
The ferrite sub-segment accounted for the highest market share in 2022. Ferrite permanent magnets have several positive points. Ferrite magnets keep their magnetic characteristics over long periods of time making them suitable for a wide range of applications. Compared to other kinds of permanent magnets, including neodymium magnets, ferrite magnets are easier to manufacture. Ferrite magnets have strong corrosion resistance, making them useful for settings where moisture or chemicals are present. Ferrite magnets are appropriate for applications involving high temperatures because they can function at high temperatures without significantly losing their magnetic performance.
Global Permanent Magnets Market, by Application, 2022
The consumer goods & electronics sub-segment accounted for the highest market share in 2022. Permanent magnets are commonly employed in consumer products and electronics due to their unique properties that make them incredibly useful in these industries. They can generate a magnetic field even in the absence of an external power source. As a result, they are ideal for a wide range of technology and consumer product applications. Permanent magnets are commonly utilised in consumer items, such as speakers, headphones, and electric motors. They allow for the transfer of electrical energy to mechanical energy, allowing to produce music or movement.
Global Permanent Magnets Market Share, by Region, 2022-2032
The Asia Pacific permanent magnets market generated the highest market share in 2022. For a variety of factors, the Asia-Pacific market is dominated by numerous nations in the region, notably China, Japan, and South Korea. These countries have invested considerably in technological development and have built significant industrial capacities. Also, the Asia Pacific region has a substantial consumer electronics industry. Permanent magnets are frequently used in a variety of electrical devices, including speakers, laptops, and mobile phones. They are becoming increasingly important as the region's demand for consumer electronics grows. Moreover, the Asia-Pacific region has easy access to important raw materials used in the manufacturing of permanent magnets, such as rare earth elements. China has considerable quantities of rare earth materials, which are required to produce powerful permanent magnets.
Competitive Scenario in the Global Permanent Magnets Market
There are several major players functioning in the highly competitive global permanent magnets market. Companies focus on continuous product innovation to develop advanced permanent magnets. Some of the leading permanent magnets market players are Earth-Panda Advance Magnetic Material Co., Ltd, Arnold Magnetic Technologies, Daido Steel Co., Ltd, Eclipse Magnetics Ltd, Electron Energy Corp, Goudsmit Magnetics Group, Hangzhou Permanent Magnet Group, Magnequench International, LLC, Ningbo Yunsheng Co., Ltd, and Ninggang Permanent Magnetic Materials Co., Ltd.
| Aspect | Particular |
| Historical Market Estimations | 2020-2022 |
| Base Year for Market Estimation | 2022 |
| Forecast Timeline for Market Projection | 2023-2032 |
| Geographical Scope | North America, Europe, Asia-Pacific, and LAMEA |
| Segmentation by Material |
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| Segmentation by Application |
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| Key Companies Profiled |
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Q1. What is the size of the global permanent magnets market?
A. The size of the global permanent magnets market was over $20.81 billion in 2022 and is projected to reach $46.21 billion by 2032.
Q2. Which are the major companies in the permanent magnets market?
A. Earth-Panda Advance Magnetic Material Co., Ltd, Arnold Magnetic Technologies, and Daido Steel Co., Ltd. are the major companies in the permanent magnets market.
Q3. Which region, among others, possesses greater investment opportunities in the near future?
A. The Asia Pacific region possesses great investment opportunities for investors to witness the most promising growth in the future.
Q4. What are the strategies opted by the leading players in this market?
A. Agreement and investment are the two key strategies opted by the operating companies in this market.
Q5. Which companies are investing more on R&D practices?
A. Earth-Panda Advance Magnetic Material Co., Ltd, Arnold Magnetic Technologies, Daido Steel Co., Ltd, Eclipse Magnetics Ltd, Electron Energy Corp, Goudsmit Magnetics Group, Hangzhou Permanent Magnet Group, Magnequench International, LLC, Ningbo Yunsheng Co., Ltd, and Ninggang Permanent Magnetic Materials Co., Ltd. are investing more on R&D practices.
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1. RESEARCH METHODOLOGY
1.1. Desk Research
1.2. Real time insights and validation
1.3. Forecast model
1.4. Assumptions and forecast parameters
1.5. Market size estimation
1.5.1. Top-down approach
1.5.2. Bottom-up approach
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2. REPORT SCOPE
2.1. Market definition
2.2. Key objectives of the study
2.3. Report overview
2.4. Market segmentation
2.5. Overview of the impact of COVID-19 on Global Permanent Magnets Market
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3. EXECUTIVE SUMMARY
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4. MARKET OVERVIEW
4.1. Introduction
4.2. Growth impact forces
4.2.1. Drivers
4.2.2. Restraints
4.2.3. Opportunities
4.3. Market value chain analysis
4.3.1. List of raw material suppliers
4.3.2. List of manufacturers
4.3.3. List of distributors
4.4. Innovation & sustainability matrices
4.4.1. Technology matrix
4.4.2. Regulatory matrix
4.5. Porter’s five forces analysis
4.5.1. Bargaining power of suppliers
4.5.2. Bargaining power of consumers
4.5.3. Threat of substitutes
4.5.4. Threat of new entrants
4.5.5. Competitive rivalry intensity
4.6. PESTLE analysis
4.6.1. Political
4.6.2. Economical
4.6.3. Social
4.6.4. Technological
4.6.5. Environmental
4.7. Impact of COVID-19 on Permanent Magnets Market
4.7.1. Pre-covid market scenario
4.7.2. Post-covid market scenario
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5. Permanent Magnets Market, By Form
5.1. Overview
5.2 Ferrite
5.2.1 Definition, key trends, growth factors, and opportunities
5.2.2 Market size analysis, by region, 2020-2027
5.2.3 Market share analysis, by country, 2020-2027
5.3 Neodymium Iron Boron (NdFeB)
5.3.1 Definition, key trends, growth factors, and opportunities
5.3.2 Market size analysis, by region, 2020-2027
5.3.3 Market share analysis, by country, 2020-2027
5.4 Aluminum Nickel Cobalt (Alnico)
5.4.1 Definition, key trends, growth factors, and opportunities
5.4.2 Market size analysis, by region, 2020-2027
5.4.3 Market share analysis, by country, 2020-2027
5.5 Samarium Cobalt
5.5.1 Definition, key trends, growth factors, and opportunities
5.5.2 Market size analysis, by region, 2020-2027
5.5.3 Market share analysis, by country, 2020-2027
5.6 Research Dive Exclusive Insights
5.6.1 Market attractiveness
5.6.2 Competition heatmap
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6. Permanent Magnets Market, By Source
6.1. Overview
6.2 Automotive
6.2.1 Definition, key trends, growth factors, and opportunities
6.2.2 Market size analysis, by region, 2020-2027
6.2.3 Market share analysis, by country, 2020-2027
6.3 Consumer Goods & Electronics
6.3.1 Definition, key trends, growth factors, and opportunities
6.3.2 Market size analysis, by region, 2020-2027
6.3.3 Market share analysis, by country, 2020-2027
6.4 Industrial
6.4.1 Definition, key trends, growth factors, and opportunities
6.4.2 Market size analysis, by region, 2020-2027
6.4.3 Market share analysis, by country, 2020-2027
6.5 Aerospace & Defense
6.5.1 Definition, key trends, growth factors, and opportunities
6.5.2 Market size analysis, by region, 2020-2027
6.5.3 Market share analysis, by country, 2020-2027
6.6 Energy
6.6.1 Definition, key trends, growth factors, and opportunities
6.6.2 Market size analysis, by region, 2020-2027
6.6.3 Market share analysis, by country, 2020-2027
6.7 Medical
6.7.1 Definition, key trends, growth factors, and opportunities
6.7.2 Market size analysis, by region, 2020-2027
6.7.3 Market share analysis, by country, 2020-2027
6.8 Others
6.8.1 Definition, key trends, growth factors, and opportunities
6.8.2 Market size analysis, by region, 2020-2027
6.8.3 Market share analysis, by country, 2020-2027
6.9 Research Dive Exclusive Insights
6.9.1 Market attractiveness
6.9.2 Competition heatmap
7. Permanent Magnets Market, By Region
7.1 North America
7.1.1 U.S
7.1.1.1 Market size analysis, By Form, 2020-2027
7.1.1.2 Market size analysis, By Source, 2020-2027
7.1.2 Canada
7.1.2.1 Market size analysis, By Form, 2020-2027
7.1.2.2 Market size analysis, By Source, 2020-2027
7.1.3 Mexico
7.1.3.1 Market size analysis, By Form, 2020-2027
7.1.3.2 Market size analysis, By Source, 2020-2027
7.1.4 Research Dive Exclusive Insights
7.1.4.1 Market attractiveness
7.1.4.2 Competition heatmap
7.2 Europe
7.2.1 Germany
7.2.1.1 Market size analysis, By Form, 2020-2027
7.2.1.2 Market size analysis, By Source, 2020-2027
7.2.2 UK
7.2.2.1 Market size analysis, By Form, 2020-2027
7.2.2.2 Market size analysis, By Source, 2020-2027
7.2.3 France
7.2.3.1 Market size analysis, By Form, 2020-2027
7.2.3.2 Market size analysis, By Source, 2020-2027
7.2.4 Spain
7.2.4.1 Market size analysis, By Form, 2020-2027
7.2.4.2 Market size analysis, By Source, 2020-2027
7.2.5 Italy
7.2.5.1 Market size analysis, By Form, 2020-2027
7.2.5.2 Market size analysis, By Source, 2020-2027
7.2.6 Rest of Europe
7.2.6.1 Market size analysis, By Form, 2020-2027
7.2.6.2 Market size analysis, By Source, 2020-2027
7.2.7 Research Dive Exclusive Insights
7.2.7.1 Market attractiveness
7.2.7.2 Competition heatmap
7.3 Asia-Pacific
7.3.1 China
7.3.1.1 Market size analysis, By Form, 2020-2027
7.3.1.2 Market size analysis, By Source, 2020-2027
7.3.2 Japan
7.3.2.1 Market size analysis, By Form, 2020-2027
7.3.2.2 Market size analysis, By Source, 2020-2027
7.3.3 India
7.3.3.1 Market size analysis, By Form, 2020-2027
7.3.3.2 Market size analysis, By Source, 2020-2027
7.3.4 Australia
7.3.4.1 Market size analysis, By Form, 2020-2027
7.3.4.2 Market size analysis, By Source, 2020-2027
7.3.5 South Korea
7.3.5.1 Market size analysis, By Form, 2020-2027
7.3.5.2 Market size analysis, By Source, 2020-2027
7.3.6 Rest of Asia-Pacific
7.3.6.1 Market size analysis, By Form, 2020-2027
7.3.6.2 Market size analysis, By Source, 2020-2027
7.3.7 Research Dive Exclusive Insights
7.3.7.1 Market attractiveness
7.3.7.2 Competition heatmap
7.4 LAMEA
7.4.1 Brazil
7.4.1.1 Market size analysis, By Form, 2020-2027
7.4.1.2 Market size analysis, By Source, 2020-2027
7.4.2 Saudi Arabia
7.4.2.1 Market size analysis, By Form, 2020-2027
7.4.2.2 Market size analysis, By Source, 2020-2027
7.4.3 UAE
7.4.3.1 Market size analysis, By Form, 2020-2027
7.4.3.2 Market size analysis, By Source, 2020-2027
7.4.4 South Africa
7.4.4.1 Market size analysis, By Form, 2020-2027
7.4.4.2 Market size analysis, By Source, 2020-2027
7.4.5 Rest of LAMEA
7.4.5.1 Market size analysis, By Form, 2020-2027
7.4.5.2 Market size analysis, By Source, 2020-2027
7.4.6 Research Dive Exclusive Insights
7.4.6.1 Market attractiveness
7.4.6.2 Competition heatmap
8. Competitive Landscape
8.1 Top winning strategies, 2020-2027
8.1.1 By strategy
8.1.2 By year
8.2 Strategic overview
8.3 Market share analysis, 2020-2027
9. Company Profiles
9.1 Adams Magnetic Products Co.
9.1.1 Overview
9.1.2 Business segments
9.1.3 Product portfolio
9.1.4 Financial performance
9.1.5 Recent developments
9.1.6 SWOT analysis
9.2 Earth-Panda Advance Magnetic Material Co., Ltd.
9.2.1 Overview
9.2.2 Business segments
9.2.3 Product portfolio
9.2.4 Financial performance
9.2.5 Recent developments
9.2.6 SWOT analysis
9.3 Arnold Magnetic Technologies
9.3.1 Overview
9.3.2 Business segments
9.3.3 Product portfolio
9.3.4 Financial performance
9.3.5 Recent developments
9.3.6 SWOT analysis
9.4 Daido Steel Co., Ltd.
9.4.1 Overview
9.4.2 Business segments
9.4.3 Product portfolio
9.4.4 Financial performance
9.4.5 Recent developments
9.4.6 SWOT analysis
9.5 Eclipse Magnetics Ltd.
9.5.1 Overview
9.5.2 Business segments
9.5.3 Product portfolio
9.5.4 Financial performance
9.5.5 Recent developments
9.5.6 SWOT analysis
9.6 Electron Energy Corporation
9.6.1 Overview
9.6.2 Business segments
9.6.3 Product portfolio
9.6.4 Financial performance
9.6.5 Recent developments
9.6.6 SWOT analysis
9.7 Goudsmit Magnetics Group
9.7.1 Overview
9.7.2 Business segments
9.7.3 Product portfolio
9.7.4 Financial performance
9.7.5 Recent developments
9.7.6 SWOT analysis
9.8 Hangzhou Permanent Magnet Group
9.8.1 Overview
9.8.2 Business segments
9.8.3 Product portfolio
9.8.4 Financial performance
9.8.5 Recent developments
9.8.6 SWOT analysis
9.9 Hitachi Metals Ltd.
9.9.1 Overview
9.9.2 Business segments
9.9.3 Product portfolio
9.9.4 Financial performance
9.9.5 Recent developments
9.9.6 SWOT analysis
9.10 Magnequench International, LLC
9.10.1 Overview
9.10.2 Business segments
9.10.3 Product portfolio
9.10.4 Financial performance
9.10.5 Recent developments
9.10.6 SWOT analysis
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