Permanent Magnet Market Size, Share, Demand to Reach USD 66.65 Billion in 2028

Permanent Magnet Market
Permanent Magnet Market

Global Permanent Magnet Market size is expected to reach USD 66.65 Billion in 2028 and register a CAGR of 9.7% over the forecast period, according to the latest report by Reports and Data. Key factors such as growing scope of product applications in the automobile industry, along with increasing use of Internet compatible devices are driving market revenue growth. Permanent magnet or hard magnet is a type of magnet that maintains its magnetic properties after removing demagnetizing force.

It is widely applied in various end-use sectors such as electronics, medical technology, industrial, automotive, aerospace & defense, and environment & energy. Consumer electronics segment accounted for majority revenue share in the global market in 2020. Rising investments in development of advanced electronics, and growing adoption of cloud computing and digitalization are some major factors driving revenue growth of this segment.

North America accounted for a significant revenue share in 2020 and the trend is expected to gain traction over the forecast period. Major revenue contributors in the North America market are the United States and Canada markets. Factors such as rising focus on technological research, growing demand for automobiles are key factors driving revenue growth of the market in this region.

Asia Pacific market accounted for a substantially large revenue share in the global market in 2020 and is expected to register fastest CAGR than other regional markets over the forecast period. This can be attributed to rising focus on development of advanced automobiles.

Europe accounted for second-largest revenue share in the global market in 2020. Growing use of Internet-powered devices and consumer electronics is one of the key factors driving revenue growth of the market in this region.

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Leading companies operating in the market and profiled in the report include:

Adams Magnetic Products Co., Anhui Earth-Panda Advance Magnetic Material Co. Ltd., Arnold Magnetic Technologies, Daido Steel Co. Ltd., Eclipse Magnetics Ltd., Electron Energy Corporation, Goudsmit Magnetics Group, Hangzhou Permanent Magnet Group, Hitachi Metals Ltd., Molycorp Magnequench, TDK Corporation, and Thomas & Skinner Inc., among others.

Some Key Highlights from the Report:

In September 2021, Tata Motors launched Tigor EV. It is equipped with 26-kWh lithium-ion battery and a new permanent magnet synchronous electric motor.

Neodymium iron boron magnets segment accounted for largest revenue share in the global market in 2020. This can be attributed to increasing preference for neodymium iron boron magnets in electronics and automobile sectors.

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Market Overview:

A substance or mixture of substances that makes up an object is referred to as a material. Materials are used as inputs in manufacturing processes to create goods or more complex materials in industry. The chemical industry is made up of businesses that manufacture industrial chemicals. Chemical reactions and refining technologies are used in this industry to convert basic resources including oil, air, water, natural gas, metals, and minerals into over thousands of different products. The materials and chemicals sector trends range from solutions for lightweighting, sustainability, surface engineering, 3D printing, nano-formulations (biomaterials), and developing advanced composites to meet the current industry demands.

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Type:

Neodymium Iron Boron Magnets

Ferrite Magnets

Samarium Cobalt Magnets

Alnico Magnets

Other Magnets

End Users Outlook

Consumer Electronics

Automotive

Environment & Energy

General Industrial

Medical Technology

Aerospace & Defense

Others

Regional analysis covers the following key regions:

North America (U.S.A., Canada, Mexico)

Europe (U.K., Italy, Germany, France, Rest of Europe)

Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)

Latin America (Chile, Brazil, Argentina, Rest of Latin America)

Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

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About Us:
Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients to make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Products, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Reports and Data has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.

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