Permanent Magnet Market | Share, Growth, Size, Industry, Analysis and Forecast 2025

Permanent Magnet Market: Introduction

A permanent magnet is an object which maintains a lasting magnetic field around it without the use of an external power source. Naturally occurring substances sometimes also possess magnetic field within them. These substances are further magnetized to increase the intensity of their magnetic field, thereby converting them into usable permanent magnets. These magnets are commonly used for both industrial as well as domestic purposes. Permanent magnets are used in areas where their attracting and repelling force is harnessed without an external power and converted to perform useful functions. They are also used to convert electrical force to mechanical force and vice versa, as in motors and generators, among others. New found applications of permanent magnets include their widespread use in healthcare and cathode ray tubes. With a widespread array of applications served by permanent magnets, it is expected that the market and demand for permanent magnets will improve manifolds in the upcoming years.

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Permanent Magnet Market: Dynamics

Continuous technological advancements and development of innovative machineries have been aiding in the evolvement of sustainable and efficient mining processes across the world. This factor has led to an increase in mining produce, including rare earth metals. This factor has also aided in catering to the growing demand for permanent magnets which are being unearthed as part of mining activities. Moreover, permanent magnets have found increased usage in medical imaging devices which are being increasingly utilized for diagnostic purposes, thereby leading to an improvement in the growth of the market in the upcoming years. A renewed interest in generation of electricity through renewable sources of energy has led to an increase in demand for permanent magnets owing to their utilization in electric generators.

The market for permanent magnets is not without its restraints as high cost of mining procedures can lead to higher selling prices which can affect the demand for such products in the market and also lead to higher adoption of artificially induced magnets, including solenoids, among others. Fluctuations in raw material cost as well as an erratic supply chain network are some other factors that can adversely affect the market of permanent magnets in developing economies.

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Permanent Magnet Market: Segmentation

Permanent Magnet Market can be segmented on the basis of product type and end use.

By Product type, the Permanent Magnet can be segmented as:

Neodymium Iron Boron (NdFeB)
Samarium Cobalt (SmCo)
Aluminium Nickel Cobalt (AlNiCo)
Ceramic Magnets

By End Use, the Permanent Magnet market can be segmented as:

Automotive
Healthcare
Electrical & Electronics
Aerospace and Defence
Power & Energy
Consumer Durables

Permanent Magnet Market: Regional Outlook

The market for permanent magnets is anticipated to witness healthy growth in the Asia Pacific region. The growing electronics and electrical industry base in economies, including China, Japan, South Korea, among others, is anticipated to increase the demand for permanent magnets for various purposes. Moreover, a healthy automotive industry in the region is also expected to create opportunities for the permanent magnet market to grow in terms of both value and volume during the forecast period. The markets in North America and Western Europe regions are expected to grow at a robust pace owing to the high demand for permanent magnets from the renewable electric power generation industry. Improvements witnessed in the petrochemical industry in Latin America and Middle East regions is also expected to contribute to the growth of permanent magnet sales, thereby improving the market in the said regions.

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Permanent Magnet Market: Market Participants

The structure of the market is highly fragmented in nature with unorganised players representing more than half of the overall market structure. Below mentioned are some of the players involved in the manufacturing of permanent magnets:

Alliance LLC
Hitachi Metals, Ltd.
Dura Magnetics, Inc.
TDK Corporation
Adams Magnetic Products Co.
Advanced Technology & Materials Co., Ltd.
Thomas and Skinner, Inc.
Westmag Technology Corporation Ltd.
Mahindra Hinoday Industries Ltd.
Kaneka Corporation
Kolektor Group d.o.o.
Lynas Corporation Ltd.
MS-Schramberg GmbH & Co. KG
Magtech Industrial Co.
Yantai Shougang Magnetic Materials Inc.

The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geographies, application, and industry.

The report covers exhaust analysis on:

Market Segments
Market Dynamics
Market Size
Supply & Demand
Current Trends/Issues/Challenges
Competition & Companies involved
Technology
Value Chain

Regional analysis includes:

North America (U.S., Canada)
Latin America (Mexico. Brazil)
Western Europe (Germany, Italy, France, U.K, Spain)
Eastern Europe (Poland, Russia)
Asia Pacific (China, India, ASEAN, Australia & New Zealand)
Japan
Middle East and Africa (GCC Countries, S. Africa, Northern Africa)

The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.

Report Highlights:

Detailed overview of parent market
Changing market dynamics in the industry
In-depth market segmentation
Historical, current, and projected market size in terms of volume and value
Recent industry trends and developments
Competitive landscape
Strategies of key players and products offered
Potential and niche segments, geographical regions exhibiting promising growth
A neutral perspective on market performance
Must-have information for market players to sustain and enhance their market footprint

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