Permanent Magnets Market will Reach Revenues Worth US$ 78 Billion by 2031

A new forecast by Fact.MR estimates that permanent magnets revenues will more than double between 2021 and 2031, reaching US$ 78 Bn at a CAGR of 8.5%. The market is poised to gain traction on the back of growing demand from the consumer electronics industry. Furthermore, traction is provided by the smart homes industry, prompting the market to surpass US$ 34 Bn by 2021.

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Key Segments Covered

Material

Ferrite-based Permanent Magnets
Neodymium Iron Boron (NdFeB) Permanent Magnets
Aluminum Nickel Cobalt (Alnico) Permanent Magnets
Samarium Cobalt (SmCo) Permanent Magnets

Application

Permanent Magnets for Automotive Applications
Permanent Magnets for Consumer Goods & Electronics
Permanent Magnets for Industrial Applications
Permanent Magnets for Aerospace & Defense
Permanent Magnets for Energy
Permanent Magnets for Medical Applications

The Market survey of Permanent Magnets offers a comprehensive analysis of diverse features, including production capacities analysis of Permanent Magnets, demand, product developments, revenue generation, and Size of Permanent Magnets Market across the globe.

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Some Notable Offerings by Fact.MR Report on Permanent Magnets market:

• Fact.MR will provide you an analysis of the extent to which this Permanent Magnets market research report acquires commercial characteristics along with examples or instances of information that helps you to understand it better.
• Fact.MR will also help to identify customary/ standard terms and conditions, as offers, worthiness, warranty, and others.
• Also, this report will help you to identify any trends to forecast growth rates.
• The analyzed report will forecast the general tendency for supply and demand.

Key Takeaways of Permanent Magnet Study

Neodymium Iron Boron (NdFeB) will grow 2.4X during the forecast.

Automotive segment will drive the growth of permanent magnets market with a stellar 10.7% CAGR.

Medical instruments that use permanent magnets are expected to grow at dexterous 9% CAGR during the projection period.

Asia Pacific (East Asia and South Asia & Oceania) accounts for the largest market share with strong indications of growing 2.4X from 2019 to 2029.

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After reading the Market insights of Permanent Magnets Report, readers can:

• Understand the drivers, restraints, opportunities and trends affecting the Sales of market.
• Analyze key regions holding significant share of total Permanent Magnets market revenue.
• Study the growth outlook of Permanent Magnets market scenario, including production, consumption, history and forecast.
• Learn consumption pattern and impact of each end use & supply side analysis of Permanent Magnets market.
• Investigate the recent R&D projects performed by each market player & competitive analysis of Permanent Magnets Market Players.

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Competitive Landscape

Prominent players are embracing innovative approaches such as ground-breaking marketing tactics, technological advancements, mergers, and acquisitions.

In March 2021, Arnold Magnetic Technologies announced the acquisition of Ramco Electric Motors, Inc. This transaction further advances Arnold’s strategic priorities to deliver new materials and engineered solutions that empower customers to develop next generation technologies
In April 2021, TimkenSteel Corp. announced a purchase agreement with Daido Steel (Shanghai) Co., Ltd. ("Daido") with the intent to sell its TimkenSteel (Shanghai) Corporation Limited ("TSS") subsidiary in China for approximately US$7 Mn in cash.

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This release was published on openPR.