Permanent Magnet Market Major Manufacturers, Trends, Sales, Supply, Demand, Share Analysis to 2031

Permanent Magnet Market 2022

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.

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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.

Key Companies-

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 doo
• 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.

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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.

Permanent Magnet Market: Segmentation

By Product type

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

By End Use        

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

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Key geographies evaluated in this report are:

North America - U.S, Canada
Europe - France, Germany, Italy, Spain, and the UK, Eastern Europe, CIS
APAC - China, India, Japan, Australia, Others
Latin America - Argentina, Brazil, Others

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