Press release
Magnet Market Estimated to Reach US$ 47.4 Billion Globally By 2027 | CAGR of 4.71%
Magnet Market
A magnet is a material with its component atoms so ordered that the material exhibits properties of magnetism. It can produce a magnetic field, attract unlike poles, and repel like poles. There are three types of magnets, namely permanent magnet, temporary magnet, and electromagnets. It is used for constructing magnetic needles and mariner's compass. Magnets are also used to separate iron filling from other solid mixtures.
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Market Trends:
The global market is majorly driven by the increasing demand for automobile applications. In line with this, the growing demand for miniaturization of various equipment is positively influencing the demand for the magnet. Furthermore, the rising product demand from data centers for HDD pushes the need for magnets. Apart from this, the increasing demand for the magnet in various industries, such as consumer goods and the electronics industry, where these products are highly utilized in numerous applications, including the production of smartphones and personal electronics, and the high production rate of consumer electronics, strengthens the market growth. Moreover, rapid developments and infrastructure modernization are creating a positive outlook for the market. Additionally, the rising demand for magnets in hybrid electric vehicles is catalyzing the market.
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Competitive Landscape with Key players:
The report has also analysed the competitive landscape of the market with some of the key players being.
• VACUUMSCHMELZE GmbH & Co. KG
• Beijing Zhong Ke San Huan Hi-Tech Co. Ltd
• Adams Magnetic Products Co.
• TDK Corporation
• Arnold Magnetic Technologies
• Shin-Etsu Chemical Co. Ltd.
• Bakker Magnetics BV
Magnet Market Segmentation:
Our report has categorized the market based on region, magnet type and application.
Breakup by Magnet Type:
• Ferrite
• Neodymium Iron Boron (NdFeB)
• Aluminium Nickel Cobalt (AlNiCo)
• Samarium Cobalt (SmCo)
Breakup by Application:
• Computer Hard Disk Drives (HDD), CD, DVD
• Hybrid Electric Vehicles
• Electric Bicycles
• Heating, Ventilating and Air Conditioners (HVAC)
• Wind Turbines
• Other Applications
Regional Insights:
• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
• Market Performance (2015-2020)
• Market Outlook (2022-2027)
• Porter's Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape
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