Magnet Market Estimated to Reach US$ 47.4 Billion Globally By 2027 | CAGR of 4.71%

According to the latest report by IMARC Group, titled "Magnet Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," offers a comprehensive analysis of the industry, which comprises insights on magnet market. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global magnet market reached a value of US$ 36.6 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 47.4 Billion by 2027, exhibiting at a CAGR of 4.71% during 2022-2027.

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.

Get a Free Sample Copy of this Report: https://www.imarcgroup.com/magnet-market/requestsample

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.

View Full Report with TOC & List of Figure: https://www.imarcgroup.com/magnet-market

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

We are updating our reports, If you want latest primary and secondary data (2023-2028) with Cost Module, Business Strategy, Competitive landscape, etc. Click request free sample report, the report will be delivered to you in PDF format via email within 24 to 48 hours after the payment confirmation.

Contact US:
IMARC Group
30 N Gould St Ste R
Sheridan, WY 82801 USA - Wyoming
Email: Sales@imarcgroup.com
Tel No:(D) +91 120 433 0800
Americas:- +1 631 791 1145 | Africa and Europe :- +44-702-409-7331 | Asia: +91-120-433-0800, +91-120-433-0800

About Us

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.

This release was published on openPR.