Press release
Global Permanent Magnets Market To Grow At A CAGR Of 3.8% During The Forecast Period Of 2023-2028
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter's Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
Forecast CAGR (2023-2028): 3.8%
Permanent magnets are crucial for enhancing the output of wind turbines by bolstering their efficiency. In this regard, the increasing application of wind turbines in commercial and residential sector to meet the energy demands is driving the permanent magnets market.
Meanwhile, these magnets are also used in AC motors. Hence, the anticipated increase in the demand for permanent magnets in HVAC systems, owing to the rising standards of living, is likely to provide impetus to the market growth during the forecast period.
In terms of region, the Asia Pacific region accounts for a significant share of the market owing to the rapid industrialisation, leading to increased utilisation of permanent magnets in various end-use industries.
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Permanent Magnets Industry Definition and Major Segments
Permanent magnets are the materials, the internal structure of which generates magnetic field. Permanent magnets are manufactured using hard ferromagnetic materials, which when magnetised, maintain their magnetic properties until they are demagnetised. Permanent magnets, just like any other magnet, have two poles, north and south which attract the opposite sides.
On the basis of type, the market can be segmented into the following:
Ferrite
Neodymium Iron Boron
Aluminium Nickel Cobalt
Samarium Cobalt
Based on end-use, the market has been segmented into:
Computer Hard Disk Drives (HDD), CD, DVD
Hybrid Electric Vehicles
Electric Bicycles
Heating, Ventilating and Air Conditioners (HVAC)
Wind Turbines
Others
The regional markets for permanent magnets include:
North America
Europe
Asia Pacific
Latin America
Middle East and Africa
Permanent Magnets Market Trends
The key trends in the permanent magnets market include the technological advancements in the automotive industry, which is bolstering the production capacity of hybrid electric vehicle manufacturing facilities. In addition to this, the stringent regulations of the government across emerging economies to curb the carbon emission are leading to a transition from traditional fuel-based bikes towards electric bicycles, which is another crucial trend in the market.
Moreover, the growing research and development activities by the major market players to develop superior quality permanent magnets are likely to lead to a heightened commercialisation of the product in the coming years.
Key Market Players
The major players in the market are:
Adams Magnetic Products Co.
Arnold Magnetic Technologies
The Bunting® Magnetics Co.
Advanced Technology & Materials Co., Ltd. (AT&M)
Hitachi Metals, Ltd.
Industrial Magnetics, Inc.
MASTER MAGNETICS, Inc.
Others
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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