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Electronic Device Magnets Market Size, Key Drivers, Growth, Demand, and Analysis 2024-2033 | Insights and Trends
Electronic Device Magnets Market
Insights into Electronic Device Magnets Market: Global Trends and Analysis
Electronic Device Magnets Industry - Key Market Dynamics and Trends
The electronic device magnets market size has grown rapidly in recent years. It will grow from $24.68 billion in 2023 to $27.33 billion in 2024 at a compound annual growth rate (CAGR) of 10.8%. The growth in the historic period can be attributed to personal computing boom, mobile computing trends, byod (bring your own device) policies, cloud computing adoption, security concerns and compliance requirements.
The electronic device magnets market size is expected to see strong growth in the next few years. It will grow to $39.04 billion in 2028 at a compound annual growth rate (CAGR) of 9.3%. The growth in the forecast period can be attributed to hybrid work models, advancements in artificial intelligence (ai) and machine learning (ml), focus on employee wellbeing, integration of virtual and augmented reality, cybersecurity challenges and solutions. Major trends in the forecast period include technological convergence and integration, data privacy and governance, enterprise digital transformation, shift towards cloud-based euc solutions, adoption of unified endpoint management .
Market Overview -
Electronic device magnets refer to magnets that are used in electronic devices for various purposes. It is used in electronic applications, providing functionality and aiding in the performance of different components.
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Surging Demand For Compact And Efficient Magnets Reshapes The Electronic Device Market
The rise in demand for compact and efficient magnets is expected to propel the growth of the electronic device magnet market going forward. Compact and efficient magnets refer to magnets with high magnetic strength and compact sizes that can be used in industrial automation, robotics, electric vehicles, and the expansion of the renewable energy sector. Compact and efficient magnets are used in electronic devices for functionalities like sensors, actuators, and data storage, enhancing miniaturization, energy efficiency, and overall device performance by facilitating efficient magnet integration. For instance, in June 2022, according to the Bureau of Industry and Security (BIS), a US-based government agency, the US is heavily reliant on imports for its sintered NdFeB magnets, with 75% of its supply coming from China in 2021. The remaining 9%, 5%, and 4% come from Japan, the Philippines, and Germany respectively. Therefore, the rise in demand for compact and efficient magnets is driving the growth of the electronic device magnet market.
Competitive Landscape -
Major companies operating in the electronic device magnets market report are Shin-Etsu Chemical Co. Ltd., TDK Corporation, Hitachi Metals Ltd., Yantai Shougang Magnetic Materials Inc., Vacuumschmelze GmbH & Co. KG, Yantai Zhenghai Material Co. Ltd., Arnold Magnetic Technologies, Hangzhou Permanent Magnet Group, Thomas & Skinner Inc., Magx America Inc., Bunting Magnetics Co., Industrial Magnetics Inc., Electron Energy Corporation, Magnum Magnetics Corporation, Viona Magnetics, JPMF Guangdong Co. Ltd., Ninggang Permanent Magnetic Materials Co. Ltd., Intermetallics Japan Corporation, Ningbo Co-Star Materials Hi-Tech Co. Ltd., Risheng Magnets International Co. Ltd., Magnequench, Permanent Magnets Ltd., Magnetic Hold Inc., OneMonroe (Monroe Engineering Products), Magnetic Component Engineering, Integrated Magnetics, Magnet Technology
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