Permanent Magnet Market Set to Exceed USD 79.14 Billion by 2030, Fueled by Green Energy Revolution

The Growing Role of Wind and Solar Energy Propels the Permanent Magnet Market Forward

The SNS Insider report reveals that the Permanent Magnet Market Size was valued at USD 22.56 billion in 2023. It is projected to reach USD 43.48 billion by 2031 and grow at a CAGR of 8.5% over the forecast period 2024-2031.The permanent magnet market is experiencing a remarkable surge, driven by its indispensable role in various industries such as automotive, electronics, renewable energy, and healthcare. Permanent magnets, characterized by their ability to generate magnetic fields without the need for an external power source, are essential components in numerous applications ranging from electric motors and generators to magnetic resonance imaging (MRI) machines and magnetic levitation (Maglev) trains. In the automotive sector, permanent magnets are crucial for electric vehicle propulsion systems, providing efficient and reliable power conversion in electric motors and regenerative braking systems. Moreover, in the electronics industry, permanent magnets are used in speakers, sensors, actuators, and hard disk drives, enabling compact and high-performance devices for consumer electronics, telecommunications, and industrial automation.

Advanced magnet technologies such as neodymium-iron-boron (NdFeB) magnets, samarium-cobalt (SmCo) magnets, and ferrite magnets offer superior magnetic properties and compatibility with a wide range of applications and operating conditions. Furthermore, innovations in magnetization techniques, surface treatments, and additive manufacturing enable the production of magnets with tailored geometries, magnetic orientations, and surface properties, meeting the stringent requirements of modern manufacturing processes and end-user applications. As industries continue to demand permanent magnets that offer superior performance, efficiency, and reliability, stakeholders in the permanent magnet market are well-positioned to capitalize on emerging opportunities, technological advancements, and strategic partnerships to drive innovation and growth in the global marketplace.

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Some of the Key Players Included are:

TDK Corporation, Electron Energy Corporation, Bunting Magnetics Co., Tengam Engineering, Inc., Ningbo Yunsheng Co. Ltd., Chengdu Galaxy Magnets Co Ltd., Eclipse Magnetics, Arnold Magnetic Technologies, Hitachi Metals, Ltd., Shin-Etsu Chemical Co Ltd., Adams Magnetic Products Co Inc., Yantai Shougang Magnetic Materials Inc., Goudsmit Magnetics, and other players.

Market Report Scope:

A permanent magnet, characterized by its ability to retain magnetic properties without external influence, plays a pivotal role in various industries. With a core structure generating a magnetic field, these magnets, including alloy, ferrite, and bonded magnets, find applications in motors, loudspeakers, appliances, and HVAC systems. The escalating demand for magnets in hybrid electric vehicles, requiring rare earth magnets, is anticipated to drive market growth, especially in the automotive sector.

Market Analysis:

The Permanent Magnet Market is propelled by the rising demand for consumer electronics, driven by the magnets' unique properties of attraction, repulsion, and energy conversion. Laptops, televisions, music systems, computers, and smartphones benefit from these magnets, experiencing heightened demand due to evolving consumer preferences and technological advancements. This trend creates abundant growth opportunities for the market, particularly in the consumer electronics sector.

However, challenges such as rising energy costs and fluctuations in raw material availability, especially rare-earth elements, may pose obstacles. These challenges disrupt supply chains, making it challenging for manufacturers to maintain quality and affordable pricing, potentially hindering market growth.

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Segment Analysis:

By type, the NdFeB segment dominates the market, due to its high performance, small size, and cost-effectiveness. These magnets are extensively used in electric motors and power tools, and the lack of efficient substitutes further drives their demand.

By end-use category, consumer electronics lead the market due to rising consumer disposable income, technological advancements, and increased demand for electronic products.
By Type
Ferrite Magnets
Neodymium Iron Boron Magnets
Samarium Cobalt Magnets
Alnico Magnets
Others
 
By End-Use
Automotive
Consumer Electronics
General Industrial
Medical
Aerospace & Defense
Environment & Energy
Others

Key Regional Development:

Asia Pacific holds the largest volumetric share of nearly 75% in 2022, driven by its status as a global manufacturing hub. China, Japan, and South Korea, pivotal centers for manufacturing computer hardware, contribute significantly to the rising demand for permanent magnets in the region. Europe, although witnessing a decline in 2020, is anticipated to emerge as the second-largest regional market by 2030, with industrial production regaining momentum.

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Key Takeaways:

The Permanent Magnet Market is on a trajectory to surpass USD 79.14 billion by 2030, fueled by the rising prominence of renewable energy sources.
NdFeB magnets, with their high performance and versatility, lead the market, especially in applications like electric motors and power tools.
Asia Pacific dominates the market due to its role as a global manufacturing hub, particularly in electronics and automotive production.

Recent Developments:

In July 2023, Eclipse Magneticsunveiled a new high-performance and cost-effective magnetic lifter.
On May 30, 2022, NIMS, TDK Corporation, Daido Steel Co., Ltd., Shin-Etsu Chemical Co., Ltd., and Hitachi Metals, Ltd. signed an MOU to launch a Materials Open Platform for Permanent Magnet (MOP).
In Oct 2021, Buntingacquired MagDev Ltd, expanding its magnetic solutions and technical expertise in the global magnetics sector.

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This release was published on openPR.