Permanent Magnet Global Market Report 2024 - By Demand, Size, Share, Growth, Forecast To 2033

The permanent magnet market size has grown rapidly in recent years. It will grow from $33.91 billion in 2023 to $38.31 billion in 2024 at a compound annual growth rate (CAGR) of 13.0%. The growth in the historic period can be attributed to electronics and it industry growth, rise in demand from consumer electronics, government policies and regulations, industrial automation, focus on clean energy initiatives.

The permanent magnet market size is expected to see rapid growth in the next few years. It will grow to $60.08 billion in 2028 at a compound annual growth rate (CAGR) of 11.9%. The growth in the forecast period can be attributed to electric vehicle market expansion, increasing demand for smart devices, expansion of industrial robotics, growing demand for permanent magnet generators, increasing focus towards wind energy. Major trends in the forecast period include magnetic levitation technology, development of rare earth-free magnets, miniaturization of electronic devices, customization and design flexibility, magnetic refrigeration.

Market Overview -
A permanent magnet refers to a piece of magnetized material used in various types of electronic products that generates a strong magnetic field on its own and preserves its magnetic characteristics in the absence of a magnetizing force, such as a current or an inducing field.

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Rising Demand For Permanent Magnets In The Automotive Industry Fuels The Market
The increasing demand for automobile applications is expected to propel the growth of the permanent magnet market. Permanent-magnet motors are most commonly used in variable-speed drives, in which the stator is powered by a variable-frequency, variable-voltage, electronically controlled source. For instance, in December 2021, in India, the total number of electric vehicle sales was reported to be 50,866 units resulting in a 240% jump from the previous year. Moreover, in 2021, Norway, recorded a sale of 176,276 cars with 65% electric cars resulting in a 54% rise. Therefore, the increasing demand for automobile applications is driving the growth of the permanent magnet market.

Competitive Landscape -
Major companies operating in the permanent magnet market report are Siemens AG, Mitsubishi Electric Corporation, Toshiba Corp., Hitachi Ltd., Asea Brown Boveri, Robert Bosch GmbH, Meidensha Corp., Continental AG, Alstom SA, Broad-Ocean Motor Co. Ltd., Xizi Forvorda ELECTRICAL MACHINERY CO. LTD., DRS Technologies Pvt. Ltd., Emerson Electric Co., Johnson Electric Holdings Limited, Leonardo DRS, Nidec Motor Corporation, Hangzhou Permanent Magnet Group, Arnold Magnetic Technologies Corp., Tokyo Denki Kagaku Kōgyō, Shin-Etsu Chemical Co. Ltd., Electron Energy Corporation, Adams Magnetic Products Co. Inc., Bunting Magnetics Co., Tengam Engineering Inc., Yantai Shougang Magnetic Materials Inc., Chengdu Galaxy Magnets Co. Ltd., Goudsmit Magnetics Ltd., Eclipse Magnetics Ltd., MagnaWorks Technology Inc., Dura Magnetics Inc., Daido Steel Co. Ltd., Hengdian Group DMEGC Magnetics Co. Ltd., Ningbo Vastsky Magnet Co. Ltd.

Revolutionizing Charging Solutions Through The Rise Of Technological Transitions In The Permanent Magnet Market
The technological transition is a key trend gaining popularity in the permanent magnet market. Technological transition is a method of movement of data, designs, inventions, materials, software, technical expertise, or trade secrets from one organization to another or from one purpose to another. For instance, in December 2021, Max Stand, an Italy-based company that specializes in the design and creation of exhibition stands, launched a third-party charger for Apple Airpods Max. The magnets double as a charger and a connection between the batteries. Although the AirPods Max has a lightning port on the bottom, the Max Stand substitutes it with a MagSafe-style charging solution that uses a tiny magnetic charging connector that fits inside the Lightning port of the AirPods Max. When the headphones are properly positioned, they magnetically dock within the Max Stand and begin charging as soon as the magnets align.

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Key Segments -
The permanent magnet market covered in this report is segmented -
1) By Type: Ferrite Magnets, Samarium Cobalt Magnets, Alnico Magnets, Neodymium Iron Boron Magnets
2) By Sales Channel Type: Direct Sales, Distributors
3) By End-Use: General Industrial, Automotive, Medical Technology, Environment & Energy, Aerospace & Defense, Consumer Electronics

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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