Electronic Device Magnets Market Insights, Forecast, Growth, Trends 2024-2033

"The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Electronic Device Magnets Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $39.04 billion In 2028 At A CAGR Of 9.3% :

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 .

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Electronic Device Magnets Market Major Segments
The electronic device magnets market covered in this report is segmented -

1) By Product Type: Ferrite Magnets, Neodymium Magnets, Samarium Cobalt Magnets, Alnico Magnets
2) By Material Type: Permanent Magnets, Electromagnets
3) By End User: Consumer Electronics, Aerospace and Defense, Industrial and Automation, Healthcare, Automotive, Energy, Consumer Goods, Others

Key Driver - 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.

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Prominent Trend - Niron Magnetics Pioneers Clean Earth Magnet Technology For Electronic Devices

Major companies operating in the electronic device magnet market are developing innovative technologies, such as clean earth magnet technology, to reduce the cost of magnets used for electronic device production. Clean earth magnet technology is the development of permanent magnets using iron nitride, a material that is abundant, affordable, and environmentally friendly. For instance, in 2023, Niron Magnetics, a US-based startup that develops sustainable and rare earth material free magnets for electric vehicles (EVs) and other electronic devices, developed clean-earth magnets using iron nitride, which is abundant and inexpensive compared to rare-earth minerals. The magnets demonstrate performance and temperature stability equal to, or better than, those of rare earth magnets. The magnets can be used in consumer electronics, industrial motors, pumps, compressors, wind turbines, and other products.

Electronic Device Magnets Market Players
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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Largest And Fastest Growing Region In The Market
Asia Pacific was the largest region in the electronic device magnets market in 2023. The regions covered in the electronic device magnets market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Electronic Device Magnets Market Report Structure
3. Electronic Device Magnets Market Trends And Strategies
4. Electronic Device Magnets Market - Macro Economic Scenario
5. Electronic Device Magnets Market Size And Growth
…..
27. Electronic Device Magnets Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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