Permanent Magnets Market is Forecasted to Reach US$ 64.13 Billion in 2028, Says Stratview Research

The global permanent magnets market is projected to witness a growth rate of 9.19% annually from 2023 to 2028, with an anticipated size of US$ 64.13 billion by 2028, according to an analysis by Stratview Research.

Stratview Research, a global market research firm has launched a report on the global permanent magnets market which provides a comprehensive outlook of the global and regional market, industry forecast, current & emerging trends, segment analysis, competitive landscape, & more.

Click here to get a free sample of the report:
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Report Highlights:
Market Size in 2028: US$ 64.13 billion
Growth (CAGR): 9.19% during 2023-2028
Forecast Period: 2023-2028
Trend Period: 2017-2021
Base Year: 2022
Number of Segments Covered: 4
Number of Tables & Graphs: 100+
Country-Level Market Assessment: 20

Segment Insights on the Permanent Magnets Market:

The global permanent magnets market is segmented based on material type, end-use industry type, sales channel type, and region.

Based on material type - The ferrite material segment held more than 80% of the market share in 2022. Ferrite magnet is a low magnetic energy product and suitable for low-temperature applications. It alone accounted for more than 70% of the global permanent magnet market (on a volume basis) serving most of the major applications, such as stators in wind energy, and engine and battery components in the automotive industry. It has a lower price than other magnet types (Alnico, NdFeB, and SmCo).

Based on end-use industry type - Consumer electronics held more than 25% of the market share in 2022. The primary driver is the growing usage of permanent magnets in consumer electronics, particularly in HDD, CD, and DVD applications.
The automotive industry is expected to remain the largest consumer of permanent magnets during the forecast period. It accounted for more than 50% of the global permanent magnet market in 2022. Permanent magnets are used in engine components, battery components, moving car parts, and other integral systems. The energy segment is expected to witness the fastest growth in the next five years driven by the global demand for renewable energy. All the major countries have set renewable energy targets and are continuously pushing harder to meet the targets.

To know the most attractive segments, click here:
https://www.stratviewresearch.com/154/permanent-magnets-market.html

Which Region Shows the Most Promising Growth Forecast and Opportunity?

The analysis suggests that Asia Pacific held more than 75% of the market share in 2022. This growth outlook is majorly attributed to the following-

• China is the leading producer as well as consumer of permanent magnets worldwide.

Permanent Magnets Market Drivers:

Some of the key drivers listed in the report are given below.
• Increasing automotive production and increasing use of permanent magnets in consumer electronics, such as HDD, CD, and DVD applications, are the key drivers.
• Growing inclination towards renewable energy (wind turbines and solar photovoltaic) and increasing production of electric & hybrid vehicles.
• Permanent magnets are being used more frequently in medical imaging systems that are rapidly being used for diagnostic purposes.

Top Companies in the Permanent Magnets Market:

Stratview Research has identified the following companies as the top market players.
• Hitachi Metals Ltd.
• Shin-Etsu Chemical Co. Ltd
• Hangzhou Permanent Magnet Group
• Anhui Earth-Panda Advance Magnetic Material Co. Ltd
• Adams Magnetic Products Co.

What Unique Insights Does this Report Offer?
This report provides comprehensive insights into the Permanent Magnets Market, answering critical questions like:
• How big is the sales opportunity?
• Which regions offer the best sales opportunities?
• Which are the most attractive market segments?
• Which are the top players and their market positioning?
• How complex is the business environment?
• What are the factors affecting the market?

For Customization or Any Other Queries, Get in Touch with Our Industry Experts at - sales@stratviewresearch.com

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• Rare Earth Metals Market: https://www.stratviewresearch.com/155/rare-earth-metals-market.html

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This release was published on openPR.