Surging Demand For Compact And Efficient Magnets Reshapes The Electronic Device Market: Key Factor Driving The Growth In The Electronic Device Magnets Market

The Electronic Device Magnets Market Report by The Business Research Company delivers a detailed market assessment, covering size projections from 2025 to 2034. This report explores crucial market trends, major drivers and market segmentation by [key segment categories].

What Is the Expected Electronic Device Magnets Market Size During the Forecast Period?
The market size of electronic device magnets has witnessed a swift expansion in the previous years. The market, which will be valued at $27.33 billion in 2024, is projected to increase to $30.15 billion in 2025, indicating a compound annual growth rate (CAGR) of 10.3%. The historic period's growth can be traced back to factors such as the surge in personal computing, prevalent mobile computing trends, the implementation of BYOD (bring your own device) policies, the widespread use of cloud computing, along with the rising security concerns and compliance requirements.

In the coming years, it's anticipated that the electronic device magnets market will witness substantial growth, with its value predicted to rise to $42.44 billion in 2029, experiencing a compound annual growth rate (CAGR) of 8.9%. This expansion over the forecast period is due to the rise of hybrid work models, progress in artificial intelligence (AI) and machine learning (ml), emphasis on employee wellness, the merging of virtual and augmented reality technologies, and cybersecurity developments and resolutions. The period is also expected to see emerging trends such as the unification of technologies, strategies for data privacy and governance, corporate digital transformation, a shift towards exploiting cloud-based end-user computing (EUC) solutions and uptake of unified endpoint management.

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What Are the High-Growth Segments in the Electronic Device Magnets Market?
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

Subsegments:
1) By Ferrite Magnets: Soft Ferrite Magnets, Hard Ferrite Magnets
2) By Neodymium Magnets: Sintered Neodymium Magnets, Bonded Neodymium Magnets
3) By Samarium Cobalt Magnets: SmCo5 Magnets, Sm2Co17 Magnets
4) By Alnico Magnets: Cast Alnico Magnets, Sintered Alnico Magnets

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What Key Drivers Are Expected to Influence Future Electronic Device Magnets Market Growth?
The electronic device magnet market is anticipated to experience significant growth due to an increasing demand for compact, highly efficient magnets. These magnets are characterized by their strong magnetic prowess and small stature, making them ideal for use in fields such as industrial automation, electric vehicles, robotics, and the ever-expanding renewable energy sector. Their utility in electronic devices extends to various roles such as sensors, actuators, and data storage-promoting energy efficiency, miniaturization and improving overall device performance through efficient magnet integration. As stated by the Bureau of Industry and Security (BIS), a US-based government agency, in June 2022, the US largely depends on imports for sintered NdFeB magnets, with China supplying 75% in 2021, and Japan, the Philippines, and Germany being the source of 9%, 5%, and 4% respectively. This increased need for compact and efficient magnets is thus energizing the electronic device magnet market. Delving into the significant influence of electronic device magnets on the thriving consumer electronics market, there's an undeniable surge in demand for consumer electronics expected to spur the growth of the electronic device magnet market. Consumer electronics such as smartphones and laptops, meant for personal use, frequently use electronic device magnets for various functionalities including facilitating speaker audio, operating sensors and ensuring secure device closures. The Japan Electronics and Information Technology Industries Association, a trade entity based in Japan, indicated that the production of consumer electronics hit 32,099 units in May 2023, a notable rise from 25,268 units in May 2022. This surge in demand for consumer electronics serves as a mounting catalyst for growth in the electronic device magnet market.

Which Companies Hold the Largest Share Across Different Electronic Device Magnets Market Segments?
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., molycor*p Magnequench, Permanent Magnets Ltd., Magnetic Hold Inc., OneMonroe (Monroe Engineering Products), Magnetic Component Engineering, Integrated Magnetics, Magnet Technology

What Trends Are Driving Growth in The Electronic Device Magnets Market?
In the electronic device magnet sector, leading companies are harnessing novel technologies, such as clean earth magnet technology, to slash the costs of magnets utilized in manufacturing electronic devices. This tech revolves around creating permanent magnets with iron nitride, a plentiful, low-cost, and eco-friendly material. Niron Magnetics, a startup based in the US that focuses on creating sustainable and free of rare earth materials magnets for EVs and various electronic devices, paved the way in 2023 by developing clean-earth magnets made from iron nitride. This component is not just widely available but also much cheaper compared to rare-earth minerals. These magnets exhibit equal, if not superior, performance and temperature stability compared to their rare earth counterparts. Applications for these magnets span from consumer electronics to industrial motors, pumps, compressors, wind turbines, and other devices.

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What Are the Emerging Geographies for The Electronic Device Magnets Market Growth?
Asia Pacific was the largest region in the electronic device magnets market in 2024. The regions covered in the electronic device magnets market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Electronic Device Magnets Market?
2. What is the CAGR expected in the Electronic Device Magnets Market?
3. What Are the Key Innovations Transforming the Electronic Device Magnets Industry?
4. Which Region Is Leading the Electronic Device Magnets Market?

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