Permanent Magnet: A Leading Driver Behind Rising Demand For Permanent Magnets In The Automotive Industry Fuels The Market Market Expansion in 2025

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What Will the Permanent Magnet Industry Market Size Be by 2025?
The size of the permanent magnet market has expanded swiftly over the recent past. An expansion from $37.8 billion in 2024 to $41.8 billion in 2025 is predicted, demonstrating a compound annual growth rate (CAGR) of 10.6%. The increase during the historic period is credited to the growth in electronics and IT industry, heightened demand from consumer electronics, implementation of government policies and regulations, industrial automation, and emphasis on clean energy initiatives.

What's the Long-Term Growth Forecast for the Permanent Magnet Market Size Through 2029?
The market size for permanent magnets is predicted to experience substantial growth in the years to come, reaching the value of $64.85 billion in 2029, witnessing an 11.6% compound annual growth rate (CAGR). It's growth during the predicted period can be linked to the expanding electric vehicle market, the escalating demand for smart devices, the growth of industrial robotics, a heightened demand for permanent magnet generators, and a growing focus on wind energy. In the forecast period, significant trends include the application of magnetic levitation technology, the production of magnets without rare earth, device miniaturization, customizability and design flexibility, and magnetic cooling.

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What Are the Key Growth Drivers Fueling the Permanent Magnet Market Expansion?
The surge in requirements for automobile-based applications is anticipated to spur the expansion of the permanent magnet market. Permanent-magnet motors, which are most often employed in variable-speed drives, are powered by an electronic source that can control both frequency and voltage variably. As an example, there were approximately 78 million unit sales in the automobile sector in 2022, demonstrating a significant increase of 10%, according to a February 2022 report by UK-based brand valuation firm Brand Finance plc. Hence, the rising automobile application demand is facilitating the progression of the permanent magnet market.

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Which Emerging Trends Are Transforming the Permanent Magnet Market in 2025?
Leading businesses in the protein purification and isolation sector are introducing advanced products such as earth-free permanent magnets. These pertains to magnets that do not require rare earth elements, such as neodymium, samarium, or dysprosium, materials commonly utilized in potent magnets for their remarkable magnetic attributes. For instance, in June 2024, a novel permanent magnet free from rare earth components, dubbed MagNex, was unveiled by Materials Nexus, a quantum mechanic firm based in the UK. This new development is beneficial as it reduces costs, improves supply chain risks, offers heightened performance and environmental benefits, making a crucial impact on industries such as electric vehicles and renewable energy. Additionally, MagNex decreases costs, minimizes carbon emissions, and fortifies supply chain security by disregarding the need for rare earth materials.

How Is the Permanent Magnet Market Segmented?
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 And Energy, Aerospace And Defense, Consumer Electronics

Subsegments:
1) By Ferrite Magnets: Hard Ferrite Magnets, Soft Ferrite Magnets
2) By Samarium Cobalt Magnets: SmCo5 Magnets, Sm2Co17 Magnets
3) By Alnico Magnets: Cast Alnico Magnets, Sintered Alnico Magnets
4) By Neodymium Iron Boron Magnets: N35 Grade Magnets, N42 Grade Magnets, N52 Grade Magnets

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Which Companies Are Leading the Charge in Permanent Magnet Market Innovation?
Major companies operating in the permanent magnet market include 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 Kogyo, 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.

Which Regions Are Leading the Global Permanent Magnet Market in Revenue?
Asia-Pacific was the largest region in the permanent magnet market in 2024.Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the permanent magnet market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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