The Permanent magnet market is projected to grow USD 53.5 billion in 2024 and is projected to reach USD 80.4 billion by 2029, at a CAGR of 8.5% from 2024 to 2029. The research study provides a qualitative and quantitative analysis of the permanent magnet market size and share, growth perspectives, dynamic trends, regional insights, and the competitive landscape. The demand for permanent magnets from consumer electronics industry is increasing significantly due to increase in urban population and Industrialization. Advancements in technologies including Internet of Things (IoT) and Artificial Intelligence (AI) have led to changing consumer preferences. Hence, this led to the major shift towards smart homes and appliances driving the demand for consumer electronics industry.
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Based on type, the permanent magnet market is segmented into Neodymium Iron Boron magnets, Samarium Cobalt magnets, Ferrite magnets, AlNiCo magnets and Others. In terms of value and volume, Neodymium Iron Boron magnet type and Ferrite magnet type dominated the market, respectively. The high market share is attributed to its magnetic properties such as compressive strength, excellent thermal conductivity, rigidity, electrical and corrosion resistivity. Neodymium Iron Boron magnets and Ferrite magnets are used in various industries such as consumer electronics, general industrial, automotive, medical technology, environment & energy, aerospace & defense and others.
Based on end-use industries, the global permanent magnet market has been segmented into consumer electronics, general industrial, automotive, medical technology, environment & energy, aerospace & defense and others. Permanent magnets are most widely used in consumer electronics industry. This is because of the changing lifestyle and improved standard of living. Maximum energy product, high coercivity, high remanence and high retentivity make them suitable for wide range of end-use industries across the world.
Based on Region, Asia Pacific region is expected to grow with a highest CAGR, in terms of both value and volume, during the forecasted period 2024 to 2029. This region has well established players in the permanent magnet market. Many companies are focusing on advancements in technologies and shifting towards recyclability to cater to the growing demand for permanent magnets across the world. Growth of consumer electronics is boosting the market for permanent magnets in the Asia Pacific region. Growth in various end-use industries, such as automotive, general industrial, aerospace & defense drives the permanent magnet market.
Permanent Magnet Companies
Some of the major manufacturers operating in the permanent magnet market are Proterial, Ltd. (Japan), Arnold Magnetic Technologies (US), TDK Corporation (Japan), Yantai Dongxing Magnetic Materials Inc. (China), Shin-Etsu Chemical Co., Ltd. (Japan), Electron Energy Corporation (US), Adams Magnetic Products, LLC (US), Bunting Magnetics Co. (US), Tengam Engineering, Inc. (US), Ningbo Yunsheng Co., Ltd. (China), Chengdu Galaxy Magnets Co., Ltd. (China), Goudsmit Magnetics (Netherlands), Eclipse Magnetics (UK), Dexter Magnetic Technologies (US),and Earth Panda Advance Magnetic Material Co., Ltd. (China).
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Many of the major players in the past few years have been adopting various growth strategies to strengthen their position in the global permanent magnet market. These growth strategies include agreements, product launches, contracts, collaborations, mergers & acquisitions, partnerships, and research and development activities aiming to expand their market presence in the permanent magnet market even further.
Proterial, Ltd. (Japan)
Proterial, Ltd., is leading Japanese company that deals in manufacturing of high-performance materials. The company operates under various business segments such as Specialty steel, Roll, Automotive casting, Piping components, Magnetic materials, Power electronics materials, Electric wire & cable, and Automotive components. The company is top leading manufacturer of high-performance permanent magnets. The company has strong foothold in North America, Europe and the Asia Pacific region.
Arnold Magnetic Technologies (US)
Arnold Magnetic Technologies is one of the top leading manufacturers of high-performance permanent magnets, flexible composites, electromagnets, magnetic assemblies and precision thin materials. The company provides high quality and high-performance permanent magnets that are used in wide range of end-use industries such as Aerospace & Defense, Oil & Gas, Industrial, Motors & Motion Control, Electric & Hybrid Motors, Motorsports, Medical Devices, Alternative Energy, and Consumer Electronics. Arnold Magnetic Technologies is spread across globally and maintains its geographical presence in North America, Europe and the Asia Pacific region.
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