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Permanent Magnet Market Size was valued at USD 22.56 billion in 2023. It is projected to reach USD 47.01 billion by 2032 and grow at a CAGR of 8.5% over the forecast period 2024-2032.
The permanent magnet market growth is primarily driven by the increasing demand for energy-efficient technologies across various industries such as automotive, electronics, and renewable energy. Additionally, advancements in material science leading to the development of high-performance permanent magnets, coupled with the rising adoption of electric vehicles and wind power generation, further fuel market growth. Moreover, the expanding application scope of permanent magnets in medical devices, aerospace, and consumer electronics contributes to market expansion. Government initiatives promoting clean energy and stringent regulations regarding greenhouse gas emissions also propel the demand for permanent magnets. Furthermore, the growing trend of miniaturization in electronic devices enhances the demand for small-sized permanent magnets, fostering market growth.
Drivers
Increasing demand for energy-efficient technologies across industries.
Advancements in material science led to high-performance permanent magnets.
Growing adoption of electric vehicles and wind power generation.
The growing adoption of electric vehicles and wind power generation is a driving factor for the Permanent Magnet Market due to their reliance on efficient and lightweight permanent magnet motors. In electric vehicles, permanent magnets are crucial for motor efficiency, extending range, and enhancing performance. Similarly, in wind turbines, permanent magnets enable higher power generation efficiency and reliability, aligning with global sustainability goals and driving the demand for permanent magnets in these burgeoning sectors.
Restraint
Supply chain constraints due to the scarcity of rare earth materials used in permanent magnet production
Opportunities
Integration of permanent magnets in emerging sectors such as robotics and energy storage systems
Expanding application scope in medical devices, aerospace, and consumer electronics
Government initiatives promoting clean energy and stringent regulations on emissions
Challenges
Price volatility of rare earth materials affecting production costs.
Environmental concerns related to the mining and processing of rare earth elements.
Environmental concerns related to the mining and processing of rare earth elements pose a significant challenge for the Permanent Magnet Market due to several factors. Firstly, the extraction and processing of rare earth elements often result in environmental degradation, including habitat destruction, water pollution, and toxic waste disposal, raising sustainability concerns. Secondly, strict regulations and increasing scrutiny of mining practices further add to the operational challenges and costs for companies in the permanent magnet supply chain. Additionally, geopolitical tensions and supply chain disruptions associated with rare earth elements exacerbate uncertainties in the market, impacting production and pricing stability. Addressing these environmental challenges while ensuring a sustainable supply of rare earth elements remains a crucial focus for the permanent magnet industry.
Impact of Russia-Ukraine War:
Russia is a significant source of some rare earth elements (REEs) crucial for permanent magnets, particularly Neodymium (NdFeB). The war has caused logistical disruption, making it difficult and expensive to obtain these materials. The disruption in REE supply has led to price hikes. China is a dominant player in the rare earth element market. While not directly involved in the war, China's policies and production levels significantly affected global REE prices. The war pushed for the exploration and development of alternative REE sources outside of Russia to reduce dependence on a single supplier. Overall, the Russia-Ukraine war has caused a ripple effect in the permanent magnet market, leading to supply chain disruptions, price hikes, and potential impacts on market growth.
Impact of Economic Downturn:
Economic downturns can lead to a decrease in demand for permanent magnet-dependent products like electric vehicles, wind turbines, and consumer electronics, all of which rely on permanent magnet motors for efficiency. As demand falls, permanent magnet manufacturers might have to reduce production to avoid a surplus. This can lead to layoffs and decreased revenue for the industry. In an economic downturn, buyers become more price-sensitive. This can put pressure on permanent magnet producers to lower prices, potentially impacting their profit margins.
Market Segmentation:
By Type
Ferrite Magnets
Neodymium Iron Boron Magnets
Samarium Cobalt Magnets
Alnico Magnets
Others
In 2023, the ferrite magnet segment dominated the market, capturing the largest revenue share of approximately 40%. Ferrite magnets are primarily utilized in motor applications, with over 64% of the total volume being consumed in automotive motors, appliance motors, HVAC motors, and industrial & commercial motors. On the other hand, Neodymium Iron Boron (NdFeB) is projected to emerge as the second-largest magnet segment, exhibiting the fastest Compound Annual Growth Rate (CAGR) in terms of both volume and revenue over the forecast period. In the past five years, the application scope of NdFeB magnets has significantly expanded. In addition to their traditional uses, these magnets are now making notable inroads into the motors of electric and hybrid electric vehicles, wind power generators, air conditioning compressors & and fans, and energy storage systems.
By End-Use
Automotive
Consumer Electronics
General Industrial
Medical
Aerospace & Defense
Environment & Energy
Others
Consumer Electronics held the largest revenue share of more than 27% in 2023 in the Permanent Magnet Market due to the escalating demand for compact, energy-efficient devices like smartphones and wearable technology. Permanent magnets are integral components in these devices, used in applications such as speakers, motors, and vibration units, thus driving their prominence in the market.
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Regional Analysis:
Asia Pacific dominated the permanent magnet market with the highest revenue share of about 74% in 2023 due to the region's robust manufacturing base, particularly in industries like automotive, electronics, and renewable energy, which drives significant demand for permanent magnets. Growing adoption of electric vehicles and government initiatives promoting clean energy contribute to the high demand for permanent magnets which drives the growth of the permanent magnets market in this region.
North America held a significant market share of the permanent magnet market in 2023. The region's strong demand for permanent magnets stemmed from their vital role in applications such as electric vehicle propulsion systems, renewable energy generation, and advanced electronics. Additionally, North America's focus on sustainability and clean energy initiatives further propelled the adoption of permanent magnets, contributing to its notable market share.
REGIONAL COVERAGE:
North America
US
Canada
Mexico
Europe
Eastern Europe
Poland
Romania
Hungary
Turkey
Rest of Eastern Europe
Western Europe
Germany
France
UK
Italy
Spain
Netherlands
Switzerland
Austria
Rest of Western Europe
Asia Pacific
China
India
Japan
South Korea
Vietnam
Singapore
Australia
Rest of Asia Pacific
Middle East & Africa
Middle East
UAE
Egypt
Saudi Arabia
Qatar
Rest of the Middle East
Africa
Nigeria
South Africa
Rest of Africa
Latin America
Brazil
Argentina
Colombia
Rest of Latin America
Key players:
TDK Corporation, Electron Energy Corporation, Bunting Magnetics Co., Tengam Engineering, Inc., Ningbo Yunsheng Co. Ltd., Chengdu Galaxy Magnets Co Ltd., Eclipse Magnetics, Arnold Magnetic Technologies, Hitachi Metals, Ltd., Shin-Etsu Chemical Co Ltd., Adams Magnetic Products Co Inc., Yantai Shougang Magnetic Materials Inc., Goudsmit Magnetics, and other players.
Recent Development:
In July 2023, Eclipse Magnetics is thrilled to introduce Ultralift E, a cutting-edge option in high-performance lifting and handling. Ultralift E incorporates the latest magnetic technology and advanced manufacturing techniques to deliver secure, efficient, precise, and cost-effective steel lifting solutions.
In July 2022, TDK Corporation expanded its tunnel-magnetoresistance (TMR) angle sensor portfolio by unveiling the TAS4240 TMR-based angle sensor designed for automotive and industrial applications.
In October 2021, Bunting completed the acquisition of MagDev Ltd, a renowned UK-based manufacturer of magnets and magnetic assemblies.
| Report Attributes | Details |
|---|---|
| Market Size in 2023 | US$ 22.56 Billion |
| Market Size by 2032 | US$ 47.01 Billion |
| CAGR | CAGR of 8.5% From 2023 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Type (Ferrite Magnets, Neodymium Iron Boron Magnets, Samarium Cobalt Magnets, Alnico Magnets, and Others) • By End-Use (Automotive, Consumer Electronics, General Industrial, Medical, Aerospace & Defense, Environment & Energy, and Others) |
| Regional Analysis/Coverage |
North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America) |
| Company Profiles | TDK Corporation, Electron Energy Corporation, Bunting Magnetics Co., Tengam Engineering, Inc., Ningbo Yunsheng Co. Ltd., Chengdu Galaxy Magnets Co Ltd., Eclipse Magnetics, Arnold Magnetic Technologies, Hitachi Metals, Ltd., Shin-Etsu Chemical Co Ltd., Adams Magnetic Products Co Inc., Yantai Shougang Magnetic Materials Inc., Goudsmit Magnetics, and other players. |
| DRIVERS | • Increasing demand for energy-efficient technologies across industries. • Advancements in material science leading to high-performance permanent magnets. • Growing adoption of electric vehicles and wind power generation. |
| Restraints | • Supply chain constraints due to the scarcity of rare earth materials used in permanent magnet production |
Ans. The Compound Annual Growth rate for the Permanent Magnet Market over the forecast period is 8.5%.
Ans. The projected market size for the Permanent Magnet Market is USD 47.01 billion by 2032.
Ans: The Automotive end-use segment grows with the highest CAGR in the Permanent Magnet Market.
Ans: China dominated the Asia Pacific region in the permanent magnet market with the highest revenue share in 2023.
Ans: The driving factors for the permanent magnet market are the rising demand for energy-efficient technologies across industries and advancements in material science leading to the development of high-performance magnets.
TABLE OF CONTENT
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
4.1 Drivers
4.2 Restraints
4.4 Opportunities
4.4 Challenges
5. Impact Analysis
5.1 Impact of Russia-Ukraine War
5.2 Impact of Economic Slowdown
5.2.1 Introduction
5.2.2 Impact on major economies
5.2.2.1 US
5.2.2.2 Canada
5.2.2.3 Germany
5.2.2.4 France
5.2.2.5 United Kingdom
5.2.2.6 China
5.2.2.7 Japan
5.2.2.8 South Korea
5.2.2.9 India
6. Value Chain Analysis
7. Porter’s 5 forces model
8. PEST Analysis
9. Average Selling Price
9.1 North America
9.2 Europe
9.3 Asia Pacific
9.4 Latin America
9.5 Middle East & Africa
10. Permanent Magnet Market Segmentation, By Type
10.1 Introduction
10.2 Trend Analysis
10.3 Ferrite Magnets
10.4 Neodymium Iron Boron Magnets
10.5 Samarium Cobalt Magnets
10.6 Alnico Magnets
10.7 Others
11. Permanent Magnet Market Segmentation, By End-use
11.1 Introduction
11.2 Trend Analysis
11.3 Automotive
11.4 Consumer Electronics
11.5 General Industrial
11.6 Medical
11.7 Aerospace & Defense
11.8 Environment & Energy
11.9 Others
12. Regional Analysis
12.1 Introduction
12.2 North America
12.2.1 USA
12.2.2 Canada
12.2.3 Mexico
12.3 Europe
12.3.1 Eastern Europe
12.3.1.1 Poland
12.3.1.2 Romania
12.3.1.3 Hungary
12.3.1.4 Turkey
12.3.1.5 Rest of Eastern Europe
12.3.2 Western Europe
12.3.2.1 Germany
12.3.2.2 France
12.3.2.3 UK
12.3.2.4 Italy
12.3.2.5 Spain
12.3.2.6 Netherlands
12.3.2.7 Switzerland
12.3.2.8 Austria
12.3.2.9 Rest of Western Europe
12.4 Asia-Pacific
12.4.1 China
12.4.2 India
12.4.3 Japan
12.4.4 South Korea
12.4.5 Vietnam
12.4.6 Singapore
12.4.7 Australia
12.4.8 Rest of Asia Pacific
12.5 The Middle East & Africa
12.5.1 Middle East
12.5.1.1 UAE
12.5.1.2 Egypt
12.5.1.3 Saudi Arabia
12.5.1.4 Qatar
12.5.1.5 Rest of the Middle East
12.5.2 Africa
12.5.2.1 Nigeria
12.5.2.2 South Africa
12.5.2.3 Rest of Africa
12.6 Latin America
12.6.1 Brazil
12.6.2 Argentina
12.6.3 Colombia
12.6.4 Rest of Latin America
13 Company Profile
13.1 TDK Corporation
13.1.1 Company Overview
13.1.2 Financials
13.1.3 Product/ Services Offered
13.1.4 SWOT Analysis
13.1.5 The SNS View
13.2 Electron Energy Corporation
13.2.1 Company Overview
13.2.2 Financials
13.2.3 Product/ Services Offered
13.2.4 SWOT Analysis
13.2.5 The SNS View
13.3 Bunting Magnetics Co.
13.3.1 Company Overview
13.3.2 Financials
13.3.3 Product/ Services Offered
13.3.4 SWOT Analysis
13.3.5 The SNS View
13.4 Tengam Engineering, Inc.
13.4.1 Company Overview
13.4.2 Financials
13.4.3 Product/ Services Offered
13.4.4 SWOT Analysis
13.4.5 The SNS View
13.5 Ningbo Yunsheng Co. Ltd.
13.5.1 Company Overview
13.5.2 Financials
13.5.3 Product/ Services Offered
13.5.4 SWOT Analysis
13.5.5 The SNS View
13.6 Chengdu Galaxy Magnets Co. Ltd.
13.6.1 Company Overview
13.6.2 Financials
13.6.3 Product/ Services Offered
13.6.4 SWOT Analysis
13.6.5 The SNS View
13.7 Eclipse Magnetics
13.7.1 Company Overview
13.7.2 Financials
13.7.3 Product/ Services Offered
13.7.4 SWOT Analysis
13.7.5 The SNS View
13.8 Arnold Magnetic Technologies
13.8.1 Company Overview
13.8.2 Financials
13.8.3 Product/ Services Offered
13.8.4 SWOT Analysis
13.8.5 The SNS View
13.9 Hitachi Metals, Ltd.
13.9.1 Company Overview
13.9.2 Financials
13.9.3 Product/ Services Offered
13.9.4 SWOT Analysis
13.9.5 The SNS View
13.10 Shin-Etsu Chemical Co Ltd.
13.10.1 Company Overview
13.10.2 Financials
13.10.3 Product/ Services Offered
13.10.4 SWOT Analysis
13.10.5 The SNS View
13.11 Adams Magnetic Products Co Inc.
13.11.1 Company Overview
13.11.2 Financials
13.11.3 Product/ Services Offered
13.11.4 SWOT Analysis
13.11.5 The SNS View
13.12 Yantai Shougang Magnetic Materials Inc.
13.12.1 Company Overview
13.12.2 Financials
13.12.3 Product/ Services Offered
13.12.4 SWOT Analysis
13.12.5 The SNS View
13.13 Goudsmit Magnetics
13.13.1 Company Overview
13.13.2 Financials
13.13.3 Product/ Services Offered
13.13.4 SWOT Analysis
13.13.5 The SNS View
14. Competitive Landscape
14.1 Competitive Benchmarking
14.2 Market Share Analysis
14.3 Recent Developments
14.3.1 Industry News
14.3.2 Company News
14.3.3 Mergers & Acquisitions
15. USE Cases and Best Practices
16. Conclusion
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