The permanent magnets market is witnessing escalating growth, expected to reach US$ 34.4 Bn in 2021, concludes a recently published market research report by Fact.MR. The study estimates that revenues reach US$ 78 Bn by 2031, expanding at a CAGR of 8.5%.
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From 2016 to 2020, global sales of permanent magnets expanded at around 8% CAGR, closing in at a revenue share of US$ 34 Bn by the end of the aforementioned historical period. Sales were downplayed across key sectors such as automotive amid the COVID-19 pandemic, attributed to strict curbs on factory operations, while industries such as the consumer electronics sustained demand.
Manufacturers are capitalizing on the Chinese market. According to various studies, China has been designated as the world’s leader in mining of rare earth ores, a key raw material needed for most magnets. Studies report that China mines over 55% of the world’s rare earth ores needed for most magnets making it the biggest producer of rare earth magnets.
Key Takeaways from the Market Study
- Global permanent magnets market is anticipated to add over 2x value by 2031 compared to 2021
- By material, neodymium iron boron magnets are poised to reach nearly US$ 10 Bn by 2031
- Automotive applications to expand the highest, registering a stellar 10.7% CAGR
- Deployment for medical instruments manufacturing to expand dexterously at a CAGR of 9%
- U.S market for permanent magnets likely to be valued at US$ 5 Bn by 2031
- Asia to hold an impressive revenue share, accounting for 51% of global demand until 2031
“Technology transitions such as rollout of AI and IoT boosted the electric car manufacturing and automated machines for mining activities will encourage industry growth of permanent magnets until 2031,” comments a Fact.MR analyst.
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Competitive Landscape
Prominent players are embracing innovative approaches such as ground-breaking marketing tactics, technological advances for cancer screening, mergers, and acquisitions.
- In March 2021, Arnold magnetic Technologies announced acquisition of Ramco Electric Motors, Inc. This transaction further advances Arnold’s strategic priorities to deliver new materials and engineered solutions that empower customers to develop next generation technologies
- In April 2021, TimkenSteel Corp. announceda purchase agreement with Daido Steel (Shanghai) Co., Ltd. (“Daido”) with the intent to sell its TimkenSteel (Shanghai) Corporation Limited (“TSS”) subsidiary in China for approximately US$ 7 Mn in cash
More Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the permanent magnets market, presenting historical demand data (2016-2020) and forecast statistics from 2021 to 2031.
The study divulges essential insights on the market based on material (ferrite, neodymium iron boron, aluminium nickel cobalt and samarium cobalt) and application (automotive, consumer goods & electronics, industrial, aerospace & defense, energy, medical) across seven major regions (North America, Latin America, Europe, South Asia, East Asia, Oceania and MEA).
Key players analyzed in the Permanent Magnets Market study:
- Adams Magnetic Products Co.
- Earth-Panda Advance Magnetic Material Co. Ltd
- Arnold Magnetic Technologies
- Daido Steel Co.Ltd.
- Eclipse Magnetics Ltd.
- Electron Energy Corporation
- Goudsmit Magnetics Group
- Hangzhou Permanent Magnet Group
- Hitachi Metals Ltd.
- Magnequench International LLC
- Ningbo Yunsheng Co. Ltd.
- Ninggang Permanent Magnetic Materials Co. Ltd.
- Shin-Etsu Chemical Co. Ltd.
- TDK Corporation
- Thomas & Skinner Inc.
- Vacuumschmelze GMBH & Co. Kg
- Ugimag Korea Co.Ltd.
- SsangYong Materials Corp.
- Pacific Metals Co.
On the basis of region, the Permanent Magnets Market study contains:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa
Full Access of this Report Is Available at
Key Segments Covered
-
Material
- Ferrite-based Permanent Magnets
- Neodymium Iron Boron (NdFeB) Permanent Magnets
- Aluminum Nickel Cobalt (Alnico) Permanent Magnets
- Samarium Cobalt (SmCo) Permanent Magnets
-
Application
- Permanent Magnets for Automotive Applications
- Permanent Magnets for Consumer Goods & Electronics
- Permanent Magnets for Industrial Applications
- Permanent Magnets for Aerospace & Defense
- Permanent Magnets for Energy
- Permanent Magnets for Medical Applications
The report covers following Permanent Magnets Market insights and assessment that are helpful for all participants involved in the Permanent Magnets market:
- Data on recently introduced regulations and their impact on key industries and on demand Permanent Magnets
- Latest industry Analysis on Permanent Magnets Market, with key analysis of market drivers, trends, and influencing factors
- Key trends Analysis of Permanent Magnets Market and changing consumer preferences in major industries.
- Changing Permanent Magnets demand and consumption of diverse products
- Major trends underlining funding by key investors in numerous countries
- New investment opportunities in diverse technology and product or service types
- Comprehensive data and Competitive analysis of Permanent Magnets major players
- Permanent Magnets Market sales in US will grow at a steady pace, driven by growing consumer confidence and economic recovery
- Permanent Magnets demand forecast in Europe remains stable, as many countries such as UK, France, and Germany focus on boosting growth
Key Questions in Permanent Magnets Market Research Report:
- What are the current scenarios and key trends in Permanent Magnets Market Industry?
- What key strategies are companies adopting to grow their consumer base?
- What are the key categories and future potential of Permanent Magnets Market?
- What are the key Permanent Magnets Market drivers and what are their projected impacts in the short, medium and long term?
- What is the size of the Permanent Magnets Market and what are the opportunities for the key players?
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