According to a new market research report published by Global Insight Services ” Permanent Magnet Market is expected to reach US$ XX bn by 2031. Report includes in-depth segmentation and market size data by categories, product types, applications, and geographies. Report also includes comprehensive analysis of key issues, trends and drivers, restraints and challenges, competitive landscape, as well as recent events such as M&A activities in the market.
A permanent magnet is a magnet that maintains its magnetic properties for a long period of time. This is in contrast to an electromagnet, which only maintains its magnetic properties while an electric current is flowing through it. Permanent magnets are made from materials that are naturally magnetic, or from alloys that are magnetized.
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Key Players
- Adams Magnetic Products Co.
- Earth-Panda Advance Magnetic Material Co., Ltd.
- Arnold Magnetic Technologies
- Daido Steel Co., Ltd.
- Eclipse Magnetics Ltd.
- Electron Energy Corp.
- Goudsmit Magnetics Group
- Hangzhou Permanent Magnet Group
Key Trends
Permanent magnet technology is constantly evolving and the key trends are miniaturization, higher energy density, and improved reliability.
Miniaturization: As electronic devices continue to shrink in size, so do the magnets used in them. This trend is driven by the need for smaller, lighter, and more compact devices. Magnets are being made smaller and more powerful, while still maintaining their magnetic properties.
Higher energy density: Permanent magnets are made from materials that have a high magnetic strength, or energy density. This allows them to store more energy in a smaller space. This is important for applications where weight and space are limited, such as in electric vehicles and wind turbines.
Key Drivers
The major factor driving the growth of the permanent magnet market is the increasing demand for electric vehicles. The demand for electric vehicles is expected to grow at a rapid pace due to the increasing environmental concerns and the need to reduce dependence on fossil fuels. The other factors driving the growth of the permanent magnet market include the increasing demand for wind turbines and the growing demand for consumer electronics.
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Market Segments
By Material
- Ferrite
- Neodymium Iron Boron (NdFeB)
- Aluminum Nickel Cobalt (Alnico)
- Samarium Cobalt (SmCo)
By Application
- Automotive
- Consumer goods & electronics
- Industrial
- Aerospace & Defense
- Energy
- Medical
- Others
Reasons to buy Permanent Magnet Market Report:
- Develop comprehensive understanding of market landscape – industry structure, value-chain, key players, trends, drivers, and challenges
- Drive revenue and market-entry strategy by gaining insights into which segments and geographies are largest and likely to grow fastest
- Formulate sales and marketing strategies by gaining understanding of competitors, their positioning, and strengths & weaknesses
- Develop business and M&A strategies through understanding of latest trends and emerging players in the market
- Refine your business plans by understanding impact of disruptions such as Covid-19 and Russia-Ukraine conflict on the market
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Key Questions answered in the report:
- How is the market structured and what the key drivers and trends of this industry?
- How is the market segmented and what is the size of each segment?
- Which segments and geographies provide best growth opportunities?
- What’s the competitive landscape and positioning of players in this market?
- What is the impact of latest events such as Covid-19 and Russia-Ukraine conflict on the market?
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