The global permanent magnets market will expand at an 8.5% CAGR during 2021-2031, as projected by a new Fact.MR report. Key players in the permanent magnets market are eying profitable opportunities through electronics applications such as music systems, laptops, and smart phones, to appeal to a wider demographic of consumers.
“Innovation and development of end-use applications including automotive, water pumps, and medical instruments will provide manufacturers an essential competitive edge,” says the Fact.MR report.
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Market Titans
- 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
Key Findings
- Automotive applications of permanent magnets will account for an impressive 10.7% CAGR through 2029, driven by adoption of electric vehicles.
- The neodymium iron boron permanent magnets segment is a key contributor towards market growth.
- Medical instruments with permanent magnets will display strong growth.
- Asia Pacific will remain a leading market through 2029, and will also grow 2.4X.
- The demand for smart devices in consumer electronics is aiding demand for permanent magnets, driven by millennial consumer preferences.
- The production of high definition televisions including 4k and 8k versions is a key driver of market growth.
- High prevalence of electric cars is fuelling global demand for components with permanent magnets.
- Easy availability of products powered by magnet-run motors would generate demand among end users.
Market Buoyancy Analysis
Manufacturers are increasingly focusing on capacity expansion endeavors, driven by mergers, acquisitions, and installations. Industry heavyweights are also investing in the setup of research and development centers. Prominent companies operating in permanent magnets market include, but are not limited to, Pacific Metals, Co., Adams Magnetic Products Co., Arnold Magnetic Technologies, Electron Energy Corporation, and Hitachi Metals Limited, among others.
- In March 2021, Arnold Magnetic Technologies announced the 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. announced a 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.
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
Key Highlights
- Sales of Permanent Magnets In 2023
- Competitive Analysis of Permanent Magnets
- Permanent Magnets and Analysis of Permanent Magnets
- Key Trends of Supply Side Analysis of Permanent Magnets
- Outlook of Permanent Magnets
- Insights of Permanent Magnets
- Analysis of Permanent Magnets
- Survey of Permanent Magnets
- Size of Permanent Magnets
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