Permanent Magnet Market worth US$ 44.2 Billion 2029 with a CAGR of 8.7%

Published Date: April 2024

Permanent magnet market is projected to grow from US$ 18.9 billion in 2019 to US$ 44.2 billion by 2029. The permanent magnet market is expected to register slow growth over the forecast period. This is attributed to increasing adoption of permanent magnet in electric motor, door actuators, turbine, jewelry, and many more and rising use of permanent magnet in rockets, trains, planes, and spaceships.

Increasing use of permanent magnet in lifts, sensors, and switches is ongoing trend observed in global permanent magnet.

The report "Permanent Magnet Market, by Product (Ferrite Magnet, Neo (Ndfeb), Smco (Samarium Cobalt Magnet), and Alnico), by Application (Automotive, Electronics, Energy Generation, Others (Medical Technology, Aerospace, and Defense), and Region - Global Forecast to 2029" 

Key Highlights:

  • On January 2017, Bunting Magnetics Co had acquired Master Magnets Ltd, a trusted brand of industrial magnetic separation equipments.
  • In February 2018, Toyota Motor Corporation had launched world's first neodymium-reduced, heat-resistant magnet used in various types of motors.

Key Market Insights from the report:          

The permanent magnet market accounted for US$ 18.9 billion in 2019 and is projected to register a moderate CAGR of 8.7% over the forecast period. The market report has been segmented on the basis of type, application, and region.

  • By product, Neo (ndfeb) segment is accounted for major revenue share in 2019. This is attributed to growing demand for permanent magnet in wind turbines, brushless DC motors, MRI, magnetic separation, and others applications.
  • By application, the automotive segment accounted for major revenue share in 2019. This is owing to increasing use of permanent magnet in the electric steering, electric braking, electric throttle actuation, auto-clutch, and gearbox actuation application.
  • By region, Asia Pacific permanent magnet market accounted for major revenue share of the permanent magnet market and is further anticipated to maintain its dominance over the forecast period, owing to increasing demand for permanent magnet in electronics industry in the countries of the Asia Pacific region. The market in North America is expected to account for second-highest revenue share in 2019. 

Browse 60 market data tables* and 35 figures* through 140 slides and in-depth TOC on"Permanent Magnet Market”, by Product (Ferrite Magnet, Neo (Ndfeb), Smco (Samarium Cobalt Magnet), and Alnico), by Application (Automotive, Electronics, Energy Generation, Others (Medical Technology, Aerospace, and Defense), and by Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa)- forecast till 2029

The prominent player operating in the permanent magnet market includes Hitachi Metals, Ltd., Daido Steel Co., Ltd, TDK Corporation, hin-etsu Chemical Co., Ltd., Toyota Motor Corporation, Arnold Magnetic Technologies, Lynas Corporation Ltd., Electron Energy Corporation, Tengam Engineering, Inc., Adams Magnetic Products Co., Inc., and Bunting Magnetics Co.

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