Dublin, June 23, 2022 (GLOBE NEWSWIRE) -- The "Permanent Magnet Global Market Report 2022, By Sales Channel Type, By End-Use" report has been added to ResearchAndMarkets.com's offering.
The global permanent magnet market is expected to grow from $26.59 billion in 2021 to $29.61 billion in 2022 at a compound annual growth rate (CAGR) of 11.37%. The market is expected to reach $46.65 billion in 2026 at a CAGR of 12.03%.
The permanent magnet market consists of sales of permanent magnets by entities (organizations, sole traders, and partnerships) that include rare earth elements, nickel and cobalt. Permanent magnets preserve its magnetic characteristics in the absence of a magnetizing force, such as a current or an inducing field. It is used in speakers, microphones, credit and debit cards, magnetic resonance imaging in hospitals and in electric vehicles.
The main types of permanent magnet are ferrite magnets, samarium cobalt magnets, alnico magnets and neodymium iron boron magnets. The ferrite magnet is a chemical combination made up of ceramic materials and iron oxide. They are commonly used in transformers, electronic inductors, and electromagnets due to their wide availability and affordability.
The various sales channel used in the permanent magnet are direct sales and distributors. Permanent magnets are used by end-users such as general industrial, automotive, medical technology, environment & energy, aerospace & defense and consumer electronics.
Asia Pacific was the largest region in the permanent magnet market in 2021. Asia Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The increasing demand from the automobile applications is expected to propel the growth of the permanent magnet market. Permanent-magnet motors are most commonly used in variable-speed drives, in which the stator is powered by a variable-frequency, variable-voltage, electronically controlled source.
For instance, in December 2021, in India, the total number of electric vehicles sales were reported to be 50,866 units resulting in a 240% jump from the previous year. Moreover, in 2021, in Norway, recorded a sale of 176,276 cars with 65% electric cars resulting in 54% rise when compared to 2020. Therefore, the increasing demand from automobile applications is driving the growth of the permanent magnet market.
The technological transitions is a key trend gaining popularity in the permanent magnet market. Technological transition is a method of movement of data, designs, inventions, materials, software, technical expertise, or trade secrets from one organization to another or from one purpose to another. When the headphones are properly positioned, they magnetically dock within the Max Stand and begin charging as soon as the magnets align.
The countries covered in the Permanent Magnet market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
Major players in the permanent magnet market are
- Arnold Magnetic Technologies
- Electron Energy Corporation
- Daido Steel Co., Ltd.
- Chengdu Galaxy Magnets Co. Ltd.
- Shin-Etsu Chemical Co. Ltd.
- Goudsmit Magnetics
- Adams Magnetic Products Co. Ltd.
- Bunting Magnetics Co.
- Tengam Engineering Inc.
- Yantai Shougang Magnetic Materials Inc.
- Ningbo Yunsheng Co. Ltd.
- Eclipse Magnetics
- Hangzhou Permanent Magnet Group
- Anhui Earth-Panda Advance Magnetic Material Co. Ltd.
- Magnequench International LLC.
Key Topics Covered:
1. Executive Summary
2. Permanent Magnet Market Characteristics
3. Permanent Magnet Market Trends And Strategies
4. Impact Of COVID-19 On Permanent Magnet
5. Permanent Magnet Market Size And Growth
5.1. Global Permanent Magnet Historic Market, 2016-2021, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Permanent Magnet Forecast Market, 2021-2026F, 2031F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market
6. Permanent Magnet Market Segmentation
6.1. Global Permanent Magnet Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
- Ferrite Magnets
- Samarium Cobalt Magnets
- Alnico Magnets
- Neodymium Iron Boron Magnets
6.2. Global Permanent Magnet Market, Segmentation By Sales Channel Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
- Direct Sales
- Distributors
6.3. Global Permanent Magnet Market, Segmentation By End-Use, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
- General Industrial
- Automotive
- Medical Technology
- Environment & Energy
- Aerospace & Defense
- Consumer Electronics
7. Permanent Magnet Market Regional And Country Analysis
7.1. Global Permanent Magnet Market, Split By Region, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
7.2. Global Permanent Magnet Market, Split By Country, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
For more information about this report visit https://www.researchandmarkets.com/r/lyb2s
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