Selbyville, Delaware, Aug. 09, 2022 (GLOBE NEWSWIRE) -- As per the report published by Global Market Insights Inc., the global Permanent Magnet Market was estimated at USD 27.97 billion in 2021 and is expected to surpass a valuation of USD 51 billion by 2030, progressing at a CAGR of 7.4% from 2022 to 2030.
The expansion of the global Permanent Magnet industry can be credited to rapid manufacturing technology advancements and the increased reliance on renewable energy sources. To ensure reliable, cost-effective operations, permanent magnet generator systems are effectively used in wind turbines.
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Rare earth elements are essential for the development of electric vehicles, which is a key contributor to achieving a net-zero carbon target. This factor represents a strong outlook for the EV permanent magnet motor manufacturers. The report indicates that the limited availability of raw materials and high prices may, however, create a hindrance to Permanent Magnet manufacturers.
In terms of product, the report segmented the permanent magnet market into neodymium (NdFeB), samarium-cobalt (SmCo), aluminum-nickel-cobalt (AlNiCo), and ferrite. The aluminum-nickel-cobalt (AlNiCo) segment among these will depict a CAGR of over 5.7% through 2030, driven by the increased spending on mineral exploration projects.
Based on application, the market is bifurcated into energy generation, electronics, automotive, and others. As per data from the Global Wind Energy Council, in 2021, around 30 wind turbine manufacturers installed nearly 104.7-GW of wind power capacity, representing the assembly of 29,234 wind turbines worldwide. These new renewable capacity additions as a part of the energy transition are boosting the permanent magnet market size from the energy generation segment, which will reach USD 8.1 billion by 2030.
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Regionally, the Middle East and Africa permanent magnet market will exhibit a 6.9% CAGR through 2030, given the emergence of the United Arab Emirates as the key exporter of electronic goods. According to the Electronics and Computer Software Export Promotion, the UAE became a key exporter of India’s electronic goods in the first nine months of the fiscal year 2021. Likewise, the development of renewable energy projects in other GCC countries such as Saudi Arabia is contributing to the MEA Permanent Magnet industry share, claims the report.
The competitive landscape of the global permanent magnet market comprises companies such as Neo Performance Materials, Adams Magnetic Products, Arnold Magnetic Technologies, Hitachi Metals, Electron Energy Corporation, Molycorp Magnequench, TDK Corporation, Hangzhou Permanent Magnet Group, and Anhui Earth-Panda Advance Magnetic Material, among others. These companies are undertaking strategic initiatives including product line expansion, acquisitions, and partnerships to diversify their presence in the global market.
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
