New York, United States, Feb. 01, 2024 (GLOBE NEWSWIRE) -- The Global Permanent Magnet Market Size to Grow from USD 25.5 Billion in 2023 to USD 49.8 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 6.92% during the forecast period.
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The expanding electrification of various industries, including automotive, electronics, and renewable energy, is a significant driver. Permanent magnets play an important role in electric motors and generators, contributing in the shift to cleaner, more sustainable energy sources. Permanent magnets are significantly used in wind turbines and generators used in renewable energy systems. The demand for permanent magnets for wind power applications is increasing as the emphasis on renewable energy sources develops. Permanent magnets are found in a wide range of electronic devices, from cellphones to laptop computers, as components such as speakers and sensors. The continual advancement of consumer electronics contributes to the ongoing demand for magnets.
Permanent Magnet Market Value Chain Analysis
The value chain begins with the mining of raw minerals, particularly rare earth elements such as neodymium, dysprosium, and samarium. These parts are essential in the manufacture of high-performance permanent magnets. After extraction, raw materials are purified and processed to acquire the required magnetic properties. At this stage, various chemical and metallurgical methods are applied to develop magnet alloys suited for a wide range of applications. After that, the treated materials are employed to make permanent magnets. Magnets are formed, magnetised, and occasionally coated to meet specific requirements. Permanent magnets are found in a wide range of components and systems, such as electric motors, generators, sensors, speakers, and magnetic resonance imaging instruments. Supply chain management and distribution networks ensure that permanent magnets and magnet-containing components are transported efficiently from manufacturers to OEMs.
Permanent Magnet Market Opportunity Analysis
The use of electric vehicles is growing, which presents a significant opportunity for the permanent magnet market. Magnets with high performance, particularly neodymium magnets, are critical components of EV electric motors. With a greater emphasis on renewable energy sources, notably wind power, permanent magnets in wind turbines have more opportunities. Continued investment in renewable energy projects around the world contributes to demand sustainability. The trend towards smaller and more efficient electronic devices opens up new opportunities for permanent magnets, particularly in applications that require compact and powerful magnets, such as smartphones and wearables. Permanent magnets have the potential to be used in more medical devices, such as magnetic resonance imaging (MRI) machines.
Browse key industry insights spread across 200 pages with 110 Market data tables and figures & charts from the report on the "Global Permanent Magnet Market Size By Type (Neodymium Iron Boron Magnet, Ferrite Magnet), By End-Use (Consumer Electronics, General Industrial), By Region, And Segment Forecasts, By Geographic Scope And Forecast to 2033."
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Insights by Type
The Neodymium Iron Boron Magnet segment accounted for the largest market share over the forecast period 2023 to 2033. Magnets made of NdFeB are smaller and lighter than other types of magnets. This feature makes them particularly useful in applications requiring a little amount of area and weight, such as electric motors and electrical equipment. The automotive industry's shift towards electrification, particularly the production of electric vehicles (EVs) and hybrid vehicles, is a primary driver for NdFeB magnets. They improve the efficiency and performance of electric vehicles by being used in propulsion motors. NdFeB magnets are found in a wide range of consumer electronics, including cellphones, laptop computers, and audio equipment. They are helpful for applications such as speakers, motors, and sensors due to their high magnetic capabilities and tiny size.
Insights by End Use
The Consumer Electronics segment accounted for the largest market share over the forecast period 2023 to 2033. Permanent magnets are employed in a range of smartphone and wearable components. Neodymium magnets are widely used in smartphone speakers, vibration motors, and sensors. The growing popularity of these gadgets has a direct impact on the need for permanent magnets. Many consumer goods, like electric toothbrushes, cameras, and drones, employ small electric motors. Permanent magnets are critical components of these motors, contributing to their efficiency and performance. The growth of the gaming industry, as well as the popularity of gaming gadgets, both contribute to the increased demand for permanent magnets. To boost performance, neodymium magnets are employed in motors in gaming controllers, haptic feedback systems, and other components.
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Insights by Region
North America is anticipated to dominate the Permanent Magnet Market from 2023 to 2033. The push for automotive electrification, particularly the production of electric and hybrid vehicles, is a major driver of permanent magnet demand. North American manufacturers are quickly adopting electric motor technology based on high-performance magnets. The region's commitment to alternative energy sources, such as wind power, contributes to long-term magnet demand. Wind turbine generators that use magnets are an important part of North America's renewable energy infrastructure. Modernization of manufacturing processes and the application of industrial automation technology in North America provide opportunity for the use of permanent magnets in electric motors and sensors, contributing to increased demand.
Asia Pacific is witnessing the fastest market growth between 2023 to 2033. The Asia Pacific automotive sector is quickly expanding, with an emphasis on electric vehicles (EVs) and hybrid vehicles. Permanent magnets, especially neodymium magnets used in electric motors, are in high demand in this rapidly expanding industry. The Asia Pacific area is a significant player in the global renewable energy industry. Countries in the region are investing significantly in wind power projects, which is increasing demand for permanent magnets in wind turbine generators. Rapid urbanisation and infrastructure development projects across Asia Pacific are increasing demand for energy-efficient solutions. Permanent magnets are utilised in lifts, HVAC systems, and other long-term infrastructure applications.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major Vendors in the Global Permanent Magnet Market Solvay, GKN Powder Metallurgy, Hitachi Metals Ltd., Daido Steel Co. Ltd, TDK Corporation, Shin-Etsu Chemical Co. Ltd., Arnold Magnetic Technologies, Lynas Corporation Ltd., Electron Energy Corporation, Tengam Engineering Inc., Adams Magnetic Products Co., Inc., and other key Vendors.
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Recent Market Developments
- In September 2022, Solvay announced plans to expand its rare earth activities in La Rochelle, France, in order to penetrate the European value chain for rare earth permanent magnets and support customers in the wind energy, electric vehicle, and electronics markets.
Market Segmentation
This study forecasts revenue at global, regional, and country levels from 2023 to 2033.
Permanent Magnet Market, Type Analysis
- Neodymium Iron Boron Magnet
- Ferrite Magnet
Permanent Magnet Market, End Use Analysis
- Consumer Electronics
- General Industrial
Permanent Magnet Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- South America
- Brazil
- Argentina
- Colombia
- Middle East & Africa
- UAE
- Saudi Arabia
- South Africa
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