Dublin, Aug. 20, 2024 (GLOBE NEWSWIRE) -- The "Permanent Magnet Market by Type (Neodymium Iron Boron Magnet, Samarium Cobalt Magnet, Ferrite Magnet, AlNiCo Magnet), End-Use Industries (Consumer Electronics, Automotive, Medical, Environment & Energy, Aerospace & Defense) - Global Forecast to 2029" report has been added to ResearchAndMarkets.com's offering.
The permanent magnet market is projected to grow from USD 53.5 billion in 2024 to USD 80.4 billion by 2029, at a CAGR of 8.5% during the forecast period.
This research report categorizes the permanent magnet Market by Type (Neodymium Iron Boron magnets, Samarium Cobalt magnets, Ferrite magnets, AlNiCo magnets and others), End-use Industries (Consumer electronics, General industrial, Automotive, Medical& technology, Environment & Energy, Aerospace & Defense and others), and Region.
The scope of the report includes detailed information about the major factors influencing the growth of the permanent magnet market, such as drivers, restraints, challenges, and opportunities. A thorough examination of the key industry players has been conducted to provide insights into their business overview, solutions, and services, key strategies, contracts, partnerships, and agreements. New product and service launches, mergers and acquisitions, and recent developments in the permanent magnet market are all covered. This report includes a competitive analysis of upcoming startups in the permanent magnet market ecosystem.
General Industrial industry of permanent magnet accounted for third-largest market share the overall market, in terms of value
In General Industrial industry, permanent magnets offer maximum energy product, high coercivity, high remanence and high retentivity. They are extensively used in industrial motors and generators. Permanent magnets are used in magnetic couplings and clutches for power transmission, magnetic separators, magnetic holding devices and latches, magnetic torque drives in the General Industrial industry. General Industrial Industry is expected to grow in upcoming years with the development of lightweight and compact industrial equipment and machineries.
During the forecast period, the permanent magnet market in Europe region is projected to register third highest CAGR
The growth of the permanent magnet market in this region is mainly driven by the growing consumer electronics, automotive and industrial applications. The permanent magnet market has wide geographical presence with well-established players. Most of the players in the permanent magnet market are from Europe. The demand for permanent magnet in the country is mainly generated by the consumer electronics industry. The country is witnessing huge demand for home appliances, wearable devices, smart homes, advancements in augmented and virtual reality, which, in turn, is expected to drive the growth of the permanent magnet market in the consumer electronics industry in Germany.
The report provides insights on the following:
- Analysis of key drivers (Growing demand for permanent magnets due to increased deployment of wind turbines, growing automotive industry in Asia Pacific region), restraints (Fluctuating raw material costs of rare earth magnets), opportunities (Growing demand for EVs and Hybrid vehicles), and challenges (High reliance on China for raw materials and magnets) influencing the growth of the permanent magnet market.
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the permanent magnet market.
- Market Development: Comprehensive information about lucrative markets - the report analyses the permanent magnet market across varied regions.
- Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the permanent magnet market.
- Competitive Assessment: In-depth assessment of market shares, growth strategies and service offerings of leading players like Proterial, Ltd. (Japan), Arnold Magnetic Technologies (US), TDK Corporation (Japan), Yantai Dongxing Magnetic Materials Inc. (China), Shin-Etsu Chemical Co., Ltd. (Japan), Electron Energy Corporation (US), Adams Magnetic Products, LLC (US), Bunting Magnetics Co. (US), Tengam Engineering, Inc. (US), Ningbo Yunsheng Co., Ltd. (China), Chengdu Galaxy Magnets Co., Ltd. (China), Goudsmit Magnetics (Netherlands), Eclipse Magnetics (UK), Dexter Magnetic Technologies (US), and Earth Panda Advance Magnetic Material Co., Ltd. (China) among others in the permanent magnet market.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 262 |
| Forecast Period | 2024 - 2029 |
| Estimated Market Value (USD) in 2024 | $53.5 Billion |
| Forecasted Market Value (USD) by 2029 | $80.4 Billion |
| Compound Annual Growth Rate | 8.5% |
| Regions Covered | Global |
Key Topics Covered:
Premium Insights
- Attractive Opportunities for Players in Permanent Magnet Market
- Permanent Magnet Market, by Type
- Permanent Magnet Market, by End-use Industry
- Permanent Magnet Market, by Key Country
Market Dynamics
Drivers
- Partnerships Between Automakers and Permanent Magnets Manufacturers
- Surge in Wind Turbine Installations to Drive Demand for Permanent Magnets
- Growing Automotive Industry in Asia-Pacific
Restraints
- Fluctuating Raw Material Costs of Rare Earth Magnets
- Environmental Challenges & Recycling Hurdles in Rare Earth Mining for Permanent Magnets
Opportunities
- Growing Demand for Permanent Magnets in EVs and Hybrid Vehicles
- Increasing Efforts to Develop Environment-Friendly Magnets
- Global Government Investments to Enhance Domestic Production Of Magnets
Challenges
- High Reliance on China for Raw Materials and Magnets
- Huge Investments Required in R&D
- Technical Challenges to Overcome Environmental Effects During Permanent Magnet Production
Case Study Analysis
- Arnold Magnetic Technologies Launched Samarium Cobalt Permanent Magnet Recoma
- Vacuumschmelze (VAC) Partnered with Cyclic Materials to Recycle Critical Magnet Manufacturing by-Products
Impact of AI/Gen AI on Permanent Magnet Market
- Top Use Cases and Market Potential
- Case Studies of AI Implementation in Permanent Magnet Market
- Clients' Readiness to Adopt Generative AI in Permanent Magnet Market
Companies Profiled
- Proterial, Ltd.
- Arnold Magnetic Technologies
- TDK
- Yantai Dongxing Magnetic Materials Inc.
- Shin-Etsu Chemical Co. Ltd.
- Electron Energy Corporation
- Adams Magnetic Products, LLC
- Bunting Magnetics Co.
- Tengam Engineering, Inc.
- Ningbo Yunsheng Co. Ltd.
- Chengdu Galaxy Magnets Co. Ltd.
- Goudsmit Magnetics
- Eclipse Magnetics
- Dexter Magnetic Technologies
- Earth-Panda Advanced Magnetic Material Co. Ltd.
- Hangzhou Permanent Magnet Group. Ltd
- JPMF Guangdong Co. Ltd
- Ningbo Ninggang Permanent Magnetic Materials Co. Ltd.
- Thomas and Skinner Inc.
- Yantai Zhenghai Magnetic Material Co. Ltd.
- Ningbo Co-Star Materials Hi-Tech Co. Ltd.
- Ningbo Risheng Magnets Co. Ltd.
- Vacuumschmelze GmbH & Co. KG
- Daido Electronics Co. Ltd.
- Permanent Magnets Ltd.
- Magnequench International
For more information about this report visit https://www.researchandmarkets.com/r/rmttho
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