Chicago, April 19, 2023 (GLOBE NEWSWIRE) -- The global Permanent magnet market is expected to grow from USD 34.4 billion in 2021 to USD 54.1 billion by 2026, at a CAGR of 9.5% during the forecast period as per the recent study by MarketsandMarkets™ Permanent magnets are the type of magnets that retain their magnetic strength even after the removal of the external magnetizing force. Permanent magnets are mainly categorized into neodymium iron boron magnets, ferrite magnets, samarium cobalt magnets, alnico magnets, and others (which include flexible magnets, injection-molded magnets, and compression-molded magnets).
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Browse in-depth TOC on “Permanent Magnet Market”.
236 – Tables
44 – Figures
235 – Pages
List of Key Players in Permanent Magnet Market:
- Hitachi Metals, Ltd. (Japan)
- TDK Corporation (Japan)
- Shin-Etsu Chemical Co., Ltd. (Japan)
- Electron Energy Corporation (US)
- Adams Magnetic Products Co., Inc. (US)
- Bunting Magnetics Co. (US)
- Tengam Engineering, Inc. (US)
- Yantai Shougang Magnetic Materials Inc. (China)
- Ningbo Yunsheng Co. Ltd. (China)
- Chengdu Galaxy Magnets Co., Ltd. (China)
- Goudsmit Magnetics (US)
- Eclipse Magnetics (UK)
- Arnold Magnetic Technologies (US)
Drivers, Restraints, Opportunities and Challenges in Permanent Magnet Market:
- Driver: Increasing demand from the automobile applications to drive the demand for Permanent magnet
- Restraints: Fluctuating cost of raw material is one of the major restraints in permanent magnet market
- Opportunity: The rising demand for permanent magnets in hybrid electric vehicles offers a lucrative opportunity for permanent magnet manufacturers
- Challenges: High R&D cost of Permanent magnets is challenge for the market
Key Findings of the Study:
- The neodymium iron boron Permanent magnet segment accounted for a major share of the Permanent magnet market in terms of value and volume during the forecast period.
- The consumer electronics industry dominates the global permanent magnet market in 2020
- APAC held the largest market share in the Permanent magnet market.
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The consumer electronics industry segment includes DC motors, loudspeakers, and generators. The general industrial segment includes magnetic assemblies and magnetic separators. The consumer electronics industry dominated the permanent magnet market, accounting for the largest share of 32.0% of the overall permanent magnet market in 2020. The demand for permanent magnets in the consumer electronics industry is primarily due to the growing electronics industry.
COVID-19 and pre-existing regulatory issues such as protracted permitting procedures have slowed down the production of end-use industries, reducing the permanent magnet demand. However, the demand for permanent magnets is expected to recover in 2021. China was the first country that was affected by COVID-19, disrupting the global permanent magnet supply chain and resulting in reduced manufacturing activities across several end-use industries. However, the consumer electronics, general industrial, and automotive industries have resumed their manufacturing activities and are soon expected to recover from the impact, resulting in the rise in demand for permanent magnets.
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TDK Corp. important player in the FRP Rebar market. TDK Corp. is a Japanese multinational electronics company that manufactures electronic materials, electronic components, and recording and data-storage media. The company was founded by Kenzo Saito on December 7, 1935, and is headquartered in Tokyo, Japan. The net sales for FY 2020 were USD 2,058.6 million. The company engages in the manufacture, distribution, and sale of electronic components.
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