Dublin, March 26, 2024 (GLOBE NEWSWIRE) -- The "Global Permanent Magnets Market - Global Industry Size, Share, Trends Opportunity, and Forecast 2018-2028" report has been added to ResearchAndMarkets.com's offering.
Embracing Energy Efficiency and Advanced Technologies
The Global Permanent Magnets market is experiencing a remarkable expansion, with an estimated value of USD 21.45 billion in 2022, and a forecasted robust growth rate. This growth is largely attributed to the integration of permanent magnets in various sectors, including automotive, renewable energy, electronics, and medical devices. The market is advancing towards operational excellence and sustainability, as businesses worldwide harness the capabilities of these magnets to optimize energy utilization.
Rising Demand in Electric Vehicles and Renewable Energy
A primary driver for the market's expansion is the growing adoption of electric vehicles (EVs), with permanent magnets integral to the development of efficient EV motors. Additionally, the renewable energy sector's shift towards wind and solar power, necessitating permanent magnets for energy generation, contributes significantly to market growth. Technological advancements in miniaturization and enhanced performance of electronic devices further augment the demand for permanent magnets.
Overcoming Supply Chain Disruptions and Emphasizing Sustainability
The industry is not without its challenges, including supply chain disruptions, raw material shortages, and the complex integration of systems. Additionally, the focus on environmental regulations and sustainable practices presents considerable hurdles. Stakeholders are responding by exploring alternative materials and pushing for recycling initiatives to mitigate the risk of resource scarcity and to align with global sustainability trends.
Market Trends Reflect Industry's Vitality and Potential
Trends in the global Permanent Magnets market point towards an increase in demand within the renewable energy sector, and a push for technological enhancements, improving magnet performance. Alongside traditional applications, there is significant growth in the adoption of permanent magnets across electronics and medical devices sectors, underpinned by consumer demand for efficiency and innovation.
Segmental and Regional Market Insights
Sintered magnets remain the market segment leader due to their high performance across several key industries, promising continued dominance. The automotive industry is the principal consumer within the industry type segment, propelled by the surge in EV adoption and related technologies. Regionally, the Asia Pacific market is at the forefront, owing to robust manufacturing capabilities, favorable policies, and increasing consumer demand.
The Global Permanent Magnets market is evolving, reinforcing its position as a cornerstone for achieving a sustainable and efficient corporate landscape. Through strategic industry alignments and technological progress, the market is set to foster growth, innovation, and environmental stewardship, contributing to a sustainable energy future.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 180 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $21.45 Billion |
| Forecasted Market Value (USD) by 2028 | $38.4 Billion |
| Compound Annual Growth Rate | 9.3% |
| Regions Covered | Global |
A selection of companies mentioned in this report includes
- Hitachi Metals, Ltd
- TDK Corporation
- Daido Steel Co., Ltd
- Eclipse Magnetics Ltd
- Electron Energy Corp.
- GOUDSMIT MAGNETICS GROUP
- ARNOLD MAGNETIC TECHNOLOGIES
- Ningbo Yunsheng Co., Ltd
- Magnequench International, LLC
- Shin-Etsu Chemical Co., Ltd
For more information about this report visit https://www.researchandmarkets.com/r/41qbsy
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
