What Has Been the Progress and Growth of the Electronic Device Magnets Market in Recent Years?
The electronic device magnets market has seen considerable growth due to a variety of factors.
• The market for electronic device magnets has seen swift expansion in the past few years. Its size is projected to escalate from $27.33 billion in 2024 to $30.15 billion in 2025, with a compound annual growth rate (CAGR) of 10.3%.
Factors such as the surge in personal computing, trend of mobile computing, the BYOD (bring your own device) policies, widespread adoption of cloud computing, security apprehensions, and compliance necessities have driven the growth during the historic period.
What Is The Expected Growth In The Electronic Device Magnets Market Size Evolve over the Forecast Period?
The electronic device magnets market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of electronic device magnets is predicted to undergo significant expansion in the upcoming years, increasing to $42.44 billion in 2029 at a compound annual growth rate (CAGR) of 8.9%.
The expected expansion during the forecast period is credited to the rise of hybrid work structures, progresses in artificial intelligence (AI) and machine learning (ml), emphasis on worker wellness, and the merging of virtual and augmented reality, as well as cybersecurity challenges and resolutions. Prominent trends for the forecast period encompass technological unification and integration, data protection and governance, enterprise digital evolution, transition towards cloud-based end-user computing (EUC) solutions, and universal endpoint management's implementation.
What Main Forces Are Fueling Expansion In The Electronic Device Magnets Market?
The electronic device magnet market is poised to grow due to the increasing demand for compact and efficient magnets. These magnets boast impressive magnetic strength and small sizes, making them ideal for use in fields such as industrial automation, robotics, electric vehicles, and renewable energy sector expansion. They are integral components in electronic devices for functions like sensors, actuators, and data storage, contributing to device miniaturization, energy efficiency, and improved performance. The Bureau of Industry and Security (BIS), a US government agency, revealed in June 2022 that the US crucially depends on imports for its supply of sintered NdFeB magnets. In 2021, 75% of this supply came from China, while Japan, the Philippines, and Germany accounted for the remaining 9%, 5%, and 4% respectively. Furthermore, the electronic device magnet market stands to benefit from the surge in consumer electronics demand. Consumer electronics refer to personal or home-use electronic devices, such as smartphones and laptops, intended for individual use or entertainment. Magnets in electronic devices facilitate functions like speaker audio, sensor operation, and secure closures of devices. The Japan Electronics and Information Technology Industries Association reported in May 2023 that consumer electronics production had hit the 32,099 amount. In comparison, the same association reported a figure of 25,268 in May 2022. These trends underscore how an escalating demand for consumer electronics is fueling the growth of the electronic device magnet market.
What Are The Primary Segments In The Global Electronic Device Magnets Market?
The electronic device magnets market covered in this report is segmented –
1) By Product Type: Ferrite Magnets, Neodymium Magnets, Samarium Cobalt Magnets, Alnico Magnets
2) By Material Type: Permanent Magnets, Electromagnets
3) By End User: Consumer Electronics, Aerospace and Defense, Industrial and Automation, Healthcare, Automotive, Energy, Consumer Goods, Others
Subsegments:
1) By Ferrite Magnets: Soft Ferrite Magnets, Hard Ferrite Magnets
2) By Neodymium Magnets: Sintered Neodymium Magnets, Bonded Neodymium Magnets
3) By Samarium Cobalt Magnets: SmCo5 Magnets, Sm2Co17 Magnets
4) By Alnico Magnets: Cast Alnico Magnets, Sintered Alnico Magnets
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What Emerging Trends Are Influencing The Growth Of The Electronic Device Magnets Market?
Leading corporations in the electronic device magnet market are advancing with creative technologies like clean earth magnet technology to cut down the cost of magnets utilized in the production of electronic devices. This technology involves the creation of permanent magnets using iron nitride, a substance that is readily available, cost-effective, and ecologically sound. For example, in 2023, Niron Magnetics, an American startup specializing in the creation of sustainable and rare-earth-material-free magnets for electronic devices and electric vehicles (EVs), invented clean-earth magnets using iron nitride. This material is more abundant and less costly than rare earth minerals. These magnets exhibit performance and temperature resistance equal to, if not greater, than rare earth magnets and find applications in items such as consumer electronics, industrial motors, pumps, wind turbines, compressors, among others.
Who Are the Key Players In The Electronic Device Magnets Market?
Major companies operating in the electronic device magnets market report are:
• Shin-Etsu Chemical Co. Ltd.
• TDK Corporation
• Hitachi Metals Ltd.
• Yantai Shougang Magnetic Materials Inc.
• Vacuumschmelze GmbH & Co. KG
• Yantai Zhenghai Material Co. Ltd.
• Arnold Magnetic Technologies
• Hangzhou Permanent Magnet Group
• Thomas & Skinner Inc.
• Magx America Inc.
• Bunting Magnetics Co.
• Industrial Magnetics Inc.
• Electron Energy Corporation
• Magnum Magnetics Corporation
• Viona Magnetics
• JPMF Guangdong Co. Ltd.
• Ninggang Permanent Magnetic Materials Co. Ltd.
• Intermetallics Japan Corporation
• Ningbo Co-Star Materials Hi-Tech Co. Ltd.
• Risheng Magnets International Co. Ltd.
• Molycorp Magnequench
• Permanent Magnets Ltd.
• Magnetic Hold Inc.
• OneMonroe (Monroe Engineering Products)
• Magnetic Component Engineering
• Integrated Magnetics
• Magnet Technology
What Is The Most Dominant Region In The Electronic Device Magnets Market?
Asia Pacific was the largest region in the electronic device magnets market in 2024. The regions covered in the electronic device magnets market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
