How Has The Permanent Magnet Market Size Evolved Historically?
The permanent magnet market has seen considerable growth due to a variety of factors.
• The market size for permanent magnets has seen a significant increase in the past few years. It is projected to expand from $37.8 billion in 2024 to a higher $42.52 billion in 2025, signifying a compound annual growth rate (CAGR) of 12.5%.
The historic increase can be credited to the growth of the electronics and IT sector, amplified demand from consumer electronics, governmental policies and regulations, industrial automation, and an emphasis on clean energy initiatives.
What Will Be The Permanent Magnet Market Size In The Future?
The permanent magnet market is expected to maintain its strong growth trajectory in upcoming years.
• Expectations suggest a swift expansion in the size of the permanent magnet market in the upcoming years. The projections indicate that the market would surge to $67.16 billion by 2029, with a compound annual growth rate (CAGR) of 12.1%.
The predicted growth during the forecast period can be tied to several factors. These encompass the broadening of the electric vehicle market, rising demand for smart devices, industrial robotics expansion, amplified demand for permanent magnet generators, and an increased emphasis on wind energy. Key trends anticipated during this forecast period include magnetic levitation technology, the production of magnets free from rare earth, the downsizing of electronic devices, customization, design flexibility, and magnetic cooling.
What Are The Primary Growth Drivers In The Permanent Magnet Market?
The surge in need for automotive applications is anticipated to boost the expansion of the permanent magnet market. Permanent-magnet motors are predominantly utilized in variable-speed drives, wherein the stator is fueled by a variable-frequency, variable-voltage, and electronically steered source. For example, in February 2022, Brand Finance plc, a British firm that specializes in brand valuation, reported that the automotive industry managed to sell around 78 million units in 2022, reflecting a substantial growth of 10%. Hence, the rising need for automotive applications is stimulating the growth of the permanent magnet market.
What Is The Segmentation Of The Global Permanent Magnet Market?
The permanent magnet market covered in this report is segmented –
1) By Type: Ferrite Magnets, Samarium Cobalt Magnets, Alnico Magnets, Neodymium Iron Boron Magnets
2) By Sales Channel Type: Direct Sales, Distributors
3) By End-Use: General Industrial, Automotive, Medical Technology, Environment And Energy, Aerospace And Defense, Consumer Electronics
Subsegments:
1) By Ferrite Magnets: Hard Ferrite Magnets, Soft Ferrite Magnets
2) By Samarium Cobalt Magnets: SmCo5 Magnets, Sm2Co17 Magnets
3) By Alnico Magnets: Cast Alnico Magnets, Sintered Alnico Magnets
4) By Neodymium Iron Boron Magnets: N35 Grade Magnets, N42 Grade Magnets, N52 Grade Magnets
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What Emerging Trends Are Shaping The Permanent Magnet Market Landscape?
Leading organizations in the protein purification and isolation market are developing state-of-the-art products such as earth-free permanent magnets. An earth-free permanent magnet is a magnet that does not have rare-earth elements like neodymium, samarium, or dysprosium. These elements are standard in powerful magnets because of their outstanding magnetic properties. For example, in June 2024, Materials Nexus, a quantum mechanic company based in the UK, introduced MagNex. This new permanent magnet, free from rare earth elements, is a cutting-edge innovation that reduces costs and supply chain risks while providing high performance and environmental advantages. It's a notable progress for sectors like electric vehicles and renewable energy. Moreover, MagNex helps reduce carbon emissions and boost supply chain security by obviating the need for rare-earth elements.
Who Are the Key Players in the Permanent Magnet Market?
Major companies operating in the permanent magnet market include:
• Siemens AG
• Mitsubishi Electric Corporation
• Toshiba Corp.
• Hitachi Ltd.
• Asea Brown Boveri
• Robert Bosch GmbH
• Meidensha Corp.
• Continental AG
• Alstom SA
• Broad-Ocean Motor Co. Ltd.
• Xizi Forvorda ELECTRICAL MACHINERY CO. LTD.
• DRS Technologies Pvt. Ltd.
• Emerson Electric Co.
• Johnson Electric Holdings Limited
• Leonardo DRS
• Nidec Motor Corporation
• Hangzhou Permanent Magnet Group
• Arnold Magnetic Technologies Corp.
• Tokyo Denki Kagaku Kogyo
• Shin-Etsu Chemical Co. Ltd.
• Electron Energy Corporation
• Adams Magnetic Products Co. Inc.
• Bunting Magnetics Co.
• Tengam Engineering Inc.
• Yantai Shougang Magnetic Materials Inc.
• Chengdu Galaxy Magnets Co. Ltd.
• Goudsmit Magnetics Ltd.
• Eclipse Magnetics Ltd.
• MagnaWorks Technology Inc.
• Dura Magnetics Inc.
• Daido Steel Co. Ltd.
• Hengdian Group DMEGC Magnetics Co. Ltd.
• Ningbo Vastsky Magnet Co. Ltd.
What are the Regional Insights into the Permanent Magnet Market?
Asia-Pacific was the largest region in the permanent magnet market in 2024.Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the permanent magnet market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
