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According to Fortune Business Insights the global permanent magnet market size was valued at $17.85 billion in 2018 and is projected to grow $34.70 billion in 2026, exhibiting a compound annual growth rate (CAGR) of 8.7% during the 2019-2026 forecast period. A permanent magnet is an object that possesses magnetic properties even in the absence of a magnetic field. They have two magnetic ends called the north pole and south pole respectively. They are used in different types of motors such as loudspeakers, various appliances, HVAC, and others.
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Permanent Magnet Market Segmentation Analysis:
By Type:
The market is segmented into neodymium iron boron (NdFeB), ferrite, samarium cobalt (SmCo), aluminum nickel cobalt (Alnico), and others. NdFeB magnets hold the largest share due to their high performance, compact size, and cost efficiency. They are widely used in electric motors and power tools, with growing demand driven by green technology initiatives and limited substitutes.
By Application:
The market is categorized into consumer electronics, automotive, general industrial, medical devices, energy, and others. Consumer electronics lead the segment, fueled by rising disposable incomes, tech advancements, and increasing demand for devices like mobile phones, air conditioners, and loudspeakers.
Market Drivers:
Increasing Popularity of Hybrid Vehicles will Add Impetus to Market
Various factors are responsible for the permanent magnet market growth. These include the increasing demand for various electronic devices such as television, laptops, music systems, and smartphones, coupled with the rise in need for more energy for consumption. This, coupled with the growing demand from the automotive sector will also aid in the expansion of the market in the forecast period. Besides this, the advancement in technology and use of neodymium iron boron (NdFeB) for various applications such as domestic appliances and wind turbines, and other electronic equipment such as speakers are likely to bode well for the market in the coming years.
Competitive Landscape:
Companies Expanding Base in China to Earn High Revenue
A large portion of permanent magnets is produced in China, thus making this region account for more than 70% of the overall production volume. Owing to this factor, a large number of producers in the market are aiming at expanding their territory in this nation for earning better revenues. Besides this, players are investing massively on resources and development of customized permanent magnet products to suffice to the needs of their consumers. Apart from this, manufacturers are adopting various strategies such as collaborations with other companies, joint ventures, agreements, and contracts for increasing their product portfolio, thereby gaining a competitive edge in the market.
List of Notable Market Manufacturers are:
Hangzhou Permanent Magnet Group
Electron Energy Corporation
Anhui Earth-Panda Advance Magnetic Material Co., Ltd.
TDK Corporation
Tengam Engineering, Inc.
Daido Steel Co., Ltd.
Bunting Magnetics Co.
Arnold Magnetic Technologies Corp.
Alpha Magnet
Shin-etsu Chemical Co., Ltd.
Tridus Magnetics and Assemblies
Adams Magnetic Products Co., Inc.
Ningbo Yunsheng Co. Ltd.
Hitachi Metals, Ltd.
Integrated Magnetics
Key Industry Developments:
April 2019 – Bunting Magnetics launched the ElectroMax Overband Magnet at Bauma. This new product is designed to meet customer demand for lighter, more compact electro overband magnets.
February 2019 – Arnold Magnetic Technologies opened a new R&D facility at its MGE Innovation Center in Wisconsin, U.S. The advanced center enables rapid prototyping of permanent magnets, thin metals, electromagnetics, and engineered assemblies.
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