Global Permanent Magnet Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2027
MarketResearch.biz delivers in-depth insights on the global permanent magnet market in its upcoming report titled, “Global Permanent Magnet Market Trends, Applications, Analysis, Growth, and Forecast: 2018 to 2027”. The global permanent magnet market is estimated to register a CAGR of X.X% in terms of value during forecast period 2018–2027. The report offers in-depth insights, revenue details, and other vital information regarding the target market, and the various trends, drivers, restraints, opportunities, and threats till 2027. The report offers insightful and detailed information regarding the various key players operating in the market, their financials, supply chain trends, technological innovations, key developments, apart from future strategies, acquisitions & mergers, and market footprint. The global permanent magnet market report has been segmented on the basis of product, application, and region.
A permanent magnet is an object which is formed by ferromagnetic material, which uses a strong magnetic field to magnetize. Permanent magnet retains its magnetic properties in absence of an inducing field or current. High-quality permanent magnet creates a high magnetic field with low mass and stable against the influences which would demagnetize it.
Increasing adoption of permanent magnet for manufacturing high-performance products such as radar arrays, door actuators, fluid flow meters, and braking systems in aircraft is expected to drive growth of the global market over the forecast period. In addition, rising preference towards magnetic systems for manufacturing products in space application such as in jets and military helicopters is another important factor expected to fuel growth of the target market. Moreover, technological advancements in product manufacturing process with cost-effective methods such as hydrogen decrepitation and powder method and increasing adoption of permanent magnet in medical imaging devices are expected to support growth of this market in the near future.
However, fluctuating prices of rare-earth metals such as neodymium and samarium is major factor expected to restrain growth of the global market over the forecast period. In addition, hazards effects related to rare earth metal mining is another factor expected to hamper growth of the target market in the near future.
Ongoing trend observed in the target market is increasing focus on modernization and electrification to improve efficiency in various applications such as lifts, sensors, and switches, which increases usage of permanent magnets all over the globe.
Rising automotive industry in developing as well as developed counties and increasing usage of magnet in HVEs are expected to create lucrative opportunities for players operated in the global market over the forecast period.
The market in Asia Pacific dominates the global market in terms of revenue over the forecast period, owing to increasing demand for permanent magnet and investment in various industries such as automotive, environment and energy, and consumer electronics, etc. The markets in North America followed by Europe are expected to account for moderate growth, owing to rising demand for permanent magnets from renewable electric power generation industry and increasing production of passenger cars and commercial vehicles especially in the US.
Global permanent magnet market segmentation:
Segmentation by product:
- Ferrite Magnet
- Neo (NdFeB)
- SmCO (Samarium Cobalt Magnet)
Segmentation by application:
- Energy Generation
- Others (Medical Technology, Aerospace and Defense)
Segmentation by region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Particular Scope Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
Actual Year 2020 Estimated Year 2021 Forecast Period 2021–2030 Revenue in US$
- Hitachi Metals, Ltd.
- Adams Magnetic Products Co, Inc.
- Arnold Magnetic Technologies Corp.
- TDK Corporation
- Electron Energy Corporation
- Hangzhou Permanent Magnet Group Co Ltd.
- Earth-Panda Advanced Magnetic Material Co, Ltd.
- Magnequench, Inc.
- VACUUMSCHMELZE GmbH & Co. KG
- Dexter Magnetic Technologies, Inc.
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