Global Permanent Magnet Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2027

Permanent Magnet Market Overview:

Permanent Magnet Market was valued at $24 million in 2020 & is projected to reach $34 million by 2030. It is expected to grow at a 5% CAGR between 2021 and 2030.

The Permanent Magnet Market 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 permanent Magnet Market 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 based on product, application, and region.

A permanent magnet is an object formed by ferromagnetic material, which uses a strong magnetic field to magnetize.

A permanent magnet retains its magnetic properties without an inducing field or current. The high-quality permanent magnet creates a high magnetic field with low mass and stability against the influences which would demagnetize it.

Increasing adoption of permanent magnets for high-performance manufacturing products such as radar arrays, door actuators, fluid flow meters, and braking systems in aircraft is expected to drive the growth of the global market over the forecast period.

In addition, the rising preference for magnetic systems for manufacturing products in space applications such as in jets and military helicopters is another important factor expected to fuel the growth of the target market.

Moreover, technological advancements in the product manufacturing process with cost-effective methods such as hydrogen decrepitation and powder method and increasing adoption of permanent magnets in medical imaging devices are expected to support the growth of this market shortly.

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, hazardous effects related to rare earth metal mining are another factor expected to hamper the growth of the target market shortly.

An ongoing trend observed in the target market is an increasing focus on modernization and electrification to improve efficiency in various applications such as lifts, sensors, and switches, which increases the usage of permanent magnets all over the globe.

The rising automotive industry in developing as well as developed counties and increasing usage of magnets in HVAC are expected to create lucrative opportunities for players operating in the global market over the forecast period.

The market in the 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 the 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)
• Alnico

Segmentation by application:

• Automotive
• Electronics
• Energy Generation
• Others (Medical Technology, Aerospace, and Defense)

Segmentation by region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa