Global Permanent Magnets Market Report and Forecast 2024-2032

Global Permanent Magnets Market Report and Forecast 2024-2032

Market Outlook

According to the report by Expert Market Research (EMR), the global permanent magnets market is projected to grow at a CAGR of 3.8% between 2024 and 2032. Aided by the mounting demand for advanced technological applications and the pivotal role of permanent magnets in various industries, the market is expected to grow significantly by 2032.

Permanent magnets, as their name suggests, retain their magnetic properties under all conditions. They are made from materials that are magnetically hard, like ferrite, alnico, and rare earth metals. These magnets find diverse applications, ranging from small-scale uses in households and everyday electronics to larger industrial applications in motors, wind turbines, and automotive drive systems.

The thriving electronics industry stands as a principal driving force behind the permanent magnets market growth. The ever-evolving consumer electronics sector, with its growing demand for compact and efficient devices, relies heavily on miniaturised components, with permanent magnets playing an indispensable role in the design of these components.

In addition to electronics, the automotive sector acts as a powerful propellant for the market. With a global shift towards electric vehicles (EVs) for their environmental benefits, the requirement for permanent magnets, particularly in motor and drive systems, has witnessed a substantial surge and further add value to the permanent magnets market size. Considering the aggressive EV production goals set by various countries, the demand for permanent magnets is poised to rise further.

The renewable energy sector is yet another segment bolstering the market. Permanent magnets, particularly those made from rare earth metals, are pivotal in the manufacturing of wind turbines. As nations globally ramp up their renewable energy capacities, the demand for efficient and durable wind turbines translates to heightened permanent magnets market demand.

The medical industry is not to be left out of this growth narrative. With technological advancements, there is an upswing in the use of magnetic resonance imaging (MRI) machines, which utilise strong permanent magnets. As healthcare infrastructures improve across developing nations, the deployment of such diagnostic equipment will further amplify the market's trajectory.

As per the permanent magnets market analysis, innovations and research in the sector provide a silver lining. Efforts are being made to develop magnets with reduced dependence on rare earth metals or to discover sustainable extraction methods.

Market Segmentation

The market can be divided based on type, end use, and region.

Market Breakup by Type

• Ferrite
• Neodymium Iron Boron
• Aluminum Nickel Cobalt
• Samarium Cobalt

Market Breakup by End Use

• Computer Hard Disk Drives (HDD), CD, DVD
• Hybrid Electric Vehicles
• Electric Bicycles
• Heating, Ventilating and Air Conditioners (HVAC)
• Wind Turbines
• Others

Market Breakup by Region

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

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global permanent magnets market. Some of the major players explored in the report by Expert Market Research are as follows:

• Adams Magnetic Products Co.
• Arnold Magnetic Technologies
• The Bunting® Magnetics Co.
• Advanced Technology & Materials Co., Ltd. (AT&M)
• Hitachi Metals, Ltd.
• Industrial Magnetics, Inc.
• MASTER MAGNETICS, Inc.
• Others

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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.