Permanent Magnet Market Size By Product (Ferrite, Neodymium [NdFeB], Samarium-Cobalt [SmCo], Aluminum-Nickel-Cobalt [AlNiCo]), By Application (Automotive, Electronics, Energy Generation, Others), COVID-19 Impact Analysis, Regional Outlook, Growth Potentia

Permanent Magnet Market Size By Product (Ferrite, Neodymium [NdFeB], Samarium-Cobalt [SmCo], Aluminum-Nickel-Cobalt [AlNiCo]), By Application (Automotive, Electronics, Energy Generation, Others), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 - 2030

The global permanent magnet market is slated to grow at a substantial rate through 2030 owing to advancements in manufacturing technology. In addition, government initiatives and investments to expand EV charging infrastructures, coupled with increased dependence on renewable energy sources, such as wind turbines, are also likely to further facilitate industry growth over the forecast period.

The proliferating green energy industry, lack of permanent magnet alternatives, and government initiatives to encourage the deployment of green technology in order to cut greenhouse gas emissions have propelled industry growth. Moreover, regulations and policies supporting the EV business have prompted renowned industry players to invest in product development and innovation.

For instance, in July 2022, TDK Corporation, the Japanese electronics company, broadened its TMR or tunnel-magnetoresistance angle sensor range with the introduction of the TAS4240, a TMR-based angle sensor for industrial and automotive applications. The TAS4240 offers two redundant analog single-ended SIN/COS outputs and is housed in a compact TSSOP8 box. In applications that require high performance but have limited space, the sensor offers exact angle measurements.

The permanent magnet market has been bifurcated in terms of product, application, and region.

In terms of product, the sector has been divided into ferrite, neodymium [NdFeB], aluminum–nickel–cobalt [AlNiCo], and samarium–cobalt [SmCo]. The samarium–cobalt [SmCo] segment is set to surpass $3.9 billion in revenue by 2030, growing at a robust CAGR of about 6.7% through the forecast period.

With respect to application, the permanent magnet market has been segmented into automotive, electronics, energy generation, and others. The automotive segment is anticipated to register a considerable market share with a valuation of over $25.5 billion by 2030 due to increasing buyer capacity, which is bolstering automotive output in various developing nations. The electronics segment is expected to be worth nearly $13.6 billion by the end of the assessment timeframe.

Meanwhile, the energy generation segment is poised to register a CAGR of approximately 7.6% through the forthcoming years. The others segment is projected to expand at a CAGR of about 6.6% to exceed $3.6 billion in revenue by 2030 since the aircraft industry is growing as a result of rising defense spending in leading countries, declining oil and commodity costs, an increase in the demand for air travel, and changing tourism trends.

From the regional perspective, the Latin America permanent magnet market is estimated to grow at a CAGR of around 7.1% to attain a market size of about $3.5 billion by the end of the forecast period. Furthermore, the North America permanent magnet industry is set to depict above 7.3% CAGR to reach a valuation of approximately $7.9 billion by 2030.