A new forecast by Fact.MR estimates that permanent magnets revenues will more than double between 2021 and 2031, reaching US$ 78 Bn at a CAGR of 8.5%. The market is poised to gain traction on the back of growing demand from the consumer electronics industry. Furthermore, traction is provided by the smart homes industry, prompting the market to surpass US$ 34 Bn by 2021.
Key Points Covered in Permanent Magnets Industry Survey
- Market Estimates and Forecasts 2016-2031
- Key drivers and restraints shaping market growth
- Segment-wise, Country-wise, and Region-wise Analysis
- Competition Mapping and Benchmarking
- Market Share Analysis
- Key Product Innovations and Regulatory Climate
- COVID-19 Impact on Permanent Magnets and how to navigate
- Recommendation on key winning strategy.
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Consumption Analysis of Permanent Magnets from 2016-2020 Vs Future Outlook 2021 to 2031
From 2016 to 2020, the market for permanent magnets flourished at a CAGR of 8% to touch US$ 34 Bn. Extensive growth in the electronics sector stimulated demand for permanent magnets to be deployed across their circuitry and basic assembly.
Long-term sales outlook for permanent magnets, according to Fact.MR- a market research and competitive intelligence provider- is undeniably optimistic, projected to surpass US$ 78 Bn at a growth rate of 8.5% throughout the forecast period 2021-2031.
Based on material, neodymium magnets are the strongest type of permanent magnet available commercially, reaching a value of US$ 7 Bn in 2019. The market size for neodymium magnets is projected to reach almost US$ 10 Bn by 2031, growing at a CAGR of 4%.
How is a Flourishing Global Automotive Industry Generating Permanent Magnets Demand?
Emerging economies such as China are witnessing burgeoning demand for electric vehicles that employ permanent magnet motors. Rapid urbanization is prompting individuals to purchase automobiles, prompting massive investments in the global automotive industry.
As per the UN Environment Program, the leading car manufacturers plan to produce more than 20 Mn EVs per year in 2025, and 60 Mn in 2040. Hence, the demand for permanent magnets is likely to surge in upcoming years.
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Increased Adoption of Consumer Electronics to Accelerate Permanent Magnets Adoption?
The millennial population is heavily reliant on smart devices- for recreational as well as professional purposes. Increased adoption of internet compatible devices to conduct businesses through various gadgets, including smartphones, laptops and supercomputers, is augmenting demand for permanent magnets in their assembly.
Furthermore, industrial sensors have become a valuable tool in the manufacturing sector owing to their ability to optimize operating equipment productivity and effectiveness while also improving machine uptime. This will eventually boost the demand for permanent magnets over the forecast period.
Which are Some Other Lucrative Growth Opportunities for Permanent Magnets Market?
Amplifying expansion in electronics sector has skyrocketed the demand for permanent magnets. Additionally, budding popularity of tech gadgets like phones, speakers, amplifiers supplemented the growth opportunities for permanent magnets across the world.
Technology transitions such as rollout of AI and IoT boosted the electric car manufacturing and automated machines for mining activities. Additionally, growing construction sector have gained new grounds for the application of permanent magnets.
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How are Aerospace and Industrial Applications Fueling Permanent Magnets Usage?
Attributing to excellent magnetic properties, neodymium magnets are widely used in the aerospace industry. Application in flight control system, electric environment control system, air oxygen production system, electric brake systems, fuel systems etc. have bolstered the demand for rare earth permanent magnets worldwide.
Furthermore, emerging trends of permanent magnets in industrial applications such as magnetic sweeping, sorting of materials, separation of materials and manufacturing of products helped manufacturers in reducing operational cost and increasing productivity.
Why the U.S. is Generating High Permanent Magnets Demand?
The U.S holds a substantial share in the market for permanent magnets. As per Fact.MR data, it is estimated to touch US$ 5 Bn by 2031, at an expansion rate of 5.7%.
Cumulative deployment across various medical systems and applications such as MRIs, X-rays and magnetic therapies has expanded the market size over the forecast period.
Apart from this, rising environmental concerns have also led to the replacement of fuel-driven vehicles with hybrid electric vehicles fitted with electric magnets, thus stimulating the market growth. Besides, applications in in wind energy generation and the consumer electronics sector is also catalysing demand.
Why is Permanent Magnets Market Flourishing in China?
China is the world leader for all magnetic material, as it singlehandedly mines over 55% of the world's rare earth ores needed for most magnets. This, coupled with low labor and few health and environment policies, has enabled them to expand their magnet industry at 70-130% per year.
Demand for NdFeB magnet market reached a volume of nearly 100,000 tons in 2020, representing the world’s largest market and is strongly driven by the rich availability of raw materials required for their production.
However, the presence of prominent manufacturers such as Beijing Zhong Ke San Huan Hi-Tech, Tianhe Magnets, Ningbo Yunsheng and JL MAG has expanded the market size and created a monopoly over the permanent magnets market.
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Why is Neodymium Magnet Gaining Traction?
Neodymium permanent magnets are estimated to reach around US$ 10 Bn by 2031, expanding at nearly 4% CAGR from 2021 to 2031. Increasing R&D spending for development of new treatment methods and medical equipment will thrust product demand in coming years ahead.
According to NIH, neodymium magnets are incorporated in medical devices for instance in magnetic resonance imaging devices to diagnose and treat arthritis, chronic pain syndrome, wound healing, insomnia, headache, and several other diseases due to their ability to generate a static magnetic field.
How is the Automotive Spurring Generating Permanent Magnets Sales?
The emergent automotive industry is propelling the growth of the permanent magnet market. Rising EV adoption is anticipated to uplift the growth over the forecast period.
Key developments by global automobile manufacturers such as Toshiba Corporation, Siemens Inc. and Mercedes-Benz have flourished the automotive sector in recent years. A stellar 10.7% CAGR is projected for this segment through 2031.
Prominent players are embracing innovative approaches such as ground-breaking marketing tactics, technological advancements, mergers, and acquisitions.
- In March 2021, Arnold Magnetic Technologies announced the acquisition of Ramco Electric Motors, Inc. This transaction further advances Arnold’s strategic priorities to deliver new materials and engineered solutions that empower customers to develop next generation technologies
- In April 2021, TimkenSteel Corp. announced a purchase agreement with Daido Steel (Shanghai) Co., Ltd. ("Daido") with the intent to sell its TimkenSteel (Shanghai) Corporation Limited ("TSS") subsidiary in China for approximately US$7 Mn in cash.
Historical Data Available for
|US$ Mn for Value & ‘000 Units for Volume|
Key Regions Covered
Key Countries Covered
Key Market Segments Covered
Key Companies Profiled
Available upon Request
Key Segments Covered
- Ferrite-based Permanent Magnets
- Neodymium Iron Boron (NdFeB) Permanent Magnets
- Aluminum Nickel Cobalt (Alnico) Permanent Magnets
- Samarium Cobalt (SmCo) Permanent Magnets
- Permanent Magnets for Automotive Applications
- Permanent Magnets for Consumer Goods & Electronics
- Permanent Magnets for Industrial Applications
- Permanent Magnets for Aerospace & Defense
- Permanent Magnets for Energy
- Permanent Magnets for Medical Applications
Scope of Report
A recent study by Fact.MR on the industrial goods market offers a 10-year forecast for 2021 to 2031. The study analyzes crucial trends that are currently determining the growth of the market. This report explicates vital dynamics, such as the drivers, restraints, and opportunities for key market players along with key stakeholders as well as emerging associated with the manufacturing of the alternative dairy products market.
The study also provides the dynamics responsible for influencing the future status of the alternative dairy products market over the forecast period. A detailed assessment of value chain analysis, business execution, and supply chain analysis across regional markets has been covered in the report.
A list of prominent companies operating in the permanent magnets market, along with their product portfolios, enhances the reliability of this comprehensive research study.
The study offers a comprehensive analysis of diverse features, including production capacities, demand, product developments, revenue generation, and sales of the Permanent magnets market across the globe.
A comprehensive estimate of the market has been provided through an optimistic as well as a conservative scenario, taking into account the sales of the permanent magnets market during the forecast period. Price point comparison by region with the global average price is also considered in the study.
Key Questions Answered in Report
- Which are the most lucrative permanent magnets markets?
- Which factors will impact the growth of permanent magnets?
- How will changing trends impact the strategies of market players?
- How can market players capture the low-hanging opportunities across regions?
- Which companies are leading the permanent magnets industry?
- What are the winning strategies of stakeholders in the market?
Analysis of Market Size Evaluation
The market has been analyzed for each segment in terms of volume (‘000 Units) and value (US$ Mn).
Estimates at global and regional levels for the permanent magnets market are available in terms of “US$ Mn” for value and in “‘000 Units” for volume. A Y-o-Y growth contrast on prominent market segments, along with market attractiveness evaluation, has been incorporated in the report. Furthermore, absolute dollar opportunity analysis of all the segments adds prominence to the report. Absolute dollar opportunity plays a crucial role in assessing the level of opportunity that a manufacturer/distributor can look to achieve, along with identifying potential resources, considering the sales and distribution perspective in the global permanent magnets market.
Inspected Assessment on Regional Segments
Key sections have been elaborated in the report, which has helped deliver projections on regional markets. These chapters include regional macros (political, economic, and business environment outlook), which are expected to have a momentous influence on the growth of the permanent magnets market during the forecast period.
Country-specific valuation on demand for permanent magnets has been offered for each region, along with market scope estimates and forecasts, price index, and impact analysis of the dynamics of prominence in regions and countries. For all regional markets, Y-o-Y growth estimates have also been incorporated in the report.
Detailed breakup in terms of value & volume for emerging countries has also been included in the report.
In-depth Analysis on Competition Analysis
The report sheds light on leading manufacturers of the permanent magnets market, along with their detailed profiles. Essential and up-to-date data related to market performers who are principally engaged in producing permanent magnets have been brought with the help of a detailed dashboard view. Market share analysis and comparison of prominent players provided in the report permit report readers to take preemptive steps in advancing their businesses.
Company profiles have been included in the report, which includes essentials such as product portfolios and key strategies, along with an all-inclusive SWOT analysis on each player. Company presence is mapped and presented through a matrix for all the prominent players, thus providing readers with actionable insights, which helps in thoughtfully presenting the market status, and predicting the competition level in the permanent magnets market domain.
In Fact.MR’s study, a unique research methodology is utilized to conduct extensive research on the growth of the permanent magnet market industry, and reach conclusions on the future growth parameters. This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of the draw conclusions.
Secondary resources referred to by analysts during the preparation of the market study include statistics from governmental organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, all of whom have contributed to the development of the research report as a primary resource.
- FAQs -
According to Fact.MR, as of 2020, sales of permanent magnets surpassed US$ 34 Bn
From 2016 to 2020, sales of Permanent magnets expanded at approximately 8% CAGR
From 2021 to 2031, demand for permanent magnets is expected to surge at 8.5% CAGR
Adoption of electric vehicles and developments of AI and IoT is likely to open new doors for permanent magnets across key industries.
Increasing awareness about the medical treatments through neodymium magnets and growing electronics sector have surged the demand for permanent magnets products worldwide.
Demand for Permanent magnets in the Asian region is expected to account for 51% of revenue until 2031.
Adams Magnetic Products Co., Earth-Panda Advance Magnetic Material Co. Ltd., Arnold Magnetic Technologies, Daido Steel Co. Ltd., Eclipse Magnetics Ltd. are some prominent plants based dairy manufacturers included in the report.
Automotive applications is the fastest growing sector, registering a stellar 10.7% CAGR through 2031
Sales of permanent magnets across the U.S are expected to reach US$ 5 Bn by 2031
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Is the market research conducted by Fact.MR?
Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.
What research methodology is followed by Fact.MR?
Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.
What are the sources of secondary research?
Fact.MR conducts extensive secondary research through proprietary databases, paid databases, and information available in the public domain. We refer to industry associations, company press releases, annual reports, investor presentations, and research papers. More information about desk research is available upon request.
Who are the respondents for primary research?
Fact.MR speaks to stakeholders across the spectrum, including C-level executives, distributors, product manufacturers, and industry experts. For a full list of primary respondents, please reach out to us.
Is a sample of this report available for evaluation?
Yes, you can request a sample, and it will be sent to you through an email.