~According to the report by Expert Market Research (EMR), the global permanent magnets market size reached a volume of around 1,188.94 KMT in 2023. Aided by the global shift towards renewable energy sources and technological advancements, the market is projected to grow at a CAGR of around 3.8% during 2024-2032.
Permanent magnets are materials that produce a persistent magnetic field. Unlike electromagnets, which require an electric current to generate magnetism, permanent magnets maintain their magnetic properties without an external power source. This makes them indispensable in a wide range of applications, from everyday household items to advanced industrial technologies.
The global permanent magnets market is experiencing significant growth, driven by the rising demand for permanent magnets across various industries, including automotive, electronics, energy, and healthcare. Permanent magnets, known for their ability to generate a magnetic field without an external power source, are integral to numerous applications, from electric vehicles to wind turbines.
Technological advancements are playing a crucial role in the evolution of the permanent magnets market. One of the significant trends is the development of high-performance rare earth magnets, particularly neodymium-iron-boron (NdFeB) magnets. These magnets offer superior magnetic properties, including high coercivity and remanence, making them ideal for high-efficiency applications. The ongoing research and development efforts are focused on enhancing the performance of NdFeB magnets, such as improving their temperature stability and resistance to demagnetisation.
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Another notable advancement is in the field of ferrite magnets, which are widely used due to their cost-effectiveness and good magnetic properties. Innovations in the manufacturing processes have led to the production of ferrite magnets with enhanced magnetic strength and reduced weight. Additionally, the development of bonded magnets, which are made by binding magnetic powders with polymers, has opened new possibilities for creating complex shapes and designs that were previously difficult to achieve with traditional sintered magnets.
Several factors are driving the growth of the permanent magnets market. One of the primary drivers is the increasing demand for electric vehicles (EVs). The shift towards sustainable and eco-friendly transportation solutions has accelerated the adoption of EVs, which rely heavily on permanent magnets for their electric motors. NdFeB magnets, in particular, are essential for the efficient operation of these motors, providing the necessary power density and performance.
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The renewable energy sector is another significant driver of the permanent magnets market. Wind turbines, which are a key component of renewable energy infrastructure, use permanent magnets in their generators to convert wind energy into electricity. The global push towards reducing carbon emissions and transitioning to renewable energy sources has led to a surge in the installation of wind turbines, thereby boosting the demand for permanent magnets.
In the electronics market, permanent magnets are crucial for the functioning of various devices, including smartphones, laptops, and household appliances. The growing consumer electronics market, driven by technological advancements and increasing disposable incomes, is contributing to the rising demand for permanent magnets. Additionally, the healthcare sector is witnessing an increased use of permanent magnets in medical devices such as MRI machines and hearing aids, further driving the market growth.
Environmental concerns related to the mining and processing of REEs pose a significant challenge to the global permanent magnets market growth. The extraction of rare earth elements involves environmentally damaging processes, including the generation of hazardous waste and emissions. As environmental regulations become more stringent, companies are under pressure to adopt sustainable practices and find alternative materials that can replace or reduce the use of REEs in permanent magnets.
The technical challenges associated with improving the performance of permanent magnets also present hurdles. For instance, enhancing the temperature stability of NdFeB magnets without compromising their magnetic properties requires sophisticated material engineering and manufacturing techniques. Addressing these technical challenges is crucial for expanding the application range of permanent magnets and meeting the growing demand for high-performance solutions.
Market Segmentation
The global permanent magnets market can be divided based on type, end-use, and region.
Market Breakup by Type
- Ferrite
- Neodymium Iron Boron
- Aluminium 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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