Permanent Magnets Market Worth $39.70 Billion By 2030

The global permanent magnets market size is expected to reach USD 39.70 billion by 2030 at a CAGR of 8.4%. The major market driving factor include the increasing support initiatives promoting healthcare infrastructure post-pandemic. The growing prominence of renewable energy sources like solar and wind is projected to positively impact the market growth during the forecast year.

The COVID-19 pandemic led to an increase in the demand in healthcare sectors resulting in the global expansion of the market. Permanent magnets are significantly used in several medical devices like surgical devices, blood separators, drug delivery systems, patient monitoring systems, dental equipment, Magnetic Resonance Imaging (MRI) scanners, and various other healthcare devices. The pandemic was a major driving factor for the investments in the development of healthcare infrastructure.

The Asia Pacific is considered a major manufacturing hub in the world for high automotive and electronic production. China, Japan, and South Korea are market hubs for computer hardware devices like computer chips, hard disks, and microprocessors manufacturing which highly determines the growth of the market. The manufacturers are currently focusing on developing products with higher efficiency mainly catering to the needs of defense, aerospace, and automation.

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Permanent Magnets Market Report Highlights

• The growing demand for consumer electronics is predicted to positively impact the permanent magnet market globally

• Due to the presence of large-scale rare earth metal deposits in China several manufacturers of small, medium, and large-scale industries are residing closer to the location

• The market in 2021 was highly dominated by ferrite material segment owing to their wide usage in medical devices

• Owing to the growing popularity of anti-lock braking system sensors in vehicles, the segment is projected to witness growth during the forthcoming years

Permanent Magnets Market Segments

Permanent Magnets Material Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2030)
    • Ferrite
    • Neodymium Iron Boron (NdFeB)
    • Aluminum Nickel Cobalt (Alnico)
    • Samarium Cobalt (SmCo)

Permanent Magnets Application Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2030)
    • Automotive
    • Consumer Goods & Electronics
    • Industrial
    • Medical
    • Energy
    • Aerospace & Defense
    • Others

Permanent Magnets Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2030)
    • North America
        • U.S.
        • Canada
        • Mexico
    • Europe
        • Germany
    • Asia Pacific
        • China
        • India
        • Japan
    • Central & South America
        • Brazil
    • Middle East & Africa (MEA)

List of Key Players in the Permanent Magnets Market
    • Adams Magnetic Products Co.
    • Earth-Panda Advance Magnetic Material Co., Ltd.
    • Arnold Magnetic Technologies
    • Daido Steel Co., Ltd.
    • Eclipse Magnetics Ltd.
    • Electron Energy Corporation
    • Goudsmit Magnetics Group
    • Hangzhou Permanent Magnet Group
    • Hitachi Metals Ltd.
    • Magnequench International, LLC
    • Ningbo Yunsheng Co., Ltd.
    • Ninggang Permanent Magnetic Materials Co., Ltd.
    • Shin-Etsu Chemical Co., Ltd.
    • TDK Corporation
    • Thomas & Skinner, Inc.
    • Vacuumschmelze GMBH & Co. Kg
    • Ugimag Korea Co., Ltd.
    • UNION MATERIALS CORPORATION
    • Pacific Metals Co., Ltd.