Global Permanent Magnets Market Reached a Value of Around USD 40.10 billion in 2023

Permanent magnet is an object which is made by processing ferromagnetic materials in a powerful magnetic field. One of its distinctive attributes is its high degree of retentivity which enables it to retain magnetism so as to maintain a large magnetic flow even in the absence of an applied magnetizing field. 

Moreover, as compared to other energy storage devices, permanent magnet does not perform any network on its surroundings due to which its performance is not affected by repeated usage. Owing to the aforementioned characteristics, it finds numerous applications across various industries.

According to a new report by Expert Market Research, the global permanent magnets market reached a consumption volume of USD 40.10 billion in 2023 and is further expected to reach USD 56.09 billion by 2032. Over the past several years, the demand for permanent magnets has accelerated as usage of energy-efficient technology and devices has been on a rise. Some of the other factors that have further added to the market growth include its expanding applications, focus on reduction of carbon footprint, advancements in information and communication technology and infrastructural developments in emerging markets.

Key Findings of the Report:ngs from the report:

• Various types of permanent magnets are Ferrite, Neodymium Iron Boron, Aluminium Nickel Cobalt and Samarium Cobalt.

• The end-uses of permanent magnets include Data Storage Devices (HDD, CD, DVD), Hybrid Electric Vehicles, Electric Bicycles, Heating, Ventilating and Air Conditioners (HVAC), Wind Turbines and Others. In 2018, Data Storage Devices represented the largest end-use segment with the majority of the market share.

• Region-wise, China dominated the market with a share of more than two-third of the total global production in 2018. It was followed by Japan, United States and Europe and Others.

• Being fragmented in nature, the global permanent magnets market is surrounded by a number of players, namely, Advanced Technology & Materials Co. Ltd, Beijing Zhong Ke San Huan High-Tech Co. Ltd, BGRIMM Magnetic Materials & Technology Co. Ltd., Adams Magnetic Products Corporation, Arnold Magnetic Technologies Corporation, Bunting Magnetics Corporation, Jiashan Pengcheng Magnets Co. Ltd, Hitachi Metals America Ltd., Magnetics, Inc. and Master Magnetics, Inc.

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Expert Market Research has analysed the global permanent magnets market according to type, end-use, major regions and top players:

Market breakup by Type

•     Ferrite

•     Neodymium Iron Boron

•     Aluminium Nickel Cobalt

•     Samarium Cobalt

Market breakup by End-use

•     Data Storage Devices (HDD, CD and DVD)

•     Hybrid Electric Vehicles

•     Electric Bicycles

•     Heating, Ventilating and Air Conditioners (HVAC)

•     Wind Turbine

•     Others

Market breakup by Region

•     North America

•     Europe

•     Asia Pacific

•     Latin America

•     Middle East and Africa

 Top players

•     Adams Magnetic Products Corporation

•     Arnold Magnetic Technologies Corporation

•     The Bunting® Magnetics Co.

•     Advanced Technology & Materials Co., Ltd. (AT&M)

•     Hitachi Metals America Ltd.

•     Industrial Magnetics, Inc.

•     MASTER MAGNETICS, Inc.

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