Report Overview

The global permanent magnets market attained a value of nearly USD 40.10 Billion in 2023. The market is further expected to grow at a CAGR of 3.80% during the forecast period of 2024-2032 to reach a value of USD 56.09 Billion by 2032.

2023

Base Year

2018-2023

Historical Year

2024-2032

Forecast Year

Permanent Magnets Market Growth

The market is being driven by the increased demand for permanent magnets in the automotive sector. Permanent magnets find extensive application in automobile production, as they are used in motors, actuators, sensors, and suspension systems to improve vehicle control systems. In this regard, the rising demand for passenger vehicles among individuals, fuelled by the rising disposable incomes and improved living standards, supplemented the market growth. Moreover, the increasing development of hybrid and electric vehicles is anticipated to supplement the market growth in the forecast period, with the growing customer demand for fuel and energy-efficient cars. Meanwhile, the heightened application of permanent magnets in consumer electronics is anticipated to prove beneficial for the market growth, with the rapid digitalisation and rising demand for digital devices by customers.

 

Permanent Magnets Market Report Snapshots

Permanent Magnets Market Size

Permanent Magnets Market Growth

Permanent Magnets Companies

 

*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*

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Key Questions Answered in the Report

The market is projected to grow at a CAGR of 3.80% between 2024 and 2032.

The major drivers of the market, such as the rising disposable incomes, increasing population, and the rising demand for end-use products, are expected to aid the industry growth.

The increasing demand for smart phones is expected to define the market growth in the coming years.

The market is broken down into North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa.

By type, the market is divided into ferrite, neodymium iron boron, aluminium nickel cobalt, and samarium cobalt.

Based on end use, the market is segmented into computer hard disk drives (HDD), CD, DVD, hybrid electric vehicles, electric bicycles, heating, ventilating and air conditioners (HVAC), wind turbines, and others.

The competitive landscape consists of Adams Magnetic Products Co., Arnold Magnetic Technologies, The Bunting® Magnetics Co., Advanced Technology & Materials Co., Ltd. (AT&M), Hitachi Metals, Ltd., Industrial Magnetics, Inc., and MASTER MAGNETICS, Inc., among others.

In 2023, the market reached an approximate value of USD 40.10 Billion.

The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 56.09 Billion by 2032.

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