Permanent Magnet Market Business Opportunities, Growth Insights, Trends, Size to 2026

Permanent Magnet Market Size, Share, Growth Report – Industry to Worth over 34.70 Bn by 2026

The global permanent magnet market size is expected to reach USD 34.70 billion by 2026; attributed to their increasing use in the hybrid electric vehicle production. A permanent magnet is an object that possesses magnetic properties even in the absence of a magnetic field. They have two magnetic ends called the north pole and south pole respectively. They are used in different types of motors such as loudspeakers, various appliances, HVAC, and others. A recently published report by Fortune Business Insights titled, “Permanent Magnet Market Size, Share & Industry Analysis, By Type (Neodymium Iron Boron (NdFeB), Ferrite, Samarium Cobalt (SmCo), Aluminum Nickel Cobalt (Alnico), and Others), By Application (Consumer Electronics, Automotive, General Industrial, Medical Devices, Energy, and Others), and Regional Forecast, 2019-2026,” offers a comprehensive overview of the market. According to this report, the market value stood at USD 17.85 Billion in 2018 and is likely to rise at a CAGR of 8.7% between 2019 to 2026.

Permanent Magnet Market Drivers:

Increasing Popularity of Hybrid Vehicles will Add Impetus to Market

Various factors are responsible for the permanent magnet market growth. These include the increasing demand for various electronic devices such as television, laptops, music systems, and smartphones, coupled with the rise in need for more energy for consumption. This, coupled with the growing demand from the automotive sector will also aid in the expansion of the market in the forecast period. Besides this, the advancement in technology and use of neodymium iron boron (NdFeB) for various applications such as domestic appliances and wind turbines, and other electronic equipment such as speakers are likely to bode well for the market in the coming years.

Regional Segmentation:

Asia Pacific to Continue Dominating Market with Increasing Preference Towards Electric Vehicles

In 2018, Asia Pacific earned a revenue of USD 13.82 Billion and emerged dominant with the increasing demand for permanent magnets for various applications such as energy, consumer electronics, and automotive. China emerges as the leading producer attributed to the availability of abundant rare-earth deposits. This, coupled with the rise in popularity of electric vehicles will help Asia Pacific continue dominating the market in the forthcoming years.

Browse Summary of This Research Report with Detailed Table of Content: 

https://www.fortunebusinessinsights.com/permanent-magnet-market-102776 

List of Permanent Magnet Market Manufacturers include:

  • Adams Magnetic Products Co., Inc.
  • Arnold Magnetic Technologies Corp.
  • TDK Corporation
  • Tengam Engineering, Inc.
  • Alpha Magnet
  • Electron Energy Corporation
  • Ningbo Yunsheng Co. Ltd.
  • Integrated Magnetics
  • Magnequench International, LLC,
  • Tridus Magnetics and Assemblies
  • Bunting Magnetics Co.
  • Anhui Earth-Panda Advance Magnetic Material Co., Ltd.
  • Hangzhou Permanent Magnet Group
  • Daido Steel Co., Ltd.
  • Shin-etsu Chemical Co., Ltd.
  • Hitachi Metals, Ltd.
  • Other Players

Companies Expanding Base in China to Earn High Revenue

A large portion of permanent magnets is produced in China, thus making this region account for more than 70% of the overall production volume. Owing to this factor, a large number of producers in the market are aiming at expanding their territory in this nation for earning better revenues. Besides this, players are investing massively on resources and development of customized permanent magnet products to suffice to the needs of their consumers. Apart from this, manufacturers are adopting various strategies such as collaborations with other companies, joint ventures, agreements, and contracts for increasing their product portfolio, thereby gaining a competitive edge in the market.