Permanent Magnet Market

Permanent magnet is an object made from ferromagnetic materials, including alnico and ferrite, that has been magnetized and creates its own persistent magnetic field. Permanent magnets are subjected to special processing in a strong magnetic field during the manufacturing process for aligning their internal microcrystalline structure, which makes them very hard to demagnetize. This type of magnet is used as a vital component in many industrialized products, including hard drives, motors, cars, generators, televisions, phones, headphones, speakers, transducers, sensors, among other devices used in our daily lives.

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The growing demand for permanent magnets in a wide range of industries, including consumer electronics, general industrial, automotive, medical technology, environment & energy, and aerospace & defense among other industries, is primarily driving the growth of the market. The rising demand of permanent magnet in the consumer electronic industry owing to its beneficial properties, including high magnetic stability, repulsion, lightweight, inexpensiveness, and other features, is supporting the growth of the market. Rapid growth in the global consumer electronics industry, coupled with the use of permanent magnets in various devices including laptops, computers, music systems, televisions, and others are further propelling the market growth.

Moreover, the increasing disposable income levels, continuing economic development, and the growing industries are some of the factors driving the demand of the global permanent magnet market. Increasing demand for permanent magnets in the manufacturing of automotive vehicles, wind generators, medical devices and aerospace vehicles, where high-performance in extreme conditions is an important is one of the major growth factors for the market. The use of permanent magnets in electric motor, batteries, and internal combustion engines in the production of hybrid electric vehicles, along with government inclination towards the adoption of energy efficient vehicles is expected to provide high growth opportunities to the global permanent magnet market during the forecast period. However, the high raw material prices for rare earth magnets is anticipated to hamper the permanent magnets market. The recent outbreak of COVID 19 and China is one of the major markets for rare earth magnet is expected to restraint the market growth of permanent magnet during the forecast period.

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Based on the type, the market is segmented into neodymium iron boron magnet, ferrite magnet, samarium cobalt magnet, alnico magnet, and others. The neodymium iron boron magnet segment is anticipated to dominate the market of the permanent magnet during the forecast period. This is primarily due to its various advantageous features, including very high strength magnetic field, light in weight, available in small sizes, and various shapes, relatively less expensive than other magnet types. Moreover, neodymium iron boron magnet are widely used in electric motors, power tools, wind turbines, and other products in the automotive, aerospace, energy & power, and consumer electronics industry owing to its high magnetic stability.

On the basis of end use industry, the market is segmented into consumer electronics, general industrial, automotive, medical technology, environment & energy, aerospace & defense, others. Among these, the consumer electronics segment is expected to grow at a higher CAGR in the permanent magnet market due to the growing demand for consumer electronics products, increasing penetration of internet connectivity, coupled with the rising adoption of smartphones, smart wearables, and home appliances. Utilization of permanent magnets in speakers, sensors, camera motors, phones, tablets, computers, and kitchen appliances among other electronic products, are propelling the market growth. The automotive end-use industry segment is expected to lead the market during the forecast period owing to the extensive use of permanent magnets in the manufacturing of electric motors, sensors, and generators owing to their high heat tolerance, corrosion resistance, thermal stability, and the high temperature capability among other features.

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Based on the region, Asia-Pacific region is anticipated to dominate the permanent magnet market during the forecast period. This is due to the rise in per capita disposable incomes along with the increasing demand for consumer electronic products, including mobile phones, tablets, computers, and smart home appliances, among other devices in the region. Additionally, the increasing focus on the research, development, and manufacturing of advanced automotive and energy equipment in countries including China, Japan, India, and South Korea are further propelling the demand of permanent magnet, thereby driving the growth of the market in the region.

Various notable players operating in the global permanent magnet market include Hitachi Metals, Ltd., Lynas Corporation Ltd., Arnold Magnetic Technologies, TDK Corporation, Shin-etsu Chemical Co., Ltd., Electron Energy Corporation, Bunting Magnetics Co., Daido Steel Co., Ltd., Tengam Engineering, Inc., and Adams Magnetic Products Co., Inc., among others. 

Key Developments: 

• • In 2020, USA Rare Earth LLC, the funding and development partner of the Round Top Heavy Rare Earth and Critical Minerals Project in West Texas, acquired the neodymium iron boron (NdFeB) permanent magnet manufacturing equipment that was formerly owned and operated by Hitachi Metals America, Ltd. in North Carolina, U.S. This acquisition is expected to enhance the product production portfolio of USA Rare Earth LLC.
  • In 2019, Arnold Magnetic Technologies, a global manufacturer of rare earth magnets, magnetic assemblies, and precision thin metals, opened a research and development facility at the MGE Innovation Centre in Madison, Wisconsin, U.S. This new technical center has enabled the company to focus on engineering solutions by offering rapid prototyping of permanent magnet, electromagnetic, thin metals, and a variety of engineered assemblies to the customers.
  • In 2018, TDK Corporation acquired the neodymium magnet alloy R&D business sector of Showa Denko, which is a manufacturer of petrochemical products and electronic materials. This acquisition is expected to accelerate the development of new, high-performance and high-quality neodymium magnets.

The global permanent magnet market has been segmented on the basis of type, end-use industries, and region. Based on type, the permanent magnet market is segmented into neodymium iron boron magnet, ferrite magnet, samarium cobalt magnet, alnico magnet, and others. By end use industry, the market is segmented into consumer electronics, general industrial, automotive, medical technology, environment & energy, aerospace & defence, and others.

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Key questions answered in this research report:

• • At what pace is global Permanent Magnet market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in Permanent Magnet market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global Permanent Magnet market?
  • Which type generated maximum revenues in 2019 and identify the most promising type during the forecast period?
  • What are the various end-use industries of global Permanent Magnet market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Market Segmentation

Global Permanent Magnet Market by Type

• • Neodymium Iron Boron Magnet
  • Ferrite Magnet
  • Samarium Cobalt Magnet
  • Alnico Magnet
  • Others

Global Permanent Magnet Market by End-Use Industry

• • Consumer Electronics
  • General Industrial
  • Automotive
  • Medical Technology
  • Environment & Energy
  • Aerospace & Defence
  • Others

Global Permanent Magnet Market by Region

• • North America Permanent Magnet Market (Option 1: As a part of the free 25% customization)
    • North America Permanent Magnet Market by Type
    • North America Permanent Magnet Market by End-Use Industry
    • US Permanent Magnet Market All-Up
    • Canada Permanent Magnet Market All-Up
  • Europe Permanent Magnet Market (Option 2: As a part of the free 25% customization)
    • Europe Permanent Magnet Market by Type
    • Europe Permanent Magnet Market by End-Use Industry
    • UK Permanent Magnet Market All-Up
    • Germany Permanent Magnet Market All-Up
    • France Permanent Magnet Market All-Up
    • Spain Permanent Magnet Market All-Up
    • Rest of Europe Permanent Magnet Market All-Up
  • Asia-Pacific Permanent Magnet Market (Option 3: As a part of the free 25% customization)
    • Asia-Pacific Permanent Magnet Market by Type
    • Asia-Pacific Permanent Magnet Market by End-Use Industry
    • China Permanent Magnet Market All-Up
    • India Permanent Magnet Market All-Up
    • Japan Permanent Magnet Market All-Up
    • Rest of APAC Permanent Magnet Market All-Up
  • RoW Permanent Magnet Market (Option 4: As a part of the free 25% customization)
    • RoW Permanent Magnet Market by Type
    • RoW Permanent Magnet Market by End-Use Industry
    • Brazil Permanent Magnet Market All-Up
    • South Africa Permanent Magnet Market All-Up
    • Saudi Arabia Permanent Magnet Market All-Up
    • UAE Permanent Magnet Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Permanent Magnet Market All-Up

Global Permanent Magnet Market Players (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Hitachi Metals, Ltd.
  • Lynas Corporation Ltd.
  • Arnold Magnetic Technologies
  • TDK Corporation 
  • Shin-etsu Chemical Co., Ltd. 
  • Electron Energy Corporation
  • Bunting Magnetics Co.
  • Daido Steel Co., Ltd.
  • Tengam Engineering, Inc.
  • Adams Magnetic Products Co., Inc.