Permanent Magnets Market
Permanent Magnets Market Forecasts to 2028 – Global Analysis By Type (Ferrite Magnets, Samarium Cobalt Magnets, Aluminium Nickel Cobalt (AlNiCo)), End User (Automotive, Aerospace & Defense) and By Geography
Years Covered |
2020-2028 |
Estimated Year Value (2021) |
US $34.40 BN |
Projected Year Value (2028) |
US $73.70 BN |
CAGR (2021 - 2028) |
11.5% |
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
Largest Market |
Asia Pacific |
Highest Growing Market |
Europe |
Permanent Magnets Market
According to Stratistics MRC, the Global Permanent Magnets Market is accounted for $34.40 billion in 2021 and is expected to reach $73.70 billion by 2028 growing at a CAGR of 11.5% during the forecast period. A permanent magnet is an object which maintains a lasting magnetic field around it without the use of an external power source. Permanent magnets are manufactured from special alloys such as iron, nickel, and cobalt, several alloys of rare-earth metals, and minerals such as lodestone. They generate a persistent magnetic field without the need for any external source of magnetism or electrical power. They are used to convert electrical force to mechanical force and vice versa.
Market Dynamics:
Driver:
Growing demand from the automobile industry
Emerging economies such as China are witnessing burgeoning demand for electric vehicles that employ permanent magnet motors. Rapid urbanization is prompting individuals to purchase automobiles, prompting massive investments in the global automobile industry. Companies such as GM, Tata Motors, VW Group, Toyota, Honda, and Hyundai are expanding their production capacities. This high growth in the automobile sector is fueling the demand for permanent magnets.
Restraint:
Fluctuating cost of raw material
There have been fluctuations in prices of rare earth metals and other such raw materials used to manufacture permanent magnets. This affects the quality and quantity of permanent magnets produced. Manufacturers pass the additional costs to consumers. This sometimes results in reduced consumption of permanent magnets and also tarnishes their image of being cost-effective materials. In the case of rare earth permanent magnets, the prices of rare earth materials such as dysprosium and neodymium are highly volatile due to increasing supply constraints from China.
Opportunity:
Increasing demand for hybrid electric vehicles
Hybrid electric vehicles are major application cases of permanent magnets. High-performance hybrid electric vehicles require about 2 kg to 3 kg of rare earth magnets. Hybrid electric vehicles use both an electric motor and an internal combustion engine to propel the vehicle. The use of hybrid electric vehicles is expected to increase in regions experiencing high pollution. Governments are implementing more environmentally friendly electric drive systems in various regions. In addition, high gasoline prices will also drive the demand for electric vehicles soon. This would create a huge demand for permanent magnets during the forecast period.
Threat:
High investments for research & development activities
The research & development cost in terms of man-hours, materials, and technology is very high. There are limited elements that can be used to manufacture permanent magnets, and the resulting permanent magnets have to guarantee minimum features at different conditions for them to be actually considered for usage. The product, once identified for usage, has to deliver optimum efficiency that has not only long-term benefits but also has visible short-term benefits. Many market players do not have access to advance technology, capital, and human expertise to manufacture environmentally friendly, efficient, and effective permanent magnets that come at a competitive price.
The consumer electronics segment is expected to be the largest during the forecast period
The demand for permanent magnet in consumer electronics industry is expected to increase mainly due to improving standards of living and rising disposable income of the consumers. In the consumer electronics segment, permanent magnets are used in magnetic heads of Hard Disk Drives (HDD) and CDs. The increasing usage of cloud computing and related development resulted in the growing demand for data centers to store enormous amount of data. The growing demand from data centers for HDD pushes the demand for permanent magnets. These magnets are also used in air conditioners, washing machines, dryers, cooling fan motors in computers, fans, microwaves, loudspeakers, and VCR tape drive motors, among others. Permanent magnets help enhance the efficiency of such appliances. Increasing investments in smartphones, laptops, and household electronic devices are expected to augment product demand during the forecast period. For instance, Samsung announced to invest USD 500 million in setting up a plant in India. An increase in the production of smartphones shall eventually boost market growth.
The ferrite magnets segment is expected to have the highest CAGR during the forecast period
Ferrite magnets are obtained from iron ore that is available in abundance in the earth’s crust. Additionally, these provide corrosion resistance, along with high coercivity at low cost, making them ideal for high-temperature motors. Factors such as phenomenal characteristics, abundant availability, and low cost are propelling research activities to find out ways for increasing the consumption of ferrite magnets. For instance, Greenspur Renewables developed a permanent magnet generator (PMG) concept using ferrite that could become beneficial in designing giant 25MW offshore wind turbines.
Region with largest share:
Asia Pacific is projected to hold the largest market share owing to the ising demand from domestic industries in the region. China has been a prominent market in the region. The country not only excels in gaining a high consumption share owing to large-scale production of electronics, electric vehicles, and medical equipment but also has the advantage of possessing large reserves of rare earths, which is an important raw material. In addition, rising government initiatives in the developing economies of Asia Pacific towards the growth of the manufacturing sector are expected to open new opportunities for the market over the coming years.
Region with highest CAGR:
Europe is projected to have the highest CAGR due to the increasing vehicle manufacturing, along with electronics production in the region, is expected to augment product demand in the near future. The resumption in manufacturing operations post lockdown situation is anticipated to create demand for the product.
Key players in the market
Some of the key players profiled in the Permanent Magnets Market include Bunting Magnetics Co., Adams Magnetic Products Co., Inc., TDK Corporation, Galaxy Magnets, Hitachi Metals, Ltd, Arnold Magnetic Technologies, Molycorp Inc, Magx America, Inc., Electron Energy Corporation, Daido Steel Co., Ltd, Tengam Engineering, Inc, Lynas Corporation Ltd, Intermetallics Japan Corporation, Ningbo Co-Star Materials Hi-Tech Co., Ltd, JPMF Guangdong Co., Ltd, Danfoss Editron, and USA Rare Earth LLC.
Key developments:
In March 2021: Arnold Magnetic Technologies announced the acquisition of Ramco Electric Motors, Inc. This transaction further advances Arnold’s strategic priorities to deliver new materials and engineered solutions that empower customers to develop next generation technologies.
In July 2020: Danfoss Editron increased the manufacturing rate of power electronics by 13% and permanent magnet motors by 8% compared to the previous month at its facility in Finland.
In April 2020: USA Rare Earth LLC acquired NdFeB permanent magnet manufacturing equipment from Hitachi Metals America, Ltd. This acquisition will aid in re-establishing rare earth magnet production in the U.S., and the company is expected to have an annual production capacity of 2 kilotons of rare earth magnets.
In May 2018: Adams Magnetic Products Co. has expanded its flexible magnet production service capabilities by investing in equipment for two additional production lines. Full production lines were added both in Elmhurst, IL and Carlsbad, CA that can run flexible magnet strip material at more than 300 feet per minute, applying laminate and slitting to the desired width.
Types Covered:
• Ferrite Magnets
• Samarium Cobalt Magnets
• Aluminium Nickel Cobalt (AlNiCo)
• Neodymium Iron Boron Magnets
• Ceramic Magnets
• Other Types
End Users Covered:
• Automotive
• Aerospace & Defense
• Environment & Energy Generation (Wind Turbines)
• Medical Technology
• General Industrial
• Consumer Electronics
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 End User Analysis
3.7 Emerging Markets
3.8 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Permanent Magnets Market, By Type
5.1 Introduction
5.2 Ferrite Magnets
5.3 Samarium Cobalt Magnets
5.4 Aluminium Nickel Cobalt (AlNiCo)
5.5 Neodymium Iron Boron Magnets
5.6 Ceramic Magnets
5.7 Other Types
5.7.1 Flexible Magnet
5.7.2 Compression Molded Magnet
5.7.3 Injection Molded Magnet
6 Global Permanent Magnets Market, By End User
6.1 Introduction
6.2 Automotive
6.2.1 Switches
6.2.2 Sensors
6.2.3 Motors
6.3 Aerospace & Defense
6.3.1 Electric Engines
6.3.2 Magnetic Bearings
6.4 Environment & Energy Generation (Wind Turbines)
6.5 Medical Technology
6.5.1 Scanning Devices
6.5.2 Implantable Devices
6.6 General Industrial
6.6.1 Magnetic Assemblies
6.6.2 Magnetic Separators
6.7 Consumer Electronics
6.7.1 Loudspeakers
6.7.2 Generators
6.7.3 Direct Current (DC) Motors
6.7.4 Computer Hard Disk Drives (HDD)
6.7.5 Compcat Disc (CD)
6.7.6 Digital Versatile Disc (DVD)
7 Global Permanent Magnets Market, By Geography
7.1 Introduction
7.2 North America
7.2.1 US
7.2.2 Canada
7.2.3 Mexico
7.3 Europe
7.3.1 Germany
7.3.2 UK
7.3.3 Italy
7.3.4 France
7.3.5 Spain
7.3.6 Rest of Europe
7.4 Asia Pacific
7.4.1 Japan
7.4.2 China
7.4.3 India
7.4.4 Australia
7.4.5 New Zealand
7.4.6 South Korea
7.4.7 Rest of Asia Pacific
7.5 South America
7.5.1 Argentina
7.5.2 Brazil
7.5.3 Chile
7.5.4 Rest of South America
7.6 Middle East & Africa
7.6.1 Saudi Arabia
7.6.2 UAE
7.6.3 Qatar
7.6.4 South Africa
7.6.5 Rest of Middle East & Africa
8 Key Developments
8.1 Agreements, Partnerships, Collaborations and Joint Ventures
8.2 Acquisitions & Mergers
8.3 New Product Launch
8.4 Expansions
8.5 Other Key Strategies
9 Company Profiling
9.1 Bunting Magnetics Co.
9.2 Adams Magnetic Products Co., Inc.
9.3 TDK Corporation
9.4 Galaxy Magnets
9.5 Hitachi Metals, Ltd
9.6 Arnold Magnetic Technologies
9.7 Molycorp Inc
9.8 Magx America, Inc.
9.9 Electron Energy Corporation
9.10 Daido Steel Co., Ltd
9.11 Tengam Engineering, Inc
9.12 Lynas Corporation Ltd
9.13 Intermetallics Japan Corporation
9.14 Ningbo Co-Star Materials Hi-Tech Co., Ltd
9.15 JPMF Guangdong Co., Ltd
9.16 Danfoss Editron
9.17 USA Rare Earth LLC
List of Tables
1 Global Permanent Magnets Market Outlook, By Region (2020-2028) ($MN)
2 Global Permanent Magnets Market Outlook, By Type (2020-2028) ($MN)
3 Global Permanent Magnets Market Outlook, By Ferrite Magnets (2020-2028) ($MN)
4 Global Permanent Magnets Market Outlook, By Samarium Cobalt Magnets (2020-2028) ($MN)
5 Global Permanent Magnets Market Outlook, By Aluminium Nickel Cobalt (AlNiCo) (2020-2028) ($MN)
6 Global Permanent Magnets Market Outlook, By Neodymium Iron Boron Magnets (2020-2028) ($MN)
7 Global Permanent Magnets Market Outlook, By Ceramic Magnets (2020-2028) ($MN)
8 Global Permanent Magnets Market Outlook, By Other Types (2020-2028) ($MN)
9 Global Permanent Magnets Market Outlook, By Flexible Magnet (2020-2028) ($MN)
10 Global Permanent Magnets Market Outlook, By Compression Molded Magnet (2020-2028) ($MN)
11 Global Permanent Magnets Market Outlook, By Injection Molded Magnet (2020-2028) ($MN)
12 Global Permanent Magnets Market Outlook, By End User (2020-2028) ($MN)
13 Global Permanent Magnets Market Outlook, By Automotive (2020-2028) ($MN)
14 Global Permanent Magnets Market Outlook, By Switches (2020-2028) ($MN)
15 Global Permanent Magnets Market Outlook, By Sensors (2020-2028) ($MN)
16 Global Permanent Magnets Market Outlook, By Motors (2020-2028) ($MN)
17 Global Permanent Magnets Market Outlook, By Aerospace & Defense (2020-2028) ($MN)
18 Global Permanent Magnets Market Outlook, By Electric Engines (2020-2028) ($MN)
19 Global Permanent Magnets Market Outlook, By Magnetic Bearings (2020-2028) ($MN)
20 Global Permanent Magnets Market Outlook, By Environment & Energy Generation (Wind Turbines) (2020-2028) ($MN)
21 Global Permanent Magnets Market Outlook, By Medical Technology (2020-2028) ($MN)
22 Global Permanent Magnets Market Outlook, By Scanning Devices (2020-2028) ($MN)
23 Global Permanent Magnets Market Outlook, By Implantable Devices (2020-2028) ($MN)
24 Global Permanent Magnets Market Outlook, By General Industrial (2020-2028) ($MN)
25 Global Permanent Magnets Market Outlook, By Magnetic Assemblies (2020-2028) ($MN)
26 Global Permanent Magnets Market Outlook, By Magnetic Separators (2020-2028) ($MN)
27 Global Permanent Magnets Market Outlook, By Consumer Electronics (2020-2028) ($MN)
28 Global Permanent Magnets Market Outlook, By Loudspeakers (2020-2028) ($MN)
29 Global Permanent Magnets Market Outlook, By Generators (2020-2028) ($MN)
30 Global Permanent Magnets Market Outlook, By Direct Current (DC) Motors (2020-2028) ($MN)
31 Global Permanent Magnets Market Outlook, By Computer Hard Disk Drives (HDD) (2020-2028) ($MN)
32 Global Permanent Magnets Market Outlook, By Compcat Disc (CD) (2020-2028) ($MN)
33 Global Permanent Magnets Market Outlook, By Digital Versatile Disc (DVD) (2020-2028) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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