The Growing Role of Wind and Solar Energy Propels the Permanent Magnet Market Forward

The SNS Insider report reveals that the Permanent Magnet Market Size, valued at USD 37.73 billion in 2022, is poised to reach USD 79.14 billion by 2030, showcasing a robust CAGR of 9.7% over the forecast period 2023-2030. The permanent magnet market is witnessing significant growth propelled by the increasing adoption of electric vehicles (EVs), wind turbines, and various electronic devices. Permanent magnets, primarily neodymium-iron-boron (NdFeB) and samarium-cobalt (SmCo), play a crucial role in these applications due to their exceptional magnetic properties such as high magnetic strength, stability, and resistance to demagnetization. With the transition towards cleaner energy sources and the electrification of transportation, the demand for permanent magnets is surging, driving the expansion of the global permanent magnet market.

Moreover, the permanent magnet market benefits from advancements in magnetization techniques, magnet design, and magnetization systems aimed at improving efficiency, precision, and scalability in magnet production. Manufacturers are adopting automated magnetizing equipment, magnet assembly lines, and magnet testing systems to optimize magnet performance, reduce production costs, and minimize lead times. Additionally, the development of additive manufacturing (AM) techniques such as 3D printing enables the fabrication of complex-shaped magnets with tailored magnetic properties, offering design flexibility and customization options for specific application requirements.

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Some of the Key Players Included are:

TDK Corporation, Electron Energy Corporation, Bunting Magnetics Co., Tengam Engineering, Inc., Ningbo Yunsheng Co. Ltd., Chengdu Galaxy Magnets Co Ltd., Eclipse Magnetics, Arnold Magnetic Technologies, Hitachi Metals, Ltd., Shin-Etsu Chemical Co Ltd., Adams Magnetic Products Co Inc., Yantai Shougang Magnetic Materials Inc., Goudsmit Magnetics, and other players.

Market Report Scope:

A permanent magnet, characterized by its ability to retain magnetic properties without external influence, plays a pivotal role in various industries. With a core structure generating a magnetic field, these magnets, including alloy, ferrite, and bonded magnets, find applications in motors, loudspeakers, appliances, and HVAC systems. The escalating demand for magnets in hybrid electric vehicles, requiring rare earth magnets, is anticipated to drive market growth, especially in the automotive sector.

Market Analysis:

The Permanent Magnet Market is propelled by the rising demand for consumer electronics, driven by the magnets' unique properties of attraction, repulsion, and energy conversion. Laptops, televisions, music systems, computers, and smartphones benefit from these magnets, experiencing heightened demand due to evolving consumer preferences and technological advancements. This trend creates abundant growth opportunities for the market, particularly in the consumer electronics sector.

However, challenges such as rising energy costs and fluctuations in raw material availability, especially rare-earth elements, may pose obstacles. These challenges disrupt supply chains, making it challenging for manufacturers to maintain quality and affordable pricing, potentially hindering market growth.

Segment Analysis:

By type, the NdFeB segment dominates the market, due to its high performance, small size, and cost-effectiveness. These magnets are extensively used in electric motors and power tools, and the lack of efficient substitutes further drives their demand.

By end-use category, consumer electronics lead the market due to rising consumer disposable income, technological advancements, and increased demand for electronic products.

By Type

l Ferrite Magnets

l Neodymium Iron Boron Magnets

l Samarium Cobalt Magnets

l Alnico Magnets

l Others

By End-Use

l Automotive

l Consumer Electronics

l General Industrial

l Medical

l Aerospace Defense

l Environment Energy

l Others

Key Regional Development:

Asia Pacific holds the largest volumetric share of nearly 75% in 2022, driven by its status as a global manufacturing hub. China, Japan, and South Korea, pivotal centers for manufacturing computer hardware, contribute significantly to the rising demand for permanent magnets in the region. Europe, although witnessing a decline in 2020, is anticipated to emerge as the second-largest regional market by 2030, with industrial production regaining momentum.

Key Takeaways:

• The Permanent Magnet Market is on a trajectory to surpass USD 79.14 billion by 2030, fueled by the rising prominence of renewable energy sources.
• NdFeB magnets, with their high performance and versatility, lead the market, especially in applications like electric motors and power tools.
• Asia Pacific dominates the market due to its role as a global manufacturing hub, particularly in electronics and automotive production.

Recent Developments:

• In July 2023,Eclipse Magnetics unveiled a new high-performance and cost-effective magnetic lifter.
• On May 30, 2022, NIMS,TDK Corporation, Daido Steel Co., Ltd., Shin-Etsu Chemical Co., Ltd., and Hitachi Metals, Ltd. signed an MOU to launch a Materials Open Platform for Permanent Magnet (MOP).
• In Oct 2021,Bunting acquired MagDev Ltd, expanding its magnetic solutions and technical expertise in the global magnetics sector.

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