The global permanent magnets market will expand at an 8.5% CAGR during 2019 – 2029, as projected by a new Fact.MR report. Key players in the permanent magnets market are eying profitable opportunities through electronics applications such as music systems, laptops, and smart phones, to appeal to a wider demographic of consumers.
“Innovation and development of end-use applications including automotive, water pumps, and medical instruments will provide manufacturers an essential competitive edge,” says the Fact.MR report.
Permanent Magnets Market: Key Findings
- Automotive applications of permanent magnets will account for an impressive 10.7% CAGR through 2029, driven by adoption of electric vehicles.
- The neodymium iron boron permanent magnets segment is a key contributor towards market growth.
- Medical instruments with permanent magnets will display strong growth.
- Asia Pacific will remain a leading market through 2029, and will also grow 2.4X.
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Permanent Magnets Market: Key Driving Factors
- The demand for smart devices in consumer electronics is aiding demand for permanent magnets, driven by millennial consumer preferences.
- The production of high definition televisions including 4k and 8k versions is a key driver of market growth.
- High prevalence of electric cars is fuelling global demand for components with permanent magnets.
- Easy availability of products powered by magnet-run motors would generate demand among end users.
Permanent Magnets Market: Key Restraints
- Competition from alternatives such as electromagnets and soft magnets is a key challenge for manufacturers.
- The relatively higher costs associated with permanent magnets in for varying end user needs impacts market profitability.
Manufacturers are increasingly focusing on capacity expansion endeavors, driven by mergers, acquisitions, and installations. Industry heavyweights are also investing in the setup of research and development centers. Prominent companies operating in permanent magnets market include, but are not limited to, Pacific Metals, Co., Adams Magnetic Products Co., Arnold Magnetic Technologies, Electron Energy Corporation, and Hitachi Metals Limited, among others.
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About the Report
This 170-page study offers detailed market forecast on the permanent magnets market. The key categories covered in the report include material (ferrite, neodymium iron boron, aluminum nickel cobalt, and samarium cobalt) and application (automotive, consumer goods & electronics, industrial, aerospace & defense, energy, and medical). This analysis has been tracked on a country-wise level, with a total of 30+ countries across 6 key regions.