The global magnet market reached a value of US$ 36.6 Billion in 2021. Looking forward, the publisher expects the market to reach US$ 47.4 Billion by 2027, exhibiting a CAGR of 4.71% during 2022-2027. Keeping in mind the uncertainties of COVID-19, they are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor
A magnet refers to any material that produces a magnetic field and is capable of attracting iron, nickel and cobalt and objects containing these metals. It is made of a group of materials called ferromagnetic metals, such as nickel and iron, which have the unique property of being able to be magnetized uniformly. Over the years, the demand for magnets has escalated around the world as they are used in a wide range of devices used today, from air-conditioners and washing machines to speakers and hybrid cars
Magnets are used in various home appliances such as refrigerators, vacuum cleaners, lawnmowers and garden tractors. They also play a critical role in the functioning of multiple medical devices, particularly magnetic resonance imaging (MRI) machines, hearing aids, and ventricular assist devices (VAD). Besides this, their strong magnetic strength allows for significant product miniaturization, improved product performance and reduced manufacturing costs. Apart from this, the reduction in the emissions of CO2 and other greenhouse gases in line with the Kyoto Protocol is rapidly emerging as a major global agenda. Owing to this, governments of various countries are focusing on using energy-saving technologies and devices that can help them in reducing their carbon footprints. Moreover, manufacturers have introduced magnetic levitation (maglev), a relatively new transportation technology, in which non contacting vehicles travel safely at a speed of 250 to 300 miles-per-hour or higher while suspended, guided and propelled above a guideway by magnetic fields. This technology has the potential to grow in the near future, thereby creating a strong demand for magnets
Amongst these, neodymium iron boron (NdFeB) is the most popular type of magnets, accounting for majority of the overall market share
At present, the major share of magnets is used in computer hard disk drives (HDD), CDs and DVDs, where the magnet is used both for driving the spindle motor and for positioning the read/write head
On the geographical front, China represents the world’s largest market for permanent magnets and currently accounts for nearly two-thirds of the global market
2. What is the expected growth rate of the global magnet market during 2022-2027?
3. What are the key factors driving the global magnet market?
4. What has been the impact of COVID-19 on the global magnet market?
5. What is the breakup of the global magnet market based on the magnet type?
6. What is the breakup of the global magnet market based on the application?
7. What are the key regions in the global magnet market?
8. Who are the key players/companies in the global magnet market?
A magnet refers to any material that produces a magnetic field and is capable of attracting iron, nickel and cobalt and objects containing these metals. It is made of a group of materials called ferromagnetic metals, such as nickel and iron, which have the unique property of being able to be magnetized uniformly. Over the years, the demand for magnets has escalated around the world as they are used in a wide range of devices used today, from air-conditioners and washing machines to speakers and hybrid cars
Magnets are used in various home appliances such as refrigerators, vacuum cleaners, lawnmowers and garden tractors. They also play a critical role in the functioning of multiple medical devices, particularly magnetic resonance imaging (MRI) machines, hearing aids, and ventricular assist devices (VAD). Besides this, their strong magnetic strength allows for significant product miniaturization, improved product performance and reduced manufacturing costs. Apart from this, the reduction in the emissions of CO2 and other greenhouse gases in line with the Kyoto Protocol is rapidly emerging as a major global agenda. Owing to this, governments of various countries are focusing on using energy-saving technologies and devices that can help them in reducing their carbon footprints. Moreover, manufacturers have introduced magnetic levitation (maglev), a relatively new transportation technology, in which non contacting vehicles travel safely at a speed of 250 to 300 miles-per-hour or higher while suspended, guided and propelled above a guideway by magnetic fields. This technology has the potential to grow in the near future, thereby creating a strong demand for magnets
Key Market Segmentation:
The publisher provides an analysis of the key trends in each sub-segment of the global magnet market, along with forecasts at the global and regional level from 2022-2027. Our report has categorized the market based on magnet type and applicationBreakup by Magnet Type:
- Ferrite
- Neodymium Iron Boron (NdFeB)
- Aluminium Nickel Cobalt (AlNiCo)
- Samarium Cobalt (SmCo)
Amongst these, neodymium iron boron (NdFeB) is the most popular type of magnets, accounting for majority of the overall market share
Breakup by Application:
- Computer Hard Disk Drives (HDD), CD, DVD
- Hybrid Electric Vehicles
- Electric Bicycles
- Heating, Ventilating and Air Conditioners (HVAC)
- Wind Turbines
- Other Applications
- Transducers and Loudspeakers
- Magnetic Separation Equipment and Sorters
- Magnetic Resonance Imaging (MRI)
- Magnetic Braking Systems
- Magnetically Levitated Transportation Systems
- Medicine and Health
- Credit Cards and other ID Cards
- Traveling Waves Tubes (TWT)
- Advertising and Promotional Products
- Magnetic Refrigeration system
- Nanotechnology
- Military and Aerospace
- Energy Storage Systems
At present, the major share of magnets is used in computer hard disk drives (HDD), CDs and DVDs, where the magnet is used both for driving the spindle motor and for positioning the read/write head
Regional Insights:
- China
- Japan
- USA
- Europe
- Other Regions
On the geographical front, China represents the world’s largest market for permanent magnets and currently accounts for nearly two-thirds of the global market
Competitive Landscape:
The competitive landscape of the market has been analyzed in the report, providing the detailed profiles of the major players operating in the industryKey Question Answered in this Report
1. What was the size of the global magnet market in 2021?2. What is the expected growth rate of the global magnet market during 2022-2027?
3. What are the key factors driving the global magnet market?
4. What has been the impact of COVID-19 on the global magnet market?
5. What is the breakup of the global magnet market based on the magnet type?
6. What is the breakup of the global magnet market based on the application?
7. What are the key regions in the global magnet market?
8. Who are the key players/companies in the global magnet market?
Table of Contents
1 Preface3 Executive Summary4 Introduction9 Key Players in the Global Magnet Market11 Drivers of the Global Permanent Magnets Industry12 Challenges Faced by the Magnet Industry
2 Scope and Methodology
5 Global Permanent Magnet Market
6 Global Permanent Magnet Market by Magnet Type
7 Global Permanent Magnet Market by Region
8 Global Permanent Magnet Market by Application
10 Requirements for Setting-up a Permanent Magnet Manufacturing Plant
13 Import and Export Data of Permanent Magnets
List of Figures
List of Tables
Methodology
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