Magnet Market Till 2035: Distribution by Type of Magnet, Areas of Application, Types of End-User, Company Size, and Key Geographical Regions: Industry Trends and Global Forecasts

The global magnet market size is estimated to grow from USD 38.61 billion in the current year to USD 64.74 billion by 2035, at a CAGR of 4.80% during the forecast period, till 2035.

Magnet Market: Growth and Trends

A magnet is an object that produces a magnetic field, allowing it to attract ferromagnetic materials like iron, nickel, and cobalt, as well as to engage with other magnets. This magnetic field serves as an invisible force that is essential in numerous applications across various industries and can be detected by magnetic sensors. As the global market changes, the demand for magnets is significantly influenced by improvements in magnet manufacturing techniques and a growing emphasis on sustainability.

The growth of electric vehicles (EVs) and the development of renewable energy sources, such as solar and wind power, are important drivers of this market's expansion. With an anticipated rise in applications across different sectors, the magnet market is set for considerable growth in the upcoming years. Moreover, the ongoing global transition towards renewable energy sources marks a pivotal shift in the energy sector, and its considerable impact on the global magnet market dynamics is clear.

This change, highlighted by the increasing need for magnet solutions in the renewable energy sector, represents more than just a temporary trend; it indicates a profound transformation that is reshaping the core of the industry. As a result, owing to the above mentioned factors, the magnet market is expected to grow significantly during the forecast period.

Magnet Market: Key Segments

Market Share by Type of Magnet

Based on type of magnet, the global magnet market is segmented into aluminum nickel cobalt (AlNiCo), ferrite, neodymium iron boron (NdFeB), samarium cobalt (SmCo). According to our estimates, currently, the ferrite magnet segment captures the majority of the market share, due to the extensive application of ferrite magnets in motors for automotive and consumer electronics, as well as in HVAC systems and industrial equipment. Their cost-effectiveness and resistance to demagnetization make them a favored option across various industries

However, the neodymium iron boron (NdFeB) segment is expected to grow at a higher CAGR during the forecast period. This increase can be linked to the rising demand for high-performance magnets in sectors such as electric vehicles (EVs), wind turbines, and high-tech consumer electronics. NdFeB magnets are preferred for their exceptional magnetic strength and efficiency, rendering them vital for contemporary technologies.

Market Share by Areas of Application

Based on areas of application, the global magnet market is segmented into computer hard disk drives (HDD), CD, DVD, electric bicycles, heating ventilation and air conditioners (HVAC), hybrid electric vehicles, wind turbines, and others. According to our estimates, currently, the consumer electronics segment captures the majority of the market share. This can be attributed to the extensive use of magnets in devices such as speakers and smartphones, along with other electronic gadgets that depend significantly on permanent magnets for their operation, which also supports the growth of the permanent magnet market.

However, the hybrid electric vehicles segment is expected to grow at a higher CAGR during the forecast period. This increase is attributed to the rising demand for efficient electric motors and energy storage systems within these vehicles.

Market Share by Type of End-User

Based on type of end-user, the global magnet market is segmented into automotive, electronics, renewable energy, and healthcare. According to our estimates, currently, the automotive segment captures the majority of the market share. This can be attributed to the increasing integration of electric vehicles (EVs) and hybrid electric vehicles (HEVs), which necessitate high-performance magnets for their motors and other parts. The automotive industry's transition towards electrification significantly boosts the overall demand for magnets.

However, the renewable energy segment is expected to grow at a higher CAGR during the forecast period. This increase is attributed to the growing need for magnets in applications like wind turbines and energy storage systems, essential for sustainable energy solutions.

Market Share by Company Size

Based on company size, the global magnet market is segmented into large and small and medium enterprise. According to our estimates, currently, the large enterprise segment captures the majority of the market share. This can be attributed to their flexibility, innovation, emphasis on niche markets, and their capacity to adapt to evolving customer preferences and market dynamics.

Market Share by Geographical Regions

Based on geographical regions, the magnet market is segmented into North America, Europe, Asia, Latin America, Middle East and North Africa, and the rest of the world. According to our estimates, currently, Asia captures the majority share of the market. Further, market in Asia is expected to grow at a higher CAGR during the forecast period. This growth can be attributed to the extensive production of electronics, electric vehicles, and medical devices, along with advancements in industries, such as renewable energy, electronics, healthcare, and automotive sectors in the region.

Magnet Market: Research Coverage

The report on the magnet market features insights on various sections, including:

• Market Sizing and Opportunity Analysis: An in-depth analysis of the magnet market, focusing on key market segments, including [A] type of magnet, [B] areas of application, [C] types of end-user, [D] company size, and [E] key geographical regions.
• Competitive Landscape: A comprehensive analysis of the companies engaged in the magnet market, based on several relevant parameters, such as [A] year of establishment, [B] company size, [C] location of headquarters and [D] ownership structure.
• Company Profiles: Elaborate profiles of prominent players engaged in the magnet market, providing details on [A] location of headquarters, [B] company size, [C] company mission, [D] company footprint, [E] management team, [F] contact details, [G] financial information, [H] operating business segments, [I] Magnet portfolio, [J] moat analysis, [K] recent developments, and an informed future outlook.
• Megatrends: An evaluation of ongoing megatrends in the magnet industry.
• Patent Analysis: An insightful analysis of patents filed / granted in the magnet domain, based on relevant parameters, including [A] type of patent, [B] patent publication year, [C] patent age and [D] leading players.
• Recent Developments: An overview of the recent developments made in the magnet market, along with analysis based on relevant parameters, including [A] year of initiative, [B] type of initiative, [C] geographical distribution and [D] most active players.
• Porter’s Five Forces Analysis: An analysis of five competitive forces prevailing in the magnet market, including threats of new entrants, bargaining power of buyers, bargaining power of suppliers, threats of substitute products and rivalry among existing competitors.
• SWOT Analysis: An insightful SWOT framework, highlighting the strengths, weaknesses, opportunities and threats in the domain. Additionally, it provides Harvey ball analysis, highlighting the relative impact of each SWOT parameter.
• Value Chain Analysis: A comprehensive analysis of the value chain, providing information on the different phases and stakeholders involved in the magnet market.

Key Questions Answered in this Report

• How many companies are currently engaged in magnet market?
• Which are the leading companies in this market?
• What factors are likely to influence the evolution of this market?
• What is the current and future market size?
• What is the CAGR of this market?
• How is the current and future market opportunity likely to be distributed across key market segments?

Reasons to Buy this Report

• The report provides a comprehensive market analysis, offering detailed revenue projections of the overall market and its specific sub-segments. This information is valuable to both established market leaders and emerging entrants.
• Stakeholders can leverage the report to gain a deeper understanding of the competitive dynamics within the market. By analyzing the competitive landscape, businesses can make informed decisions to optimize their market positioning and develop effective go-to-market strategies.
• The report offers stakeholders a comprehensive overview of the market, including key drivers, barriers, opportunities, and challenges. This information empowers stakeholders to stay abreast of market trends and make data-driven decisions to capitalize on growth prospects.

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