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Permanent magnet is an object which is made by processing ferromagnetic materials in a powerful magnetic field. One of its distinctive attributes is its high degree of retentivity which enables it to retain magnetism so as to maintain a large magnetic flow even in the absence of an applied magnetizing field.
Moreover, as compared to other energy storage devices, permanent magnet does not perform any network on its surroundings due to which its performance is not affected by repeated usage. Owing to the aforementioned characteristics, it finds numerous applications across various industries.
According to a new report by Expert Market Research, the global permanent magnets market reached a consumption volume of 1,188.94 KMT in 2023 and is further expected to reach 1663.16 KMT by 2032. Over the past several years, the demand for permanent magnets has accelerated as usage of energy-efficient technology and devices has been on a rise. Some of the other factors that have further added to the market growth include its expanding applications, focus on reduction of carbon footprint, advancements in information and communication technology and infrastructural developments in emerging markets.
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