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Global Permanent Magnets Market to Reach US$ 26,369 Million by 2024

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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 value of US$ 19,198 Million in 2018 and is further expected to reach US$ 26,369 Million by 2024. 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.

Key findings from the report:

  • Various types of permanent magnets are Ferrite, Neodymium Iron Boron, Aluminium Nickel Cobalt and Samarium Cobalt.
  • The end-uses of permanent magnets include Data Storage Devices (HDD, CD, DVD), Hybrid Electric Vehicles, Electric Bicycles, Heating, Ventilating and Air Conditioners (HVAC), Wind Turbines and Others. In 2018, Data Storage Devices represented the largest end-use segment with the majority of the market share.
  • Region-wise, China dominated the market with a share of more than two-third of the total global production in 2018. It was followed by Japan, United States and Europe and Others.
  • Being fragmented in nature, the global permanent magnets market is surrounded by a number of players, namely, Advanced Technology & Materials Co. Ltd, Beijing Zhong Ke San Huan High-Tech Co. Ltd, BGRIMM Magnetic Materials & Technology Co. Ltd., Adams Magnetic Products Corporation, Arnold Magnetic Technologies Corporation, Bunting Magnetics Corporation, Jiashan Pengcheng Magnets Co. Ltd, Hitachi Metals America Ltd., Magnetics, Inc. and Master Magnetics, Inc.

Click here for summary of the report:

global permanent magnets market

Expert Market Research has analysed the global permanent magnets market according to type, end-use, major regions and top players:

Market breakup by Type

-    Ferrite
-    Neodymium Iron Boron
-    Aluminium Nickel Cobalt
-    Samarium Cobalt

Market breakup by End-use

-    Data Storage Devices (HDD, CD and DVD)
-    Hybrid Electric Vehicles
-    Electric Bicycles
-    Heating, Ventilating and Air Conditioners (HVAC)
-    Wind Turbine
-    Others

Market breakup by Region

-    China
-    Japan
-    United States
-    Europe
-    Others
Top players

-    Advanced Technology & Materials Co., Ltd 
-    Beijing Zhong Ke San Huan High-Tech Co., Ltd 
-    BGRIMM Magnetic Materials & Technology Co., Ltd.
-    Adams Magnetic Products Corporation
-    Arnold Magnetic Technologies Corporation
-    Bunting Magnetics Corporation
-    Jiashan Pengcheng Magnets Co., Ltd
-    Hitachi Metals America Ltd.
-    Magnetics, Inc.
-    Master Magnetics, Inc.


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"Global Permanent Magnets Market: By Type: Ferrite, Neodymium Iron Boron, Aluminum Nickel Cobalt, Samarium Cobalt; By End Use: Computer Hard Disk Drives (HDD), CD, DVD, Hybrid Electric Vehicles, Electric Bicycles,Heating, Ventilating and Air Conditioners (HVAC),Wind Turbines; By Region: North America, Europe, Asia Pacific, Latin America, Middle East and Africa; Historical Market (2014-2018) and Market Forecast (2019-2024); Market Drivers, Opportunities and Threats; Competitive Landscape; Price Analysis; Trade Analysis; Cost Analysis"

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