Global Permanent Magnet Market Size By Type (Neodymium Iron Boron Magnet, Ferrite Magnet), By End-Use (Consumer Electronics, General Industrial), By Region, And Segment Forecasts, By Geographic Scope And Forecast to 2033

Industry: Chemicals & Materials

RELEASE DATE Jan 2024
REPORT ID SI3492
PAGES 200
REPORT FORMAT PathSoft

Global Permanent Magnet Market Insights Forecasts to 2033

  • The Global Permanent Magnet Market Size Was valued at USD 25.5 Billion in 2023.
  • The Market Size is Growing at a CAGR of 6.92% from 2023 to 2033
  • The Worldwide Permanent Magnet Market Size is expected to reach USD 49.8 Billion by 2033
  • Asia Pacific is expected to grow the fastest during the forecast period

Global Permanent Magnet Market

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The Global Permanent Magnet Market is expected to reach USD 49.8 Billion by 2033, at a CAGR of 6.92% during the forecast period 2023 to 2033.

 

A primary driver is the increasing electrification of several industries, including automotive, electronics, and renewable energy. Permanent magnets are critical components in electric motors and generators, assisting in the transition to cleaner, more sustainable energy alternatives. Wind turbines and generators used in renewable energy systems depend heavily on permanent magnets. As the emphasis on renewable energy sources grows, so does the demand for permanent magnets for wind power applications. Permanent magnets are used in a variety of electronic gadgets, from smartphones to laptops, for components such as speakers and sensors. Consumer electronics' ongoing evolution contributes to the magnets' ongoing need.

 

Permanent Magnet Market Value Chain Analysis

The extraction of raw minerals, notably rare earth elements such as neodymium, dysprosium, and samarium, starts the value chain. These components are critical in the production of high-performance permanent magnets. Raw materials are refined and processed after extraction to achieve the necessary magnetic characteristics. Various chemical and metallurgical procedures are used at this stage to create magnet alloys suitable for a variety of applications. The treated materials are then used to create permanent magnets. To satisfy specific requirements, magnets are shaped, magnetised, and occasionally coated.  Permanent magnets are used in many different components and systems, including electric motors, generators, sensors, speakers, and magnetic resonance imaging (MRI) devices. Supply chain management and distribution networks guarantee the efficient transportation of permanent magnets and magnet-containing components from manufacturers to OEMs.

 

Permanent Magnet Market Opportunity Analysis

Electric vehicle use is increasing, which creates a big opportunity for the permanent magnet market. High-performance magnets, particularly neodymium magnets, are essential components of EV electric motors. The increased emphasis on renewable energy sources, particularly wind power, opens up prospects for permanent magnets in wind turbines. Continued investment in renewable energy projects around the world helps to sustain demand. The move towards smaller and more efficient electronic devices creates an opportunity for permanent magnets, especially in applications requiring compact and powerful magnets, such as smartphones and wearables. The usage of permanent magnets in medical devices, such as magnetic resonance imaging (MRI) machines, has the potential to expand.

 

Global Permanent Magnet Market Report Coverage

Report CoverageDetails
Base Year:2023
Market Size in 2023:USD 25.5 Billion
Forecast Period:2023-2033
Forecast Period 2023-2033 CAGR:6.92%
2033 Value Projection:USD 49.8 Billion
Historical Data for:2019-2022
No. of Pages:200
Tables, Charts & Figures:115
Segments covered:By Type, By End-Use, By Region And Segment Forecasts, By Geographic Scope
Companies Covered:Solvay, GKN Powder Metallurgy, Hitachi Metals Ltd., Daido Steel Co. Ltd, TDK Corporation, Shin-Etsu Chemical Co. Ltd., Arnold Magnetic Technologies, Lynas Corporation Ltd., Electron Energy Corporation, Tengam Engineering Inc., Adams Magnetic Products Co., Inc., and other key companies.
Pitfalls & Challenges:Covid-19 Empact,Challenges,Growth, Analysis.

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Market Dynamics

Permanent Magnet Market Dynamics

 

Development and modernization of infrastructure

Advanced electric motors are used in the expansion and upgrading of transportation infrastructure, such as high-speed trains, electric vehicles (EVs), and magnetic levitation (Maglev) systems. Permanent magnets, particularly neodymium magnets, are critical components of these motors, fuelling demand for them. Permanent magnets are significantly used in energy infrastructure projects such as wind farm construction and the development of renewable energy sources. Wind turbine generators use powerful magnets, which contributes to the growth of the permanent magnet market. Permanent magnets will benefit from the development of smart grids and developments in electrical infrastructure. These magnets are utilised in a variety of components, including transformers and generators, to enable efficient and sustainable electricity distribution.

 

Restraints & Challenges

Rare earth elements are used in many high-performance permanent magnets, particularly neodymium magnets. A few countries frequently dominate the supply chain, raising worries about supply chain stability, geopolitical risks, and pricing volatility. Due to geopolitical reasons, supply and demand dynamics, and market speculation, the prices of rare earth elements, notably neodymium and dysprosium, can be volatile. Manufacturers face issues in terms of cost predictability as a result of this unpredictability. It is difficult to develop efficient and cost-effective recycling techniques for permanent magnets. While recycling is beneficial to the environment, the technology and infrastructure for recycling rare earth magnets are still emerging.

 

Regional Forecasts

North America Market Statistics

North America

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North America is anticipated to dominate the Permanent Magnet Market from 2023 to 2033. The push for automotive electrification, including the manufacturing of electric vehicles (EVs) and hybrid vehicles, is a significant driver of permanent magnet demand. Electric motor technologies based on high-performance magnets are rapidly being used by North American automakers. The region's devotion to alternative energy sources, such as wind power, helps to permanent magnet demand. Wind turbines, which use magnets in their generators, are an important part of North America's renewable energy infrastructure. In North America, the modernization of manufacturing processes and the use of industrial automation technologies create potential for the use of permanent magnets in electric motors and sensors, which contributes to rising demand.

 

Asia Pacific Market Statistics

Asia Pacific is witnessing the fastest market growth between 2023 to 2033. The Asia Pacific automotive sector is expanding rapidly, with an emphasis on electric cars (EVs) and hybrid automobiles. Permanent magnets, particularly neodymium magnets used in electric motors, are in high demand in this constantly increasing business. The Asia Pacific region is a major player in the worldwide renewable energy business. Countries in the region are aggressively investing in wind power projects, resulting in an increase in demand for permanent magnets in wind turbine generators. Rapid urbanisation and infrastructure development projects throughout Asia Pacific drive up demand for energy-efficient solutions. Permanent magnets are used in lifts, HVAC systems, and other applications that contribute to long-term infrastructure.

 

Segmentation Analysis

Insights by Type

The Neodymium Iron Boron Magnet segment accounted for the largest market share over the forecast period 2023 to 2033. NdFeB magnets are smaller and lighter than other types of magnets. This property makes them extremely desirable in applications where space and weight are crucial, such as electric motors and electrical equipment. The shift towards electrification in the automotive industry, particularly the manufacture of electric vehicles (EVs) and hybrid vehicles, is a major driver for NdFeB magnets. They contribute to the efficiency and performance of electric cars by being employed in propulsion motors. NdFeB magnets are used in a variety of consumer electronics, including cellphones, laptop computers, and audio devices. Because of their high magnetic capabilities and small size, they are useful for applications such as speakers, motors, and sensors.

 

Insights by End Use

The Consumer Electronics segment accounted for the largest market share over the forecast period 2023 to 2033. Permanent magnets are used in a variety of components in smartphones and wearables. Magnets made of neodymium are extensively utilised in smartphone speakers, vibration motors, and sensors. The rise in popularity of these devices directly affects the demand for permanent magnets. Small electric motors are used in many consumer goods, including electric toothbrushes, cameras, and drones. Permanent magnets are important components of these motors, adding to their efficiency and performance. The expansion of the gaming business and the popularity of gaming devices both contribute to the demand for permanent magnets. Neodymium magnets are used in motors in gaming controllers, haptic feedback systems, and other components to improve performance.

 

Recent Market Developments

  • In September 2022, Solvay announced plans to develop its rare earth activities in La Rochelle, France, in order to penetrate the value chain for rare earth permanent magnets in Europe and support clients in the wind power, electric vehicle, and electronics markets.

 

Competitive Landscape

 

Major players in the market

  • Solvay
  • GKN Powder Metallurgy
  • Hitachi Metals Ltd.
  • Daido Steel Co. Ltd
  • TDK Corporation
  • Shin-Etsu Chemical Co. Ltd.
  • Arnold Magnetic Technologies
  • Lynas Corporation Ltd.
  • Electron Energy Corporation
  • Tengam Engineering Inc.
  • Adams Magnetic Products Co., Inc.

 

Market Segmentation

This study forecasts revenue at global, regional, and country levels from 2023 to 2033.

 

Permanent Magnet Market, Type Analysis

  • Neodymium Iron Boron Magnet
  • Ferrite Magnet

 

Permanent Magnet Market, End Use Analysis

  • Consumer Electronics
  • General Industrial

 

Permanent Magnet Market, Regional Analysis

  • North America 
  • US 
  • Canada 
  • Mexico 
  • Europe 
  • Germany 
  • UK 
  • France 
  • Italy 
  • Spain 
  • Russia 
  • Rest of Europe 
  • Asia Pacific 
  • China 
  • Japan 
  • India 
  • South Korea 
  • Australia 
  • South America 
  • Brazil 
  • Argentina 
  • Colombia 
  • Middle East & Africa 
  • UAE 
  • Saudi Arabia 
  • South Africa

Frequently Asked Questions (FAQ)

  • 1. What is the market size of the Permanent Magnet Market?
    The global Permanent Magnet Market is expected to grow from USD 25.5 billion in 2023 to USD 49.8 billion by 2033, at a CAGR of 6.92% during the forecast period 2023-2033.
  • 2. Who are the key market players of the Permanent Magnet Market?
    Some of the key market players of market are Solvay, GKN Powder Metallurgy, Hitachi Metals Ltd., Daido Steel Co. Ltd, TDK Corporation, Shin-Etsu Chemical Co. Ltd., Arnold Magnetic Technologies, Lynas Corporation Ltd., Electron Energy Corporation, Tengam Engineering Inc., and Adams Magnetic Products Co., Inc.
  • 3. Which segment holds the largest market share?
    The consumer electronics segment holds the largest market share and is going to continue its dominance.
  • 4. Which region is dominating the Permanent Magnet Market?
    North America is dominating the Permanent Magnet Market with the highest market share.

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