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Permanent Magnet Market Share

Report ID: GMI1113
Published Date: Jul 2024
Report Format: PDF

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Permanent Magnet Market Share

Global Permanent Magnet Company Market Share, (2023)

Companies, including Hitachi Metals, Ltd., Arnold Magnetic Technologies, Daido Steel Co. Ltd., Adams Magnetic Products Co., and TDK Corporation, are increasing their market foothold by investing heavily in R&D. These efforts focus on enhancing magnet performance, such as improving magnetic strength and temperature stability, to meet evolving industrial and consumer demands. Furthermore, strategic partnerships and mergers are enabling them to broaden their product portfolios and access new markets, thereby bolstering their industry presence. By leveraging these initiatives, players are strengthening their competitive edge and driving innovation in sustainable magnetic solutions.

Continuous innovation and customer-centric strategies are also key factors driving companies' industry expansion. By aligning product development with market trends such as electrification and renewable energy, players are addressing emerging challenges and seizing growth opportunities. Additionally, investments in advanced manufacturing technologies are streamlining production processes, ensuring higher efficiency and cost-effectiveness. This proactive approach enhances their market share and positions them as leaders in delivering cutting-edge magnet solutions tailored to meet the diverse needs of modern industries.

Permanent Magnet Market Companies

Top companies operating in the permanent magnet industry include:

Hitachi Metals, Ltd.
Jiangmen Magsource New Material Co. Ltd.
Adams Magnetic Products Co.
Arnold Magnetic Technologies
Anhui Earth-Panda Advance Magnetic Material Co. Ltd.
Ningbo Yunsheng Co. Ltd.
Daido Steel Co. Ltd.
Molycorp Magnequench
Thomas & Skinner Inc.
Vacuumschmelze GmbH & Co. KG
Electron Energy Corporation
Hangzhou Permanent Magnet Group
Goudsmit Magnetics Group
TDK Corporation

Authors: Kiran Pulidindi, Manish Verma

Frequently Asked Questions (FAQ) :

The market size of permanent magnet was reached USD 41.51 billion in 2023 and is expected to register 10.2% CAGR from 2024 to 2032, owing to the expanding application scope of permanent magnets in aerospace propulsion and defense technologies, coupled with the shift toward REE-free alternatives worldwide.

Permanent magnet industry from the ferrite segment is expected to register 9.9% CAGR from 2024-2032 due to cost-effectiveness and versatility of ferrite magnets across various applications.

Asia Pacific permanent magnet industry is expected to register 11.3% CAGR from 2024-2032 due to robust industrialization, technological advancements, and substantial investments in sectors like automotive, electronics, and renewable energy in the region.

Daido Steel Co. Ltd., Molycorp Magnequench, Thomas & Skinner Inc., Vacuumschmelze GmbH & Co. KG, Electron Energy Corporation, Hangzhou Permanent Magnet Group, Goudsmit Magnetics Group, and TDK Corporation, are some of the major permanent magnet companies worldwide.