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Permanent Magnet Market Size

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

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Permanent Magnet Market Size

Permanent Magnet Market was valued at USD 41.51 billion in 2023 and will grow at 10.2% CAGR from 2024 to 2032, attributed to the expanding application scope of permanent magnets in aerospace propulsion and defense technologies, coupled with the shift toward REE-free alternatives. Increased demand for efficient propulsion systems and military applications emphasizes the need for advanced magnet technologies. Moreover, innovations in REE-free magnet materials address sustainability concerns, positioning these magnets as crucial components in modern aerospace and defense sectors, thus fueling market expansion.

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The growth of the permanent magnet market is fueled by expanding renewable energy sectors, where magnets are essential in wind turbines and generators for improved efficiency. Also, technological breakthroughs in magnet materials and manufacturing processes are enhancing performance and durability. As renewable energy demands increase globally, along with ongoing innovations, the permanent magnets market will expand significantly, meeting the need for sustainable energy solutions effectively.

Permanent Magnet Market Report Attributes
Report Attribute	Details
Base Year:	2023
Permanent Magnet Market Size in 2023:	USD 41.51 Billion
Forecast Period:	2024 - 2032
Forecast Period 2024 - 2032 CAGR:	10.2%
2032 Value Projection:	USD 100.1 Billion
Historical Data for:	2021 - 2023
No. of Pages:	200
Tables, Charts & Figures:	172
Segments covered:	By Product Type, By Application
Growth Drivers:	Rising automotive market Global shift towards sustainable energy generation Advancements in manufacturing technologies
Pitfalls & Challenges:	High price and limited availability of raw materials Hazards caused by rare earth metals

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The permanent magnet market presents hurdles, such as stringent environmental regulations and economic downturns. However, these regulations spur innovation toward sustainable mining practices and recycling methods, fostering long-term resource stability. Besides, economic downturns prompt resilience through diversified supply chains and cost-efficient manufacturing technologies, ensuring market adaptability. These challenges encourage the industry to innovate and optimize processes, driving advancements in magnet technology and fostering a resilient industrial ecosystem.

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.