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Permanent Magnet Market Trends

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

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Permanent Magnet Market Trends

The integration of permanent magnets in consumer electronics like smartphones and the rising demand for electric vehicles (EVs) are propelling the market forward. These magnets are essential for compact, efficient motors in EVs and contribute to the miniaturization and performance enhancements in electronic devices. As consumer electronics and EV markets continue to expand globally, the demand for high-performance permanent magnets will rise steadily, fueling market growth.

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.