Permanent Magnets Market to be Worth $39.70 Billion by 2030: Grand View Research, Inc.

San Francisco, April 21, 2022 /PRNewswire/ -- The global permanent magnets market size is projected to reach approximately USD 39.70 billion by 2030, according to a new report by Grand View Research, Inc., expanding at a CAGR of 8.4% over the forecast period. The rising number of supportive initiatives to promote healthcare infrastructure, especially in developing countries, is projected to aid the market growth over the forecast period. The demand for the product is expected to be driven by the extensive usage in industrial automation amidst the COVID-19 outbreak and rising demand from the healthcare sector. Permanent magnets are used in various medical devices, such as blood separators, surgical devices, dental equipment, patient monitoring systems, drug delivery systems, and Magnetic Resonance Imaging (MRI) scanners, and other essential & non-essential healthcare devices. The COVID-19 outbreak in 2020 played a key role in driving the investments in developing healthcare infrastructure.

Key Insights & Findings from the report:

• The ferrite material segment dominated the market in 2021 mainly due to the wide usage of ferrite magnets in medical devices.
• The NdFeB material segment is likely to witness the fastest CAGR, in terms of revenue, over the predicted timeline.
• The rising popularity of anti-lock braking system sensors in vehicles is anticipated to aid the segment growth over the coming years.
• The medical segment is estimated to be among the key application fields over the forecast period owing to the increased spending in healthcare infrastructure across the globe post-pandemic.
• Asia Pacific is estimated to emerge as the largest as well as the fastest-growing regional market, in terms of revenue, from 2022 to 2030. China is projected to remain the key contributor to the regional market of Asia Pacific.

Read 117 page market research report, "Permanent Magnets Market Size, Share & Trends Analysis Report By Material (Ferrite, NdFeB), By Application (Consumer Goods & Electronics, Energy), By Region (Europe, Asia Pacific), And Segment Forecasts, 2022 - 2030", published by Grand View Research.

Permanent Magnets Market Growth & Trends

For instance, the Government of India laid out the plan to upend its healthcare spending by nearly 3% of its total GDP by 2022. Such initiatives are likely to drive the product demand in the healthcare sector over the predicted timeline. The product is also significantly used in wearable electronic devices. The global economy is currently witnessing drastic developments in technology, which has led to the proliferation of smart electronic devices. The market for wearable electronics devices, smartphones, and other smart technologies in advanced as well as emerging economies is likely to witness significant growth. This is likely to indirectly benefit the product demand over the forecast period. The global market is fragmented and is characterized by regional concentration. On account of the presence of large-scale rare earth metal deposits in China, numerous small, medium, and large-scale manufacturers are located in close vicinity.

Permanent Magnets Market Segmentation

Grand View Research has segmented the global permanent magnets market on the basis of material, application, and region:

Permanent Magnets Market - Material Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2030)

• Ferrite
• Neodymium Iron Boron (NdFeB)
• Aluminum Nickel Cobalt (Alnico)
• Samarium Cobalt (SmCo)

Permanent Magnets Market - Application Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2030)

• Automotive
• Consumer Goods & Electronics
• Industrial
• Medical
• Energy
• Aerospace & Defense
• Others

Permanent Magnets Market - Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2030)

• North America
• U.S.
• Canada
• Mexico
• Europe
• Germany
• Asia Pacific
• China
• India
• Japan
• Central & South America
• Brazil
• Middle East & Africa (MEA)

List of Key Players of Permanent Magnets Market

• Adams Magnetic Products Co.
• Earth-Panda Advance Magnetic Material Co., Ltd.
• Arnold Magnetic Technologies
• Daido Steel Co., Ltd.
• Eclipse Magnetics Ltd.
• Electron Energy Corporation
• Goudsmit Magnetics Group
• Hangzhou Permanent Magnet Group
• Hitachi Metals Ltd.
• Magnequench International, LLC
• Ningbo Yunsheng Co., Ltd.
• Ninggang Permanent Magnetic Materials Co., Ltd.
• Shin-Etsu Chemical Co., Ltd.
• TDK Corporation
• Thomas & Skinner, Inc.
• Vacuumschmelze GMBH & Co. Kg
• Ugimag Korea Co., Ltd.
• UNION MATERIALS CORPORATION
• Pacific Metals Co., Ltd.

Check out more related studies published by Grand View Research:

• Europium Market - The global europium market is expected to reach USD 308.9 million by 2025, according to a new report by Grand View Research, Inc. The rapid growth of the consumer electronics industry across the globe can be regarded responsible for market growth in recent years. In addition, the increasing application scope of the product in the automobile, electrical, energy, and material sciences industries is expected to have a positive impact on the overall market growth over the forecast period.
• Rare Earth Elements Market - The global rare earth elements market is anticipated to reach USD 5.62 billion by 2025, according to a new report by Grand View Research, Inc. The growing use of permanent magnets in the production of batteries for electric vehicles is expected to propel the demand for rare earth elements including neodymium, praseodymium, dysprosium, gadolinium, and terbium over the forecast period. Neodymium and praseodymium based rare earth permanent magnets are majorly used in the manufacturing of batteries.
• Neodymium Market - The global neodymium market size is expected to reach USD 3.39 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 5.3% from 2021 to 2028. The demand for electrical and electronic products is projected to assist the market growth over the long term.

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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