Permanent Magnets Market to grow at a CAGR of 10.10% from 2021 to 2026; The increasing demand from the automobile sector to boost market growth - Technavio

NEW YORK, Aug. 14, 2023 /PRNewswire/ -- The permanent magnets market size is to grow by USD 13.63 billion from 2021 to 2026 and register a CAGR of 10.10%, according to Technavio's latest market research report estimates. With a focus on identifying dominant industry influencers, Technavio's reports present a detailed study by way of synthesis, and summation of data from multiple sources. This report offers an up-to-date analysis of the current market scenario, the latest trends and drivers, and the overall market environment. 52% of the market's growth will originate from APAC during the forecast period. China, Japan, and India are the largest contributors to the permanent magnet market in this region. The market growth in this region will be faster than the market growth in other regions. Moreover, rising demand for hard drives from data centers is expected to drive the growth of the APAC permanent magnet market during the forecast period. Read our Sample Report

The report also covers the following areas:

• Permanent Magnets Market size
• Permanent Magnets Market trends
• Permanent Magnets Market industry analysis

Permanent Magnets Market 2022-2026: Segmentation

• Material 
• Neodymium Iron Boron Magnets
• Ferrite Magnets
• Samarium Cobalt Magnets
• Alnico Magnets
• Geography 
• APAC
• North America
• Europe
• South America
• MEA

For more insights on market segmentations, buy report!

The permanent magnets market share growth by the Neodymium-Iron-Boron (NdFeB) magnets segment will be significant during the forecast period. Factors driving the growth of the NdFeB magnet segment worldwide include the increasingly widespread use of NdFeB magnets in fields such as electronics, military, automotive and heart care, and the limited availability of alternatives. Hence, the above-mentioned factors are expected to drive market growth during the forecast period.

Permanent Magnets Market 2022-2026: Company Analysis and Scope

The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Some of the major companies in the permanent magnets market include Adams Magnetic Products, Arnold Magnetic Technologies Corp., Bunting Magnetics Co., Chengdu Galaxy Magnets Co. Ltd., Earth-Panda Advance Magnetic Material Co.Ltd., Electron Energy Corp., Goudsmit Magnetics Groep BV, Hitachi Ltd., Ningbo Yunsheng Co. Ltd., and Yantai Dongxing Magnetic Materials Inc. To help businesses improve their market position, Technavio's report provides a detailed analysis of around 15+ companies operating in the market. To leverage the current opportunities, market companies must strengthen their foothold in the fast-growing segments, while maintaining their positions in the slow-growing segments. Backed with competitive intelligence and benchmarking, our research reports on the permanent magnets market are designed to provide entry support, customer profile & M&As as well as go-to-market strategy support.

Company Offering

• Ningbo Yunsheng Co. Ltd. - The company develops and manufactures a variety of permanent magnets such as sintered and bonded NdFeB magnets and magnetic assemblies.
• Hitachi Ltd. - The company offers a variety of permanent magnets such as cast alnico, ceramic (Ferrite), and neodymium-iron-boron magnets.
• Goudsmit Magnetics Groep BV - The company offers a variety of permanent magnets such as Neodymium magnets, Magnetic grippers, Pot magnets flat, Electro holdings magnets, and many more.

Permanent Magnets Market 2022-2026: Market Dynamics

Key Drivers

The increasing demand from the automobile sector is a key factor driving market growth. Advancements in the automotive industry force manufacturers to respond to the swiftly increasing need to produce vehicle control systems that are more sophisticated, use less fuel, and produce lower emissions. The shift in vehicle control systems from mechanical, pneumatic, and hydraulic control towards electrical control has inspired the need for magnets in motors, sensors, and actuators to help drastically improve vehicle control systems. Hence, increasing demand from the automobile sector is expected to drive market growth during the forecast period.

Significant Challenges

Fluctuations in raw materials prices are significant challenges restricting market growth. Volatility in raw materials and rising energy costs are destabilizing supply chains, making it difficult for manufacturers to deliver quality products at competitive prices and remain profitable. In addition, fluctuations in raw material prices adversely affect the quality and production rate of permanent magnets. Production delays often lead to large price fluctuations and supply interruptions as several suppliers around the world depend on a steady supply of raw materials. Hence, the price fluctuation of raw materials is expected to restrict market growth during the forecast period.

Permanent Magnets Market 2022-2026: Key Highlights

• CAGR of the market during the forecast period 2022-2026
• Detailed information on factors that will assist permanent magnets market growth during the next five years
• Estimation of the permanent magnets market size and its contribution to the parent market
• Predictions on upcoming trends and changes in consumer behavior
• The growth of the permanent magnets market
• Analysis of the market's competitive landscape and detailed information on companies
• Comprehensive details of factors that will challenge the growth of permanent magnets market companies

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Table of Contents

Executive Summary

Market Landscape

Market Sizing

Five Forces Analysis

Market Segmentation by Material

Customer landscape

Geographic Landscape

Company Landscape

Company Analysis

Appendix

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