Permanent Magnets Market worth USD 0.01896 Billion by 2031 – Exclusive Report by Market.us

In 2021, the global permanent magnets market had a value of USD 0.01896 Billion. This market is projected to grow at a compound annual rate (CAGR) of 8.5% between 2022 and 2031. The market is expected to grow positively due to the rising popularity of renewable energy sources like solar and wind. To increase the efficiency of wind turbine generators, permanent magnets are currently used. Due to their increased reliability and low maintenance costs, rare earth magnetics like Neodymium Ferrite Boron NdFeB (Neodymium Ferrite Boron) are often used in wind turbines.

The COVID-19 pandemic directly impacted the operations of critical industrial and manufacturing sectors, leading to a GDP drop of almost 3.5% in FY 2020. As the manufacturing sector resumed its production slowly and steadily, the recovery was evident during the final quarter of FY 2020. The massive fiscal programs the U.S. government offers to maintain industrial production have allowed for a steady recovery of the domestic market permanent magnets in 2021.

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Growing Demand:

• It is expected that the market will grow because of the growing demand for permanent magnets in the electronics and consumer goods industry for applications such as smartphones, laptops, and air conditioners.
• To improve efficiency and increase productivity, permanent magnets are becoming more common in electromechanical devices.
• All of the above factors will drive the market to expand during the forecast period.

Driving Factors:

The permanent magnet market is expected to grow during the forecast period due to factors such as the modernized and developed infrastructure segment and growing demands for efficiency. Permanent magnet market growth is further supported by the increasing use of permanent magnets in consumer electronics and advances in automotive engineering, such as internal combustion engines and EV powertrain technology. In the developing world, market growth is hampered by high raw material costs and insufficient quality control. However, the permanent magnet market has significant growth potential due to its application in the advanced drive systems for hybrid electric vehicles and technological advancements.

Market Key Trends:

Wind energy is a reliable renewable energy source due to the increasing population and decreasing natural resources. These factors are expected to impact the global permanent magnet market positively. Permanent magnets produce generators (PMG), turbines, and full-power converters (FPC). The automotive industry’s success is another factor that favors the growth of permanent magnet markets. This is due to the rapid growth of urbanization and the rising disposable income of emerging economies.

Permanent magnets are frequently used in the automobile industry to produce gearboxes, polluting equipment, and motors because of their attraction and repulsion. A changing lifestyle and growing electronic industries will also increase the demand for permanent mags. However, fluctuations in raw material prices and risks associated with rare metal mining will likely prevent the global permanent magnet marketplace from reaching its full potential over the forecast period.

Recent Development:

• Adams Magnetic Products Co. purchased two additional production lines in May 2018. Elmhurst, IL, and Carlsbad, CA have been given full production lines that can use flexible magnet strip material at speeds of more than 300 feet per hour, apply laminate, and slit to the desired width.
• Rockwell Automation was able to help Irving Consumer Products, an American manufacturer, automate their Georgia plant. The project covers low- and mid-voltage motors. Additionally, Rockwell Automation provides support and services throughout the project. The project is expected to be completed in 2019.

Key Companies:

• Adams Magnetic Products Co.
• Thomas & Skinner Inc.
• Arnold Magnetic Technologies
• Daido Steel Co., Ltd.
• Eclipse Magnetics Ltd.
• Hitachi metals, ltd
• Electron Energy Corp.
• Goudsmit Magnetics Group
• Hangzhou Permanent Magnet Group
• Other Key Players

Key Market Segments:

By Material

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

By Application

• Consumer goods & electronics
• Industrial
• Energy
• Automotive
• Aerospace & Defense
• Medical
• Other applications

Frequently Asked Questions:

• What are the main factors that influence the growth and success of the permanent magnet market?
• Which market is the fastest-growing for Permanent magnets in a region?
• What are the biggest challenges facing the Permanent magnet market?
• What is the most significant restriction in the Permanent Magnet market?

●      What is the expected size of the Global Permanent Magnets Market?

Related Report:

• Global NdFeB Permanent Magnets Market Expectations and Growth Trends Highlighted Until 2031
• Global Bonded Magnets Market Research Report: Overview With Geographical Segmentation By Revenue With Forecast 2031
• Global Ferrite Magnets Market Status and Prospects Report Standard Version 2022-2031

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