Global Permanent Magnets Market is accounted for $34.40 billion in 2021 and is expected to reach $73.70 billion by 2028 growing at a CAGR of 11.5% during the forecast period. A permanent magnet is an object which maintains a lasting magnetic field around it without the use of an external power source. Permanent magnets are manufactured from special alloys such as iron, nickel, and cobalt, several alloys of rare-earth metals, and minerals such as lodestone. They generate a persistent magnetic field without the need for any external source of magnetism or electrical power. They are used to convert electrical force to mechanical force and vice versa.
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By geography, Asia Pacific is projected to hold the largest market share owing to the ising demand from domestic industries in the region. China has been a prominent market in the region. The country not only excels in gaining a high consumption share owing to large-scale production of electronics, electric vehicles, and medical equipment but also has the advantage of possessing large reserves of rare earths, which is an important raw material.
Some of the key players profiled in the Permanent Magnets Market include Bunting Magnetics Co., Adams Magnetic Products Co., Inc., TDK Corporation, Galaxy Magnets, Hitachi Metals, Ltd, Arnold Magnetic Technologies, Molycorp Inc, Magx America, Inc., Electron Energy Corporation, Daido Steel Co., Ltd, Tengam Engineering, Inc, Lynas Corporation Ltd, Intermetallics Japan Corporation, Ningbo Co-Star Materials Hi-Tech Co., Ltd, JPMF Guangdong Co., Ltd, Danfoss Editron, and USA Rare Earth LLC.
Types Covered in Permanent Magnets Market
• Ferrite Magnets
• Samarium Cobalt Magnets
• Aluminium Nickel Cobalt (AlNiCo)
• Neodymium Iron Boron Magnets
• Ceramic Magnets
• Other Types
End Users Covered:
• Automotive
• Aerospace & Defense
• Environment & Energy Generation (Wind Turbines)
• Medical Technology
• General Industrial
• Consumer Electronics
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