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Permanent Magnets Market Size, Share & Trends Analysis Report By Material, By Application, By Region And Segment Forecasts, 2020 - 2027

Permanent Magnets Market Size, Share & Trends Analysis Report By Material, By Application, By Region And Segment Forecasts, 2020 - 2027

  • September 2020
  • 119 pages
  • ID: 5867025
  • Format: PDF
  • Grand View Research

Summary

Table of Contents

Permanent Magnets Market Size, Share & Trends Analysis Report By Material (Ferrite, NdFeB, Alnico, SmCo), By Application (Medical, Consumer Goods & Electronics), By Region, And Segment Forecasts, 2020 - 2027

Permanent Magnets Market Growth & Trends

The global permanent magnets market size is anticipated to reach USD 32.86 billion by 2027., expanding at a CAGR of 5.9% from 2020 to 2027. Growing demand for permanent magnets from the consumer goods and electronics sector for applications such as smartphones, laptops, and air conditioners is anticipated to augment the market growth.

Permanent magnets have the ability to generate a magnetic field by the internal structure of the material itself.They possess high coercivity that allows them to resist demagnetization.

The market has been categorized based on material into ferrite, NdFeB, Alnico, and SmCo, in which ferrite accounted for the largest volume share in 2019 owing to its low cost, properties, and abundant availability of iron ore.

NdFeB is known to be the strongest of all the above-mentioned magnets as it offers high energy product in a compact size with high magnetic remanence and coercivity than others.It is a widely used rare earth magnet for commercial, industrial, and technical applications.

It is due to its application that large and heavy substances can now be made in reduced size, leading to cost savings. For instance, it is extensively used in smartphones, along with accessories, such as earphones and wall chargers.

The rise in disposable income and improvement in the standard of living has augmented the demand for consumer electronics, especially in developing economies.However, the ongoing coronavirus pandemic restricted the manufacturing operations, along with income levels, as lay-off and salary deductions were witnessed across various sectors.

For instance, smartphone production in India is expected to decline by 40% in the first half of 2020. As a result, the market growth is anticipated to remain sluggish during 2020.

The pandemic caused various projects in the automotive and renewable energy sectors to delay that led to a decline in the demand for permanent magnets.However, the medical industry witnessed substantial growth.

The rapidly rising number of coronavirus patients across the globe augmented the production of ventilators, which led to the high consumption of permanent magnets.

Asia Pacific emerged as the largest regional market in 2019.This is attributed to the rapid growth of the industries.

For instance, the region is expected to witness significant investments in the renewable energy sector.Countries such as China, Taiwan, South Korea, Japan, Vietnam, and India are anticipated to observe growth in the offshore wind energy sector, which is a positive sign for the market.

For example, India has announced a target to have 5 GW installed capacity by 2022. An increase in the installed capacity in the region is expected to boost the demand for permanent magnets in the coming years.

The competitive scenario is intense in the market with the presence of various types of magnets catering to similar applications.As a result, market players are engaged in gaining a competitive edge in the industry through means of new plants and acquisitions.

For instance, IREL (India) Limited is expected to set up a plant for producing rare earth permanent magnets based on Indigenous Technology in Visakhapatnam.

Permanent Magnets Market Report Highlights
• Asia Pacific is anticipated to register the fastest growth rate in terms of volume across the forecast period, on account of increasing production activities in the medical equipment and electronics sectors in countries like China and India
• By material, NdFeB held the largest revenue share of more than 66.0% in 2019 owing to its characteristics and high cost
• The automotive application segment is anticipated to register a CAGR of 2.3% in terms of volume during the forecast period, on account of increasing emphasis on electric vehicle manufacturing, which is propelling the demand for electric motors
• The medical application segment is expected to register the fastest growth rate of 6.8% in terms of volume over the forecast period, owing to the sudden surge in demand for medical equipment during the COVID-19 outbreak
• The consumer goods and electronics application segment accounted for the largest revenue share of more than 26.0% in 2019 owing to the increasing adoption of permanent magnets in various appliances and electronic products.

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