Permanent Magnets Market: Ferrite Material Segment Dominated And Accounted For The Largest Volumetric Share

 Permanent Magnets Industry Overview

The global permanent magnets market size was valued at USD 19.14 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 8.4% from 2022 to 2030. The rising prominence of renewable energy sources, such as wind and solar, is anticipated to positively aid the market growth over the forecast period. At present, permanent magnets are used in wind turbine generators for increasing their efficiency. Rare earth magnets, such as Neodymium Ferrite Boron (NdFeB), are being predominantly used in wind turbines owing to benefits, such as increased reliability and reduction in maintenance costs.

The demand for rare earth magnets in the U.S. is expected to grow at a higher rate than its ferrite counterpart over the forecast period owing to its wide usage in high-end applications like robotics, wearable devices, electric vehicles, and wind power. Since the economic meltdown of 2008-09, the automotive industry in the U.S. has grown steadily. The country has been witnessing a significant rise in the adoption of plug-in electric cars, primarily driven by the advanced products offered by key players, such as Tesla, Chevy, Nissan, Ford, Audi, and BMW, among others. In early 2018, Tesla became one of several electric carmakers to use motors with neodymium magnets.

 

Gather more insights about the market drivers, restrains and growth of the Global Permanent Magnets market

 

 

However, due to fewer permanent motor magnet manufacturers in the country, it imported 4 million pounds of automotive parts from China, with the bulk of them being electric motors. The escalating trade war with China is likely to represent a significant challenge for the U.S., as China threatens to cut off its supply of rare earth and associated products to the U.S. To reduce its reliance on raw material sourcing of rare earth materials, the government has taken various steps including funding mining projects under the Defense Production Act. Such initiatives are likely to strengthen the raw material supply for the domestic industry in the U.S.

The emergence of the COVID-19 pandemic directly impacted the operations of key manufacturing and industrial sectors in the country, thereby resulting in a GDP decline of nearly 3.5% in FY 2020. The recovery was observed during the last quarter of FY 2020 as the manufacturing sector resumed production in a staggered manner. On account of the massive fiscal packages offered by the U.S. government to uphold industrial production, the domestic market for permanent magnets has undergone a steady recovery in 2021.


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Permanent Magnets Market Segmentation

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

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

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

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

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

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

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

 

Key Companies profiled:

Some of the prominent vendors in the global permanent magnets market include

  • Adams Magnetic Products Co.
  • Earth-Panda Advance Magnetic Material Co., Ltd.
  • Arnold Magnetic Technologies
  • Daido Steel Co., Ltd.
  • Eclipse Magnetics Ltd.
  • Electron Energy Corp.
  • Goudsmit Magnetics Group
  • Hangzhou Permanent Magnet Group

 

  • Hangzhou Permanent Magnet Group
  • 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.
  • SsangYong Materials Corp.
  • Pacific Metals Co., Ltd.

 

Order a free sample PDF of the Permanent Magnets Market Intelligence Study, published by Grand View Research.

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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