CHICAGO, Aug. 4, 2021 /PRNewswire/ -- According to the new market research report "Permanent Magnet Market by Type (Neodymium Iron Boron Magnet, Ferrite Magnet, Samarium Cobalt Magnet), End-Use Industry (Consumer Electronics, General Industrial, Automotive, Medical Technology, Environment & Energy), and Region - Global Forecast to 2026", published by MarketsandMarkets, the Permanent Magnet Market is expected to grow from USD 34.4 billion in 2021 to USD 54.1 billion by 2026, at a CAGR of 9.5% during the forecast period. Increasing demand from the consumer electronics and automotive end-use industry is driving the growth of the market.
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Neodymium iron boron magnets account for the largest share in terms of value in global permanent magnet market.
Neodymium iron boron magnets account for the largest share in the global Permanent magnet market in terms of volume. Neodymium iron boron magnets are generally preferred for its superior performance. They are used in various applications such as voice coil motors in HDD, mobile accessories, wind turbines, brushless DC motors, MRI, magnetic separation, and miniaturization of sensors. They are used in automobiles for electric power assisted steering, sensors, gauge, and drive systems in electrical vehicles.
The consumer electronics end-use industry accounts for the largest share in the global Permanent magnet market in terms of value and volume
The consumer electronics end-use industry dominated the permanent magnet market. The demand for permanent magnet in consumer electronics industry is expected to increase mainly due to improving standards of living and rising disposable income in the APAC region. In the consumer electronics segment, permanent magnets are used in magnetic heads of Hard Disk Drives (HDD), CDs, as well as in motors of peripheral devices such as printers, fax machines, scanners, and photocopies. The increasing usage of cloud computing and related development resulted in the growing demand for data centers to store enormous amount of data. The growing demand from data centers for HDD pushes the demand for permanent magnets.
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APAC region to lead the Permanent magnet market during the forecast period
North America is the largest market for permanent magnets in the world. The major players in the Permanent magnet market in North America give each other tough competition and constantly innovate and develop new technology to produce high quality, high strength, and lightweight Permanent magnets. The usage of Permanent magnets is high in the North American region as government agencies have identified the advantage of Permanent magnets over traditional alternatives like steel rebars. The Permanent magnet market in the North American region has been driven by their application in highways, bridges, buildings, and marine structures & waterfronts.
Hitachi Metals, Ltd. (Japan), TDK Corporation (Japan), Shin-Etsu Chemical Co., Ltd. (Japan), Yantai Shougang Magnetic Materials Inc. (China), and Arnold Magnetic Technologies (US) are the key players in the Permanent magnet market. These players have taken different organic and inorganic developmental strategies over the past few years.
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