Growth of Global Permanent Magnets Market in 2021-2026
The new report by Expert Market Research titled, ‘Global Permanent Magnets Market Report and Forecast 2021-2026’, gives an in-depth analysis of the global permanent magnets market, assessing the market based on its segments like type, end-use, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2016-2026)
- Historical Market Size (2020): 1059 Thousand Tons
- Forecast CAGR (2021-2026): 4%
- Forecast Market Size (2026): 1289 Thousand Tons
The consumer goods and electronics industry, where permanent magnets are commonly used in a variety of applications, including smartphones and personal electronics, is largely responsible for the market’s development. Moreover, the electronics sector’s increased production is a significant factor propelling the growth of the market. The medical industry is a critical segment of the market, and with the rising number of COVID-19 cases around the world, demand for ventilators is skyrocketing, which is expected to be a major factor that will boost the market growth over the forecast period.
Industry Definition and Major Segments
A permanent magnet is an object made of magnetised material that generates its own permanent magnetic field.
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Based on type, the industry can be divided into:
- Ferrite
- Neodymium Iron Boron
- Aluminum Nickel Cobalt
- Samarium Cobalt
On the basis of end-use, the market is segmented into:
- Computer Hard Disk Drives (HDD), CD, DVD
- Hybrid Electric Vehicles
- Electric Bicycles
- Heating, Ventilating, and Air Conditioners (HVAC)
- Wind Turbines
- Other Applications
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Regionally, the industry can be classified into:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Market Trends
Manufacturers of ventilators, especially in China, have increased production to meet increased demand in the country and abroad as a result of COVID-19. In April 2020, for example, Aeonmed, a Beijing-based ventilator manufacturer, received orders from more than 40 countries and shipped over a thousand invasive ventilators. Key developments like this are expected to drive the growth of the market over the forecast period.
Key Market Players
The major players in the market are Advanced Technology & Materials Co. Ltd., Beijing Zhong Ke San Huan High-Tech Co. Ltd., BGRIMM Magnetic Materials & Technology Co. Ltd., Adams Magnetic Products Corporation, Arnold Magnetic Technologies Corporation, Bunting Magnetics Corporation, Jiashan Pengcheng Magnets Co. Ltd., Hitachi Metals America Ltd., Magnetics Inc., and Master Magnetics Inc. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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Expert Market Research is a leading business intelligence firm, providing custom and syndicated market reports along with consultancy services for our clients. We serve a wide client base ranging from Fortune 1000 companies to small and medium enterprises. Our reports cover over 100 industries across established and emerging markets researched by our skilled analysts who track the latest economic, demographic, trade and market data globally.
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