The permanent magnets market is witnessing escalating growth, expected to reach US$ 34.4 Bn in 2021, concludes a recently published market research report by Fact.MR. The study estimates that revenues reach US$ 78 Bn by 2031, expanding at a CAGR of 8.5%.
From 2016 to 2020, global sales of permanent magnets expanded at around 8% CAGR, closing in at a revenue share of US$ 34 Bn by the end of the aforementioned historical period. Sales were downplayed across key sectors such as automotive amid the COVID-19 pandemic, attributed to strict curbs on factory operations, while industries such as the consumer electronics sustained demand.
Manufacturers are capitalizing on the Chinese market. According to various studies, China has been designated as the world’s leader in mining of rare earth ores, a key raw material needed for most magnets. Studies report that China mines over 55% of the world’s rare earth ores needed for most magnets making it the biggest producer of rare earth magnets.
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The report also comprises the study of current issues with end users and opportunities for permanent magnets. It also contains value chain analysis, including the key market participants. To provide users of this report with a comprehensive view of the market, we have included a detailed competitive analysis about the key players involved in the market and strategic overviews. The dashboard included in the report provides a detailed comparison of permanent magnets manufacturers on parameters such as total revenue, product offerings, and key strategies. A list of key companies operating in the permanent magnets market provided in the report adds to the credibility of this exhaustive research study.
“Technology transitions such as rollout of AI and IoT boosted the electric car manufacturing and automated machines for mining activities will encourage industry growth of permanent magnets until 2031,” comments a Fact.MR analyst.
Key Takeaways from the Market Study
- Global permanent magnets market is anticipated to add over 2x value by 2031 compared to 2021
- By material, neodymium iron boron magnets are poised to reach nearly US$ 10 Bn by 2031
- Automotive applications to expand the highest, registering a stellar 10.7% CAGR
- Deployment for medical instruments manufacturing to expand dexterously at a CAGR of 9%
- U.S market for permanent magnets likely to be valued at US$ 5 Bn by 2031
- Asia to hold an impressive revenue share, accounting for 51% of global demand until 2031
Global Permanent Magnets Market: In-Depth Assessment on Key Segments
The global permanent magnets market is segmented on the basis of material, application and region.
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Material
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Application
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Region
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Ferrite
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Automotive
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North America
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Neodymium Iron Boron (NdFeB)
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Consumer Goods & Electronics
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Latin America
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Aluminum Nickel Cobalt (Alnico)
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Industrial
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Europe
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Samarium Cobalt (SmCo)
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Aerospace & Defense
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East Asia
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Energy
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South Asia & Oceania
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Medical
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Middle East & Africa
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This taxonomy and the detailed TOC prepared are confidential and intended exclusively for the individual or entity with whom it is being shared. Reading, disseminating, distributing, or copying this to any party other than addressee(s) is unauthorized and prohibited.
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Country-specific assessment on demand for permanent magnets has been provided for each regional market, along with the market size valuation and forecast price point assessment, price index and impact analysis of key regional and country-wise dynamics, which were obtained through quotes from numerous permanent magnets manufacturers, experts, and suppliers. Y-o-Y growth projections have also been offered on all regional markets incorporated in the report. Moreover, future trends, growth prospects, and other possibilities related to the market have been answered in the report.
The report provides company-level market share analysis, which has been derived on the basis of the company’s annual sales and segmental revenue in all the target end-use industries. The market has been forecasted based on constant currency rates. The report provides detailed competitive and company profiles of key participants operating in the global permanent magnets market. Some of the major competitors operating in the permanent magnets market are Adams Magnetic Products Co., Earth-Panda Advance Magnetic Material Co., Ltd, Arnold Magnetic Technologies, Daido Steel Co., Ltd., Eclipse Magnetics Ltd., Electron Energy Corporation and others.
Key Questions Answered in Report
- Which are the most lucrative permanent magnets markets?
- Which factors will impact the growth of permanent magnets?
- How will changing trends impact the strategies of market players?
- How can market players capture the low-hanging opportunities across regions?
- Which companies are leading the permanent magnets industry?
- What are the winning strategies of stakeholders in the market?
Global Permanent Magnets Market: Research Methodology
A number of primary and secondary sources were consulted during the course of the study. Secondary sources include Factiva, Morningstar and Hoovers, and company annual reports and publications. Comprehensive interviews have been conducted by our analysts, and the intelligence and insights obtained have been used for validating the information gained through secondary research. The report also includes a description of assumptions and acronyms utilized for research purposes. Data gathered has been validated using the triangulation method to offer useful quantitative and qualitative insights into the permanent magnets market.
For More Insights: http://www.globenewswire.com/en/news-release/2020/03/26/2007055/0/en/Permanent-Magnets-Market-to-Register-8-5-CAGR-Through-2029-Opportunities-Emerge-with-Electronics-and-Smart-Device-Production-Says-a-New-Fact-MR-Report.html
A short market viewpoint offered in the report elucidates the macro-economic aspects that influence the growth of the permanent magnets market, which includes global GDP growth rate, various industries growth rate such as Automotive, Consumer Goods & Electronics, Industrial, Aerospace & Defense and others. This report serves as an authentic resource of intelligence on the permanent magnets market, enabling the readers to take fact-based decisions on the future direction of their businesses.
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