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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.
“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.
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Prominent players are embracing innovative approaches such as ground-breaking marketing tactics, technological advances for cancer screening, mergers, and acquisitions.
Fact.MR, in its new offering, presents an unbiased analysis of the permanent magnets market, presenting historical demand data (2016-2020) and forecast statistics from 2021 to 2031.
The study divulges essential insights on the market based on material (ferrite, neodymium iron boron, aluminium nickel cobalt and samarium cobalt) and application (automotive, consumer goods & electronics, industrial, aerospace & defense, energy, medical) across seven major regions (North America, Latin America, Europe, South Asia, East Asia, Oceania and MEA).
Key players analyzed in the Permanent Magnets Market study:
On the basis of region, the Permanent Magnets Market study contains:
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The report covers following Permanent Magnets Market insights and assessment that are helpful for all participants involved in the Permanent Magnets market:
Key Questions in Permanent Magnets Market Research Report:
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