The recently published report by IMARC Group, titled “Global Magnet Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, the market reached a value of US$ 20.7 Billion in 2020. The Global Magnet Market size to grow at a CAGR of 5.5% during 2021-2026. Permanent magnets can maintain a large magnetic flux in the absence of an applied magnetic field or upon modification of external environment. As they enable the operation of various devices by transforming energy from one form to another, permanent magnets form a crucial part of the modern lifestyle. They find applications in magnetic sensors, power generation, microwave communications, transportation, magnetic recording, energy conversion, etc. Owing to this, they can be found in a number of devices ranging from air-conditioners and washing machines to mobile phone speakers and electric motors.As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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As permanent magnets are widely used in the automotive industry for electric braking, throttle and gearbox actuation and auto-clutch, the surge in the demand for automobiles is propelling the growth of the market. Additionally, since these magnets form a crucial part of the energy-efficient and eco-friendly technologies, their demand is projected to increase as a large number of countries are promoting the use of these technologies to decrease their carbon footprint. Some of the other factors fuelling the market growth are wide usage of permanent magnets in medical devices, rising infrastructural developments, and advancements in information technology and communication. However, unfavourable economic conditions and fluctuations in the prices of the raw materials can adversely impact the market growth. Looking forward, IMARC Group expects the global magnet market to exhibit moderate growth during the next five years.
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Competitive Landscape with Key players:
The report has also analysed the competitive landscape of the market with some of the key players being.
VACUUMSCHMELZE GmbH & Co. KG
Beijing Zhong Ke San Huan Hi-Tech Co. Ltd
Adams Magnetic Products Co.
TDK Corporation
Arnold Magnetic Technologies
Shin-Etsu Chemical Co. Ltd.
Bakker Magnetics BV
Global Magnet Market Segmentation:
Our report has categorized the market based on region, magnet type and application.
Breakup by Magnet Type:
Ferrite
Neodymium Iron Boron (NdFeB)
Aluminium Nickel Cobalt (AlNiCo)
Samarium Cobalt (SmCo)
Breakup by Application:
Computer Hard Disk Drives (HDD), CD, DVD
Hybrid Electric Vehicles
Electric Bicycles
Heating, Ventilating and Air Conditioners (HVAC)
Wind Turbines
Other Applications
Regional Insights:
China
Japan
USA
Europe
Other regions
Key highlights of the report:
Market Performance (2015-2020)
Market Outlook (2021-2026)
Porter’s Five Forces Analysis
Market Drivers and Success Factors
SWOT Analysis
Value Chain
Comprehensive Mapping of the Competitive Landscape