December 12, 2024 09:00 ET | Source: SNS Insider pvt ltd SNS Insider pvt ltd
Austin, Dec. 12, 2024 (GLOBE NEWSWIRE) -- The SNS Insider report indicates that, “The permanent magnet market is projected to reach USD 51.01 billion by 2032, reflecting a compound annual growth rate (CAGR) of 8.41% from 2024 to 2032.” Aerospace Magnet
Increasing adoption of electric vehicles is one of the crucial factors driving the growth of the permanent magnet market.
Permanent magnets are vital to the workings of electric motors, which are responsible for converting electrical energy to mechanical motion. With governments worldwide advocating for greener technologies and the automotive industry shifting towards electrification, the need for high-performance permanent magnets will increase significantly in the coming years.
Additionally, EVs and renewable energy aside, there are numerous applications of permanent magnets across a broad range of sectors such as electronics, telecommunications, robotics, and healthcare. Permanent magnets improve the working of electronic devices like electric motors, sensors as well as MRI machines, which continues to boost their demand in the respective industries.
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Permanent Magnet Market Report Scope:
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Emerging Trends and Technological Innovations
The permanent magnet market is undergoing significant transformations, driven by technological innovations aimed at improving efficiency and reducing costs. One of the most noteworthy trends is the development of rare-earth-free permanent magnets. Traditionally, rare earth elements like neodymium and dysprosium have been used to produce high-strength permanent magnets, but their supply has been subject to geopolitical and environmental concerns. As a result, researchers are exploring alternatives, including iron-based magnets and other materials that can offer comparable performance without relying on rare earth elements.
Another technological advancement is the continuous improvement in the manufacturing processes of permanent magnets. Innovations in production techniques, such as the development of more efficient sintering methods, are reducing the cost of high-performance magnets while increasing their production capacity. This, in turn, is making permanent magnets more accessible to a broader range of industries and applications, particularly in developing economies.
The development of 3D printing technology is also having a significant impact on the permanent magnet market. 3D printing offers the potential to create custom-designed magnets with precise dimensions and optimized properties. This technology is expected to become more prevalent in the manufacturing of specialized magnets for high-tech applications in aerospace, defense, and medical devices.
The ongoing push for energy efficiency and sustainable technologies presents significant growth opportunities for the permanent magnet market.
The transition to electric vehicles, for instance, presents a burgeoning market for permanent magnets used in electric motors and battery systems. As governments ramp up policies that incentivize EV adoption, such as subsidies and emission reduction targets, the demand for permanent magnets in this sector is expected to rise significantly.
The wind power industry also represents a growing opportunity. As global investments in wind energy increase, there is a concurrent rise in demand for high-performance permanent magnets in wind turbines. With advancements in turbine design and an increasing number of offshore wind projects, the need for reliable, high-performance permanent magnets will continue to grow.
Furthermore, the expansion of the consumer electronics market, particularly with the growth of IoT (Internet of Things) devices, presents opportunities for the use of permanent magnets in smaller, more compact devices. This trend is likely to drive demand for miniature permanent magnets in applications ranging from mobile phones to wearables.
In 2023, Asia Pacific accounted for the largest share of the global permanent magnet market around 58% in 2023.
China is the largest producer and consumer of permanent magnets, primarily due to its dominance in the manufacturing of electric vehicles, electronics, and renewable energy systems. The country also has access to a substantial portion of the world's rare earth materials, which are essential for producing high-performance permanent magnets.
The U.S. and Europe are also significant markets for permanent magnets. The growing demand for electric vehicles in the U.S. and the European Union’s commitment to renewable energy are expected to drive the market in these regions. In particular, the European market is seeing strong growth due to increasing investments in wind energy and electric mobility.
Market Analysis by Type Segment
The ferrite magnet segment accounted for the largest revenue share of approximately 40% in 2023. Because of its cost-effectiveness, easy accessibility, and multiform application, the ferrite magnet segment leads the permanent magnet market. Ferrite magnets, which are synthesized from a mixture of oxides of iron and a carbonate of barium or strontium, are processed at a cost lower than that of rare-earth magnets like neodymium-iron-boron (NdFeB). This cost-benefit relationship makes them a superior fit for ventures where cost is a factor, such as low-probability client gadgets, toys, vehicle applications, and family unit machines. Besides, ferrite magnets exhibit good magnetic properties, corrosion-proof, and high durability, which make ferrite magnets suitable for a wide range of applications such as motors, loudspeakers, and magnetic separators.
Market Analysis by End-User Segment
Consumer electronics held the largest revenue share of more than 27% in 2023 in the permanent magnet market. Permanent magnets are essential parts used in many consumers electronic devices, from smartphones and televisions to headphones and electric vehicles. Such devices rely on these magnets to function motors, speakers, sensors, and actuators. Miniaturization and the demand for smart technologies will fuel demand for high-performance permanent magnets, especially in electronic devices.
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Table of Contents – Major Key Points
5. Statistical Insights and Trends Reporting
7. Cross Laminated Timber Market Segmentation, By Type
8. Cross Laminated Timber Market Segmentation, by Application
11. Use Cases and Best Practices
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