Product Code: SR112023A565
Market Overview:
The global magnet market size reached US$ 38.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 49.3 Billion by 2028, exhibiting a growth rate (CAGR) of 4.61% during 2023-2028.
A magnet refers to any material that produces a magnetic field and is capable of attracting iron, nickel and cobalt and objects containing these metals. It is made of a group of materials called ferromagnetic metals, such as nickel and iron, which have the unique property of being able to be magnetized uniformly. Over the years, the demand for magnets has escalated around the world as they are used in a wide range of devices used today, from air-conditioners and washing machines to speakers and hybrid cars.
Magnets are used in various home appliances such as refrigerators, vacuum cleaners, lawnmowers and garden tractors. They also play a critical role in the functioning of multiple medical devices, particularly magnetic resonance imaging (MRI) machines, hearing aids, and ventricular assist devices (VAD). Besides this, their strong magnetic strength allows for significant product miniaturization, improved product performance and reduced manufacturing costs. Apart from this, the reduction in the emissions of CO2 and other greenhouse gases in line with the Kyoto Protocol is rapidly emerging as a major global agenda. Owing to this, governments of various countries are focusing on using energy-saving technologies and devices that can help them in reducing their carbon footprints. Moreover, manufacturers have introduced magnetic levitation (maglev), a relatively new transportation technology, in which non contacting vehicles travel safely at a speed of 250 to 300 miles-per-hour or higher while suspended, guided and propelled above a guideway by magnetic fields. This technology has the potential to grow in the near future, thereby creating a strong demand for magnets.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global magnet market report, along with forecasts at the global and regional level from 2023-2028. Our report has categorized the market based on magnet type and application.
Breakup by Magnet Type:
- Ferrite
- Neodymium Iron Boron (NdFeB)
- Aluminium Nickel Cobalt (AlNiCo)
- Samarium Cobalt (SmCo)
Amongst these, neodymium iron boron (NdFeB) is the most popular type of magnets, accounting for majority of the overall market share.
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
- Transducers and Loudspeakers
- Magnetic Separation Equipment and Sorters
- Magnetic Resonance Imaging (MRI)
- Magnetic Braking Systems
- Magnetically Levitated Transportation Systems
- Medicine and Health
- Credit Cards and other ID Cards
- Traveling Waves Tubes (TWT)
- Advertising and Promotional Products
- Magnetic Refrigeration system
- Nanotechnology
- Military and Aerospace
- Energy Storage Systems
At present, the major share of magnets is used in computer hard disk drives (HDD), CDs and DVDs, where the magnet is used both for driving the spindle motor and for positioning the read/write head.
Regional Insights:
- China
- Japan
- USA
- Europe
- Other Regions
On the geographical front, China represents the world's largest market for permanent magnets and currently accounts for nearly two-thirds of the global market.
Competitive Landscape:
The competitive landscape of the market has been analyzed in the report, providing the detailed profiles of the major players operating in the industry.
Key Questions Answered in This Report:
- What was the size of the global magnet market in 2022?
- What is the expected growth rate of the global magnet market during 2023-2028?
- What are the key factors driving the global magnet market?
- What has been the impact of COVID-19 on the global magnet market?
- What is the breakup of the global magnet market based on the magnet type?
- What is the breakup of the global magnet market based on the application?
- What are the key regions in the global magnet market?
- Who are the key players/companies in the global magnet market?
Table of Contents
1 Preface
2 Scope and Methodology
- 2.1 Objectives of the Study
- 2.2 Stakeholders
- 2.3 Data Sources
- 2.3.1 Primary Sources
- 2.3.2 Secondary Sources
- 2.4 Market Estimation
- 2.4.1 Bottom-Up Approach
- 2.4.2 Top-Down Approach
- 2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
5 Global Permanent Magnet Market
- 5.1 Market Overview
- 5.2 Market Performance
- 5.2.1 Volume Trends
- 5.2.2 Value Trends
- 5.3 Impact of COVID-19
- 5.4 Market Breakup by Type
- 5.5 Market Forecast
- 5.6 Value Chain Analysis
- 5.7 Pricing Mechanism and Profit Margins at Various Levels of the Supply Chain
- 5.8 SWOT Analysis
- 5.8.1 Overview
- 5.8.2 Strengths
- 5.8.3 Weaknesses
- 5.8.4 Opportunities
- 5.8.5 Threats
- 5.9 Porter's Five Forces Analysis
- 5.9.1 Overview
- 5.9.2 Bargaining Power of Buyers
- 5.9.3 Bargaining Power of Suppliers
- 5.9.4 Degree of Competition
- 5.9.5 Threat of New Entrants
- 5.9.6 Threat of Substitutes
- 5.10 Key Success and Risk Factors for Manufacturers
6 Global Permanent Magnet Market by Magnet Type
- 6.1 Ferrite
- 6.1.1 Volume Trends
- 6.1.2 Value Trends
- 6.1.3 Market by Region
- 6.1.4 Major Applications
- 6.1.5 Market Forecast
- 6.2 Neodymium Iron Boron (NdFeB)
- 6.2.1 Volume Trends
- 6.2.2 Value Trends
- 6.2.3 Market by Region
- 6.2.4 Major Applications
- 6.2.5 Market Forecast
- 6.3 Aluminium Nickel Cobalt (AlNiCo)
- 6.3.1 Volume Trends
- 6.3.2 Value Trends
- 6.3.3 Market by Region
- 6.3.4 Major Applications
- 6.3.5 Market Forecast
- 6.4 Samarium Cobalt (SmCo)
- 6.4.1 Volume Trends
- 6.4.2 Value Trends
- 6.4.3 Market by Region
- 6.4.4 Major Applications
- 6.4.5 Market Forecast
7 Global Permanent Magnet Market by Region
- 7.1 China
- 7.1.1 Current and Historical Market Trends
- 7.1.2 Market Forecast
- 7.2 Japan
- 7.2.1 Current and Historical Market Trends
- 7.2.2 Market Forecast
- 7.3 USA
- 7.3.1 Current and Historical Market Trends
- 7.3.2 Market Forecast
- 7.4 Europe
- 7.4.1 Current and Historical Market Trends
- 7.4.2 Market Forecast
- 7.5 Other Regions
- 7.5.1 Current and Historical Market Trends
- 7.5.2 Market Forecast
8 Global Permanent Magnet Market by Application
- 8.1 Computer Hard Disk Drives (HDD), CD, DVD
- 8.2 Hybrid Electric Vehicles
- 8.3 Electric Bicycles
- 8.4 Heating, Ventilating and Air Conditioners (HVAC)
- 8.5 Wind Turbines
- 8.6 Other Applications
- 8.6.1 Transducers and Loudspeakers
- 8.6.2 Magnetic Separation Equipment and Sorters
- 8.6.3 Magnetic Resonance Imaging (MRI)
- 8.6.4 Magnetic Braking Systems
- 8.6.5 Magnetically Levitated Transportation Systems
- 8.6.6 Medicine and Health
- 8.6.7 Credit Cards and other ID Cards
- 8.6.8 Travelling Waves Tubes (TWT)
- 8.6.9 Advertising and Promotional Products
- 8.6.10 Magnetic Refrigeration system
- 8.6.11 Nanotechnology
- 8.6.12 Military and Aerospace
- 8.6.13 Energy Storage Systems
9 Key Players in the Global Magnet Market
10 Requirements for Setting-up a Permanent Magnet Manufacturing Plant
- 10.1 Ferrite
- 10.1.1 Manufacturing Process
- 10.1.2 Raw Material Requirements
- 10.1.3 Land and Construction Requirements
- 10.1.4 Machinery and Infrastructure
- 10.1.5 Machinery Pictures
- 10.1.6 Plant Layout
- 10.1.7 Packaging Requirements
- 10.1.8 Utility Requirements
- 10.1.9 Manpower Requirements
- 10.2 Neodymium Iron Boron (NdFeB)
- 10.2.1 Manufacturing Process
- 10.2.2 Raw Material Requirements
- 10.2.3 Land and Construction Requirements
- 10.2.4 Machinery and Infrastructure
- 10.2.5 Machinery Pictures
- 10.2.6 Plant Layout
- 10.2.7 Packaging Requirements
- 10.2.8 Utility Requirements
- 10.2.9 Manpower Requirements
- 10.3 Samarium Cobalt (SmCo)
- 10.3.1 Manufacturing Process
- 10.3.2 Raw Material Requirements
- 10.3.3 Land and Construction Requirements
- 10.3.4 Machinery and Infrastructure
- 10.3.5 Machinery Pictures
- 10.3.6 Plant Layout
- 10.3.7 Packaging Requirements
- 10.3.8 Utility Requirements
- 10.3.9 Manpower Requirements
11 Drivers of the Global Permanent Magnets Industry
12 Challenges Faced by the Magnet Industry
13 Import and Export Data of Permanent Magnets
- 13.1 Exports
- 13.2 Imports