Permanent magnets market will grow at a stellar 8.5% CAGR between 2019 and 2029. End-use applications in smart devices and electric vehicles will propel the demand for permanent magnets. Developing economies such as China are witnessing a rapid surge in demand for electric vehicles that employ permanent magnet motors.
Smart homes also employ permanent magnet based devices. Automotive segment offers the most lucrative growth followed by Medical, Energy, and Consumer Goods & Electronics. Increasing expenditure on electronics such as smartphones, laptops, and music systems is a prominent factor that propels the permanent magnets market.
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Key Takeaways of Permanent Magnet Study
- Neodymium Iron Boron (NdFeB) will grow 2.4X during the forecast.
- Automotive segment will drive the growth of permanent magnets market with a stellar 10.7% CAGR.
- Medical instruments that use permanent magnets are expected to grow at dexterous 9% CAGR during the projection period.
- Asia Pacific (East Asia and South Asia & Oceania) accounts for the largest market share with strong indications of growing 2.4X from 2019 to 2029.
High Definition Televisions to Bolster Growth of Permanent Magnets Market
The manufacturing of high definition televisions such as 4k, and 8k for High Dynamic Range (HDR) is expected to drive sales of permanent magnets. Rare earth magnets are used in smartphones, smart televisions, and smart home devices.
The increasing demand for these products will ripple down to an increase in demand for permanent magnets. Innovation and development of end-use applications such as water pumps, automotive, and medical instruments will give permanent magnet manufacturers the competitive edge. Prevalence of electric cars will also contribute to the demand for permanent magnets.
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Find More Valuable Insights on Permanent Magnets Market
Fact.MR, in its new offering, provides an in-depth analysis of the global permanent magnets market, displaying data on historical demand (2014-2018) and forecast data for the period, 2019-2029.
The study provides readers with essential insights on the permanent magnets market on the basis of material (Ferrite, Neodymium Iron Boron, Aluminum Nickel Cobalt, Samarium Cobalt), applications (automotive, consumer good & electronics, industrial, aerospace & defense, energy, medical, and others), and across 6 key regions (North America, Latin America, Europe, East Asia, South Asia & Oceania, and Middle East & Africa).
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