Permanent Magnets Industry Overview

The global permanent magnets market size is projected to reach approximately USD 39.71 billion by 2030, according to a new report by Grand View Research, Inc., expanding at a CAGR of 8.7% over the forecast period.. The rising number of supportive initiatives to promote healthcare infrastructure, especially in developing countries, is projected to aid the market growth over the forecast period.

The demand for the product is expected to be driven by the extensive usage in industrial automation amidst the COVID-19 outbreak and rising demand from the healthcare sector. Permanent magnets are used in various medical devices, such as blood separators, surgical devices, dental equipment, patient monitoring systems, drug delivery systems, and Magnetic Resonance Imaging (MRI) scanners, and other essential & non-essential healthcare devices. The COVID-19 outbreak in 2020 played a key role in driving the investments in developing healthcare infrastructure.

Gather more insights about the market drivers, restrains and growth of the Permanent Magnets Market

For instance, the Government of India laid out the plan to upend its healthcare spending by nearly 3% of its total GDP by 2022. Such initiatives are likely to drive the product demand in the healthcare sector over the predicted timeline. The product is also significantly used in wearable electronic devices. The global economy is currently witnessing drastic developments in technology, which has led to the proliferation of smart electronic devices.

The market for wearable electronics devices, smartphones, and other smart technologies in advanced as well as emerging economies is likely to witness significant growth. This is likely to indirectly benefit the product demand over the forecast period. The global market is fragmented and is characterized by regional concentration. On account of the presence of large-scale rare earth metal deposits in China, numerous small, medium, and large-scale manufacturers are located in close vicinity.

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Permanent Magnets Market Segmentation

Grand View Research has segmented the global permanent magnets market based on material, application, and region:

Permanent Magnets Material Outlook (Volume, Kilotons; Revenue, USD Million; 2018 - 2030)

• Ferrite
• Neodymium Iron Boron (NdFeB)
• Aluminum Nickel Cobalt (Alnico)
• Samarium Cobalt (SmCo)

Permanent Magnets Application Outlook (Volume, Kilotons; Revenue, USD Million; 2018 - 2030)

• Automotive
• Consumer goods & electronics
• Industrial
• Aerospace & Defense
• Energy
• Medical
• Others

Permanent Magnets Regional Outlook (Volume, Kilotons; Revenue, USD Million; 2018 - 2030)

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Russia
  • UK
  • France
  • Italy
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
• Central & South America
  • Brazil
  • Argentina
• Middle East & Africa
  • KSA

Key Companies profiled:

• Adams Magnetic Products Co.
• Earth-Panda Advance Magnetic Material Co., Ltd.
• Arnold Magnetic Technologies
• Daido Steel Co., Ltd.
• Eclipse Magnetics Ltd.
• Electron Energy Corp.
• Goudsmit Magnetics Group
• Hangzhou Permanent Magnet Group
• Magnequench International, LLC
• Ningbo Yunsheng Co., Ltd.
• Ninggang Permanent Magnetic Materials Co., Ltd.

Key Permanent Magnets Companies Insights

Some of the key players operating in the market include Hitachi Metals Ltd., Shin-Etsu Chemical Co., Ltd. and Ningbo Yunsheng Co., Ltd.

• Hitachi Metals Ltd. operates through three business segments, namely automotive related products, electronics-related products, and infrastructure related products. It offers a wide range of products including cutting tools, molding materials, chassis, exhaust components, magnets & motor related products, LCD displays & semiconductors, medical equipment, aircraft components, piping equipment, industrial equipment, and rubber.
• Shin-Etsu Chemical Co., Ltd. operates through various business segments, namely PVC, silicones, specialty chemicals, semiconductor silicon, electronics & functional materials, and processing/trading businesses.
• Ningbo Yunsheng Co., Ltd. develops and manufactures sintered and bonded NdFeB, AlNiCo, and SmCo magnets; magnetic assemblies; and electric motor products. The company is engaged in the research and management of servomotors, compact spinning devices, automobile motors, serinette, smart technology products & supplies, and neodymium magnets.
• Earth-Panda Advance Magnetic Material Co., Ltd., and Ninggang Permanent Magnetic Materials Co., Ltd., are some of the emerging market participants.

Recent Developments

• In October 2023, Ara Partners, a private equity firm acquired Vacuumschmelze (VAC), a German permanent magnets producer, from its equity investor Apollo. This will strengthen the duo’s rare earths value chain, and help the former to pursue its strategic growth opportunity of supplying permanent magnets to key industries such as electric vehicles (EV).
• In January 2023, VAC signed an agreement with U.S. automaker General Motors to build a permanent magnets manufacturing plant in North America to manufacture, using locally sourced raw materials. The product would be used in the manufacture of electric motors supplied to GM automobiles.

Order a free sample PDF of the Permanent Magnets Market Intelligence Study, published by Grand View Research.