The global permanent magnet market size is expected to reach $34.70 billion by 2026 owing to the rising need for energy and the use of strong magnets for power generation. A permanent magnet is a device that can retain its magnetic properties despite being in an atmosphere with no magnetic field. According to a recently published report by Fortune Business Insights, the market value stood at $17.85 billion in 2018 and will exhibit a CAGR of 8.7% in the forecast duration set between 2019 to 2026.
A permanent magnet can also be called a hard magnet due to properties such as large magnetic moment, and low permeability. Permanent magnets are used in various kinds of loudspeakers, and other home appliances, and are available in variety such as ferrite magnets, alloy magnets, bonded magnets, and others. SMMV Manufacturing Plant in Vietnam to Strengthen Portfolio by Increasing Production Capacity
The permanent magnet market refers to the global industry involved in the production, distribution, and sale of permanent magnets. Permanent magnets are materials that retain their magnetism over an extended period and generate a persistent magnetic field.
These magnets find extensive applications across various sectors, including electronics, automotive, energy generation, medical devices, aerospace, and more. They are used in products such as electric motors, generators, speakers, magnetic resonance imaging (MRI) machines, hard disk drives, and magnetic separators, among others.
The permanent magnet market has witnessed significant growth over the years, driven by the increasing demand for energy-efficient technologies and the rising adoption of electric vehicles (EVs) and renewable energy systems. Permanent magnets are essential components in electric motors used in EVs, wind turbines, and other renewable energy applications.
The market is characterized by different types of permanent magnets, including neodymium-iron-boron (NdFeB), samarium cobalt (SmCo), ferrite, and alnico magnets. NdFeB magnets are currently the most widely used due to their high magnetic strength, which makes them suitable for numerous applications.
China has been the dominant player in the global permanent magnet market, both in terms of production and consumption. The country accounts for a significant portion of the global NdFeB magnet production. However, other countries like Japan, the United States, and Europe also have a presence in the market.