Market Summary:

The global Permanent Magnet Market reached a size of USD 21.63 billion in 2022 and is projected to attain a value of USD 39.44 billion by 2032, marking a substantial revenue Compound Annual Growth Rate (CAGR) of 6.2% during the forecast period. The primary driver of this market's revenue growth is the increasing demand for permanent magnets across a diverse range of industries, including automotive, electronics, and energy generation.

Permanent magnets, which maintain their magnetic properties even after being removed from an external magnetic field, play a vital role in the production of various electronic components such as sensors, electric motors, generators, and more. Furthermore, the automotive and energy generation sectors are experiencing a growing need for permanent magnets, attributed to the surging popularity of electric vehicles and the adoption of renewable energy sources, respectively.

Moreover, manufacturers are actively developing advanced permanent magnet materials like neodymium iron boron (NdFeB) and samarium cobalt (SmCo) magnets to meet the rising demand for magnets with enhanced energy density and increased efficiency. These materials, when compared to traditional magnet materials like ferrite magnets, offer superior performance and greater energy efficiency.

Additionally, the wind energy industry is witnessing an increased requirement for permanent magnets, driven by the growing emphasis on energy efficiency and environmental preservation. Permanent magnets are integral components in wind turbine generators, converting wind energy into electrical power. The rising installation of wind turbines for renewable energy production is further propelling the demand for permanent magnets in the wind energy sector.

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Strategic Development:

·         In 2021, Hitachi Metals Ltd. announced the development of a new neodymium magnet, called Neomax, which has improved magnetic properties compared to traditional neodymium magnets. The new magnet is expected to have applications in electric vehicles, industrial motors, and other high-performance applications.

·         In 2020, Shin-Etsu Chemical Co. Ltd. announced a collaboration with Toyota Motor Corporation to develop magnet wires that use high-performance silicon resin with low viscosity. The wires are expected to have applications in electric vehicles, wind power generators, and other industrial applications.

·         In 2020, Arnold Magnetic Technologies acquired Precision Thin Metals, a U.S. company that specializes in precision rolled thin magnetic materials. The acquisition was aimed at expanding Arnold Magnetic Technologies' product offerings in the global market.

·         In 2020, TDK Corporation announced a joint venture with Jinchuan Group, a Chinese mining and metallurgy company, to produce and sell neodymium magnets. The joint venture was aimed at securing a stable supply of rare earth materials for the production of neodymium magnets.

Permanent Magnet Market Report Scope

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Leading Players in the Permanent Magnet Market:

The global market for permanent magnets is characterized by a high degree of consolidation, with a select group of dominant players responsible for a significant portion of the market share. These major players in the market are implementing a variety of strategies, including mergers and acquisitions, collaborative ventures, product launches, and partnerships, aimed at fortifying their positions within the market. Among the prominent companies operating in the global permanent magnet market are:

·         Hitachi Metals Ltd.

·         Shin-Etsu Chemical Co. Ltd.

·         Arnold Magnetic Technologies

·         Adams Magnetic Products Co.

·         Daido Steel Co. Ltd.

·         TDK Corporation

·         Arnold Magnetic Technologies

·         Ningbo Yunsheng Co. Ltd.

·         Tengam Engineering Inc.

·         VACUUMSCHMELZE GmbH & Co. KG

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