According to the latest report by IMARC Group, titled “Magnet Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, offers a comprehensive analysis of the industry, which comprises insights on magnet market share. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global magnet market reached a value of US$ 36.6 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 47.4 Billion by 2027, exhibiting at a CAGR of 4.71% during 2022-2027.
A magnet represents any material that produces a magnetic field and is capable of attracting nickel, iron, cobalt, etc., and objects containing these metals. It is manufactured by using a group of materials, also called ferromagnetic metals, such as nickel and iron, which have the unique property of being able to be magnetized uniformly. In line with this, a magnet is extensively utilized in the production of several devices, as it assists in transforming energy from one form to another. Consequently, it is widely used across several sectors for applications in magnetic sensors, magnetic recording, power generation, microwave communications, transportation, energy conversion, etc.
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The expanding consumer electronics sector is primarily driving the magnet market. Additionally, the growing utilization of electric and luxury vehicles and the escalating demand for devices with lower carbon footprints are further catalyzing the market growth. Besides this, the widespread adoption of magnets in the production of magnetic resonance imaging (MRI) machines, hearing aids, ventricular assist devices (VAD), etc., is acting as another significant growth-inducing factor. Moreover, their strong magnetic strength allows for product miniaturization, improved product performance, reduced manufacturing costs, etc., which is positively influencing the global market. Apart from this, the inflating need for ventilators that are crucial in treating respiratory failures and the rising focus of government bodies on using energy-saving equipment that can help them in minimizing their carbon footprints are also bolstering the market growth. Furthermore, the introduction of 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 guided, suspended, and propelled above a guideway by magnetic fields, is expected to fuel the magnet market over the forecasted period.
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Magnet Market Segmentation:
Our report has categorized the market based on region, magnet type and application.
Breakup by Magnet Type:
- Neodymium Iron Boron (NdFeB)
- Aluminium Nickel Cobalt (AlNiCo)
- Samarium Cobalt (SmCo)
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
- Military and Aerospace
- Energy Storage Systems
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
Note: We are in the process of updating our reports. If you want to receive the latest research data covering the time period from 2023 to 2028, along with industry trends, market size, and competitive analysis, click on the request sample report. The team would be able to deliver the latest version of the report in a quick turnaround time.
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