Permanent Magnet Market Analysis, Insight - PowerPoint Presentation

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Global Permanent Magnet Market- Industry Size, Share, Trend Analysis, Outlook, Growth, Opportunity and Forecast, 2021-2027

Permanent Magnet Market- Industry Trends & Forecast Report 2027

A study, recently conducted by the strategic consulting and market research firm, 

BlueWeave Consulting, revealed that the global permanent magnet market was worth USD 31.7 billion in 2020 and is further projected to reach USD 59.3 billion by 2027, at a CAGR of 9.4 % during the forecast period (2021-2027). The consumer goods and electronics industry is heavily reliant on permanent magnets, which are widely employed in a variety of applications, including smartphones and personal gadgets. The booming automotive industry is also propelling the permanent magnet market forward. Additionally, the medical industry is an important market segment that is favoring the market growth.

Growth Drivers The Surge in Demand from the Automobile Applications Push the Demand for Permanent MagnetAutomobile demand is expanding in emerging economies like China, India, and Japan. As a result, the growing automotive industry in Asia-Pacific is powering the growth of the permanent magnet market. China, India, Japan, and Indonesia are among the significant contributors to the region's growth. Towards the end of 2020, India was the fifth-largest motor vehicle/car market in the world. According to the Indian government, 3.49 million passenger and commercial vehicles were sold in 2020. In India, 3.49 million passenger and commercial vehicle sales were registered in 2020. Companies such as GM, Tata Motors, Volkswagen Group, Toyota, Honda, and Hyundai are significantly expanding their manufacturing facilities in Asia-Pacific

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Restraints The Fluctuating Cost of Raw Materials is Limiting Market GrowthOne of the primary reasons limiting the permanent magnet market's growth is fluctuating raw material costs, which has significant repercussions for manufacturing companies. Manufacturers face unexpected challenges and disrupted supply chains, from rising energy prices to unforeseen variations in raw material prices, making it difficult to provide quality products at low prices and generate revenue. The prices of rare earth metals and other raw materials used in permanent magnets keep fluctuating. Thus, the quality and quantity of permanent magnets produced are affected by this. Consequently, manufacturers pass these expenses on to consumers.

Impact of COVID-19The novel coronavirus has negatively impacted the permanent magnet market. The COVID-19 outbreak has wreaked havoc all over the world. The worst effects have been seen in countries like Asia and Europe. Due to the lockdown restrictions imposed by the government, companies had to suspend operations and manufacturing facilities temporarily. The construction industry was shut down as well so that the disease would not spread. As a result, the use of permanent magnets in numerous applications decreased. Additionally, due to a spike in COVID-19 cases, the demand for ventilators soared, positively affecting the market. As a result, the permanent magnet market is expected to experience an upward trend during the forecast period

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Regional InsightsGeographically, the global permanent magnet market is categorized into North America, Europe, the Asia-Pacific, the Middle East & Africa, and Latin America. Among all the regions, the Asia-Pacific segment held a significant market share in 2020 and is likely to dominate the segment during the forecast period. China has long been regarded as a preeminent market in the Asia-Pacific region. This can be linked to the region's increasing progress in end-use industries such as electronics,

renewables

, automotive, and medical. The country not only outperforms in terms of having a high consumption share due to large-scale manufacture of electronics, electric vehicles, and medical equipment, but it also has the advantage of possessing massive amounts of rare earth, a vital raw material.

Competitive LandscapeSome key players in the global permanent magnet market are Hitachi Metals, Ltd., Arnold Magnetic Technologies,

Yantai

Shougang Magnetic Materials Inc., Tdk Corp., Shin–Etsu Chemical Co., Ltd., Electron Energy Corporation, Adams Magnetic Products Co., Inc., Bunting Magnetics Co., Tengam Engineering, Inc., Ningbo Yunsheng Co., Ltd., Chengdu Galaxy Magnets Co. Ltd., Goudsmit Magnetics, Eclipse Magnetics, Earth–Panda Advance Magnetic Material Co., Ltd., Hangzhou Permanent Magnet Group, JPMF Guangdong Co., Ltd., and Other Prominent Players.Sample Copy: https://www.blueweaveconsulting.com/report/permanent-magnet-market/report-sample

Recent DevelopmentsIn December 2020, In collaboration with Electron Energy Corporation, Ames developed a magnet technology cornerstone, samarium cobalt (SmCo).

In July 2020, Shin-Etsu Chemical Co., Ltd. developed a new type of silicone emulsion that is more effective. ·These unique silicone emulsions are produced using advanced purification technology with lower concentrations of particular siloxanes to comply with REACH regulations.

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