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. 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.
According to a recently published report by Fortune Business Insights titled, “Permanent Magnet Market Size, Share &
Industry Analysis, By Type (Neodymium Iron Boron (NdFeB), Ferrite, Samarium
Cobalt (SmCo), Aluminum Nickel Cobalt (Alnico), and Others), By Application (Consumer
Electronics, Automotive, General Industrial, Medical Devices, Energy, and
Others), and Regional Forecast, 2019-2026,” 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.
SMMV Manufacturing Plant in Vietnam to Strengthen Portfolio by
Increasing Production Capacity
Materials Vietnam Co., Ltd. (SMMV) completed constructing a manufacturing plant
for rare earth magnet in Hai Phong Province of Vietnam in the year 2016 and started
operating from June 2017. Rare earth magnets are used for a variety of
applications such as electric and hybrid automobiles, hard disk drives, and
energy-saving air conditioners. The SMMV aims at multiplying the production
capacity by two times up to 2,200 tons of earth magnet on an annual basis. The
magnets produced in this plant will be shipped t0o end-users after processing
them in other plants located in different nations across Southeast Asia. Such
initiatives taken by market vendors are likely to aid in the expansion of the
market in the future years.
Browse Complete Report Summary:
Increasing Use of Neodymium Iron Boron Will Add Impetus to Market
demand for consumer electronics is a major permanent magnet market growth. This
includes gadgets such as Music systems, computers, laptops, mobile phones, and
others. In addition to this, the increasing use of neodymium iron boron (NdFeB)
with its beneficial properties such as repulsion, attraction, and energy
conversion will also aid in the expansion of the market in the coming years.
On the negative
side, the fluctuating prices of raw materials such as alloys, and increasing
prices of energy may cause major hindrance to the overall market in the coming
Players Aiming at Setting up Bases in China to Gain Competitive
China holds an
estimate of more than 70% of the market share. Therefore, players are aiming at
expanding their geographical base in this nation and investing heavily in the
same for gaining an upper hand on resources and production while cutting down
the export cost. Besides this, vendors are engaging in mergers and
acquisitions, contracts and agreements, joint partnerships, and other
collaborative efforts to attract high revenue to the market in the forthcoming
Significant Industry Developments of Market include:
May 2018 – A consolidated subsidiary of Santoku
Corporation was acquired by Hitachi Metals Ltd. for turning it to a
wholly-owned subsidiary to strengthen the cooperation between companies and
accelerate the process of decision making.
February 2019 – A new research and development facility
was formed by Arnold Magnetic Technologies at the MGE Innovation Center complex
located in Wisconsin, United States.
List of Notable Market Manufacturers are:
Advance Magnetic Material Co., Ltd.
Daido Steel Co., Ltd.
Bunting Magnetics Co.
Tridus Magnetics and
Products Co., Inc.
Ningbo Yunsheng Co.
Hitachi Metals, Ltd.
Further Report Findings
Asia Pacific held the dominant
permanent magnet market share with a revenue of USD 13.82 Billion in 2018, attributed to
increasing demand for consumer electronics and applications running on energy.
Based on segmentation by application,
the market is dominated by the consumer electronics segment on account of 36.7%
share on account of the demand for various devices such as smartphones,
laptops, speakers, and others.