The permanent magnets market is witnessing escalating growth, expected to reach US$ 34.4 Bn in 2021, concludes a recently published market research report by Fact.MR. The study estimates that revenues reach US$ 78 Bn by 2031, expanding at a CAGR of 8.5%.

From 2016 to 2020, global sales of permanent magnets expanded at around 8% CAGR, closing in at a revenue share of US$ 34 Bn by the end of the aforementioned historical period. Sales were downplayed across key sectors such as automotive amid the COVID-19 pandemic, attributed to strict curbs on factory operations, while industries such as the consumer electronics sustained demand.

Manufacturers are capitalizing on the Chinese market. According to various studies, China has been designated as the world’s leader in mining of rare earth ores, a key raw material needed for most magnets. Studies report that China mines over 55% of the world's rare earth ores needed for most magnets making it the biggest producer of rare earth magnets.

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Permanent Magnets Market- Scope of Report:

A recent study by Fact.MR on the Permanent Magnets market offers a 10-year forecast for 2022 to 2032. The study analyzes crucial trends that are currently determining the growth of the market. This report explicates on vital dynamics, such as the drivers, restraints, and opportunities for key market players along with key stakeholders as well as emerging players associated with the development of Permanent Magnets.

The study also provides the dynamics that are responsible for influencing the future status of the market over the forecast period. A detailed assessment of value chain analysis, business execution, cost structure analysis, and supply chain analysis across regional markets has been covered in the report.

A list of prominent companies manufacturing Permanent Magnets, along with their product portfolios, key strategies, SWOT Analysis, enhances the reliability of this comprehensive research study.

In Depth Analysis Of Competitive Landscape:

Prominent players are embracing innovative approaches such as ground-breaking marketing tactics, technological advances for cancer screening, mergers, and acquisitions.   

• In March 2021, Arnold magnetic Technologies announced acquisition of Ramco Electric Motors, Inc. This transaction further advances Arnold’s strategic priorities to deliver new materials and engineered solutions that empower customers to develop next generation technologies
• In April 2021, Timken Steel Corp. announced a purchase agreement with Daido Steel (Shanghai) Co., Ltd. ("Daido") with the intent to sell its Timken Steel (Shanghai) Corporation Limited ("TSS") subsidiary in China for approximately US$ 7 Mn in cash           

Key Permanent Magnets Survey Highlights And Projections

• Expansion of organized retail sector, besides surging sales via online channels will presents attractive growth opportunities. Driven by this, Fact MR predicts the market to rise at 8.5% CAGR through 2022-2032
• Expansion of food service sector and focus on pocket-friendly yet efficient packaging solutions will drive Permanent Magnets sales in India and China
• Prospects for growth remain optimistic in Japan and South Korea, backed by industrialization and favorable government policies.
• Sales within the U.S. will account for maximum demand registered in North America.
• Demand will remain high in Germany and the U.K. as both countries focus on technological improvements in packaging machineries.

Report Benefits Key Questions Answered

• Permanent Magnets Company brand share review: Fact.MR offers in-depth brand audit to identify how strategies adopted by companies to establish their brand image will help them to achieve their growth targets.
• Permanent Magnets Historical volume analysis: The study evaluates sales registered in the market between 2016 and 2020 and compares the same with future outlook.
• Permanent Magnets Category segment level analysis: Fact.MR presents refined sales outlook. This chapter evaluates key factors enabling sales across various segments within the market. It also analyzes prospects for sales across emerging countries.
• Permanent Magnets demographics spending pattern: MR Survey on Permanent Magnets market evaluates the spending behavior of consumers. It studies the factors affecting their consumption, in turn influencing their spending pattern. Overall higher willingness to spend on advanced packaging is observed, which will bode well for the market.
• Expenditure on Permanent Magnets post COVID-19 Recovery: The report presents comparison between pre-COVID and post COVID spending pattern of consumers. Higher inclination to shop online and expansion of ecommerce post COVID will have a considerable impact on overall Permanent Magnets sales.

Permanent Magnets Market Segmentations:

·         Material

• Ferrite-based Permanent Magnets
• Neodymium Iron Boron (NdFeB) Permanent Magnets
• Aluminum Nickel Cobalt (Alnico) Permanent Magnets
• Samarium Cobalt (SmCo) Permanent Magnets

·         Application

• Permanent Magnets for Automotive Applications
• Permanent Magnets for Consumer Goods Electronics
• Permanent Magnets for Industrial Applications
• Permanent Magnets for Aerospace Defense
• Permanent Magnets for Energy
• Permanent Magnets for Medical Applications

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