According to the latest report by IMARC Group, titled "Magnet Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global magnet market size reached US$ 36.6 Billion in 2021. Magnets are materials that are capable of maintaining a magnetic flux in the absence of an applied magnetic field. They produce a magnetic field that can attract iron, nickel and cobalt and other objects containing these metals. They are widely utilized in the manufacturing of numerous devices as they assist in transforming energy from one form to another. As a result, they are extensively employed across numerous sectors for applications in power generation, magnetic sensors, magnetic recording, microwave communications, transportation, and energy conversion.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Magnet Market Trends:
The global market is majorly driven by significant growth in the consumer electronics sector. Since magnets form an essential component in the manufacturing of smartphones, home appliances and personal electronics, this is providing an impetus to the market growth. Moreover, they are widely utilized in the automotive sector for auto-clutch, electric braking, and throttle and gearbox actuation. A significant rise in the sales of electric and luxury vehicles across the globe is creating a positive outlook for the market. The market is further driven by the rising applications of magnets in the production of medical devices. They form an essential component in hearing aids, magnetic resonance imaging (MRI) machines, and ventricular assist devices (VAD). Additionally, with the increasing cases of the COVID-19 across the globe, there has been a rising demand for ventilators that are crucial in treating respiratory failures. Since permanent magnets form an indispensable part of these critical machines, this is creating a positive outlook for the market. Some of the other factors contributing to the market growth include the growing demand for product miniaturization and the escalating demand for devices with lower carbon footprints. On account of these aforementioned factors, the market is anticipated to grow at a CAGR of 4.71% during 2022-2027.
- On the basis of the magnet type, the market has been divided into Ferrite, Neodymium Iron Boron (NdFeB), Aluminium Nickel Cobalt (AlNiCo), and Samarium Cobalt (SmCo). Amongst these, Neodymium Iron Boron (NdFeB) is the most popular type of magnet, accounting for majority of the total global market.
- Based on the applications, the market has been classified into computer hard disk drives (HDD), CD, DVD, hybrid electric vehicles, electric bicycles, heating, ventilating and air conditioners (HVAC), wind turbines and 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, nanotechnology, military and aerospace, and energy storage systems). Currently, computer hard disk drives (HDD) exhibit a clear dominance in the market.
- On the geographical front, the market has been segmented into China, Japan, the USA, Europe, and others. At present, China holds the leading position in the market.
- The competitive landscape of the market has been analyzed in the report, with the detailed profiles of the key players.
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