The recently published report by IMARC Group, titled “Global Magnet Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025”, finds that the global permanent magnet market reached a value of US$ 19.5 Billion in 2019, registering a CAGR of 6.4% during 2012-2019. Permanent magnets can maintain a large magnetic flux in the absence of an applied magnetic field or upon modification of external environment. As they enable the operation of various devices by transforming energy from one form to another, permanent magnets form a crucial part of the modern lifestyle. They find applications in magnetic sensors, power generation, microwave communications, transportation, magnetic recording, energy conversion, etc. Owing to this, they can be found in a number of devices ranging from air-conditioners and washing machines to mobile phone speakers and electric motors.
As permanent magnets are widely used in the automotive industry for electric braking, throttle and gearbox actuation and auto-clutch, the surge in the demand for automobiles is propelling the growth of the market. Additionally, since these magnets form a crucial part of the energy-efficient and eco-friendly technologies, their demand is projected to increase as a large number of countries are promoting the use of these technologies to decrease their carbon footprint. Some of the other factors fuelling the market growth are wide usage of permanent magnets in medical devices, rising infrastructural developments, and advancements in information technology and communication. However, unfavourable economic conditions and fluctuations in the prices of the raw materials can adversely impact the market growth. Looking forward, the global permanent magnet market is expected to reach a value of nearly US$ 27.5 Billion by 2025, at a projected CAGR of 5.9% during 2020-2025.
Global Permanent Market Summary:
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