India Magnet Market

Market Overview:

The India magnet market size is projected to exhibit a growth rate (CAGR) of 5.7% during 2024-2032. The rapid digital transformation, increasing adoption of electric vehicles (EVs), growing emphasis on renewable energy sources, and increasing government support and initiatives represent some of the key factors driving the market.

A magnet is an object or material that produces a magnetic field, a force that can attract or repel other magnets or magnetic materials. It has two main poles: a north pole and a south pole. These poles are points on the magnet with the strongest magnetic field. It is employed in manufacturing processes, particularly in the electronics, automotive, energy, and machinery sectors. The ability to generate a magnetic field is leveraged to create electric motors, generators, transformers, magnetic separators, and other essential devices. Magnets also find applications in consumer electronics, medical equipment, and magnetic resonance imaging (MRI) machines. 

India Magnet Market Trends:

The increasing demand for magnets in the electronics sector due to the rapid digital transformation and the burgeoning consumer electronics market are major factors driving the market growth. Magnets are integral components in electronic devices such as smartphones, laptops, televisions, and speakers, enabling these gadgets' miniaturization and enhanced performance. Additionally, the growing adoption of magnets to ensure efficient energy conversion and storage of renewable energy sources, like wind turbines and generators in the region, is propelling the market growth. Furthermore, the increasing utilization of magnets in electric motors and drivetrains owing to the rising adoption of electric vehicles (EVs) and hybrid vehicles in the region is strengthening the market growth. In addition to this, the increasing government initiatives to promote electric mobility, coupled with the rising awareness of environmental concerns, are driving the growth of the EV market, thereby positively impacting the demand for magnets. Moreover, the increasing focus on sustainability and eco-friendly practices across industries has led to a growing demand for magnets with improved environmental attributes encouraging manufacturers to invest in eco-friendly magnet materials, such as recyclable and biodegradable magnets, to align with green initiatives and reduce carbon footprint. Besides this, the increasing support by the Government of India (GOI) for domestic manufacturing and the "Make in India" campaign leading to an increase in domestic magnet production capacity and reduced reliance on imports is providing an impetus to the market growth.

India Magnet Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the India magnet market report, along with forecasts at the country level for 2024-2032. Our report has categorized the market based on the magnet type and application.

Magnet Type Insights:

• Ferrite 
• Neodymium Iron Boron (NdFeB)
• Aluminum Nickel Cobalt (A1NiCo)
• Samarium Cobalt (SmCo)
   

The report has provided a detailed breakup and analysis of the market based on the magnet type. This includes ferrite, neodymium iron cobalt, aluminum nickel cobalt and samarium cobalt.

Application Insights:

• Computer Hard Disk Drives (HDD), CD, DVD
• Hybrid Electric Vehicles
• Electric Bicycles
• Heating, Ventilating and Air Conditioners (HVAC)
• Wind Turbines
• Others
   

A detailed breakup and analysis of the market based on the application has also been provided in the report. This includes computer hard disk drives (HDD), CD, DVD, hybrid electric vehicles, electric bicycles, heating, ventilating and air conditioners (HVAC), wind turbines and others.

Regional Insights:

• South India
• North India
• West and Central India
• East India
   

The report has also provided a comprehensive analysis of all the major regional markets, which include South India, North India, West and Central India, and East India.

Competitive Landscape:

The report has also provided a comprehensive analysis of the competitive landscape in the market. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.

India Magnet Market Report Coverage:

Key Questions Answered in This Report:

• How has the India magnet market performed so far and how will it perform in the coming years?
• What has been the impact of COVID-19 on the India magnet market?
• What is the breakup of the India magnet market on the basis of magnet type?
• What is the breakup of the India magnet market on the basis of application?
• What are the various stages in the value chain of the India magnet market?
• What are the key driving factors and challenges in the India magnet market?
• What is the structure of the India magnet market and who are the key players?
• What is the degree of competition in the India magnet market?

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the India magnet market from 2018-2032.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the India magnet market.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the India magnet industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.