The global magnet market reached a value of US$ 20.7 Billion in 2020. A magnet refers to any material that produces a magnetic field and is capable of attracting iron, nickel and cobalt and objects containing these metals. It is made of a group of materials called ferromagnetic metals, such as nickel and iron, which have the unique property of being able to be magnetized uniformly. Over the years, the demand for magnets has escalated around the world as they are used in a wide range of devices used today, from air-conditioners and washing machines to speakers and hybrid cars.
Magnets are used in various home appliances such as refrigerators, vacuum cleaners, lawnmowers and garden tractors. They also play a critical role in the functioning of multiple medical devices, particularly magnetic resonance imaging (MRI) machines, hearing aids, and ventricular assist devices (VAD). Besides this, their strong magnetic strength allows for significant product miniaturization, improved product performance and reduced manufacturing costs. Apart from this, the reduction in the emissions of CO2 and other greenhouse gases in line with the Kyoto Protocol is rapidly emerging as a major global agenda. Owing to this, governments of various countries are focusing on using energy-saving technologies and devices that can help them in reducing their carbon footprints. Moreover, manufacturers have introduced magnetic levitation (maglev), a relatively new transportation technology, in which non contacting vehicles travel safely at a speed of 250 to 300 miles-per-hour or higher while suspended, guided and propelled above a guideway by magnetic fields. This technology has the potential to grow in the near future, thereby creating a strong demand for magnets. Looking forward, IMARC Group expects the global magnet market to exhibit moderate growth during the next five years.
Breakup by Magnet Type:
Amongst these, ferrite is the most popular type of magnets, accounting for the majority of the overall market share. They are used in speakers, MRI machines, DC motors, and magnet-based holders, lifters, separators, assemblies and tools.
Breakup by Application:
At present, the major share of magnets is used in computer hard disk drives (HDD), CDs and DVDs, where the magnet is used both for driving the spindle motor and for positioning the read/write head.
On the geographical front, China represents the world’s largest market for permanent magnets and currently accounts for nearly two-thirds of the global market.
The competitive landscape of the market has been analyzed in the report, providing the detailed profiles of the major players operating in the industry.
Key Questions Answered in This Report:
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