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The global magnet market was valued at US$ 36.6 Billion in 2021.
We expect the global magnet market to exhibit a CAGR of 4.71% during 2022-2027.
The growing demand for electric vehicles, along with the increasing application of magnet in the
automotive sector for auto-clutch, electric braking, and throttle and gearbox actuation, is currently
catalyzing the global magnet market.
The sudden outbreak of the COVID-19 pandemic has led to the rising demand for ventilators in treating
patients with respiratory failures, resulting in growing utilization of magnets as they an essential
component for medical equipment.
Based on the magnet type, the global magnet market can be segmented into ferrite, Neodymium Iron
Boron (NdFeB), Aluminium Nickel Cobalt (AlNiCo), and Samarium Cobalt (SmCo). Currently, Neodymium
Iron Boron (NdFeB) holds the majority of the total market share.
Based on the application, the global magnet market can be categorized into computer Hard Disk Drives
(HDD), CD, DVD, hybrid electric vehicles, electric bicycles, Heating, Ventilating and Air Conditioners
(HVAC), wind turbines, and other applications. Among these, computer Hard Disk Drives (HDD), CD, DVD
currently account for the largest market share.
On a regional level, the market has been classified into China, Japan, USA, Europe, and other regions,
where China currently dominates the global market.
Some of the major players in the global magnet market include Arnold Magnetic Technologies, Adams
Magnetic Products Co., Inc., Hitachi Metals, Ltd., BGRIMM Magnetic Materials & Technology Co., Ltd,
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