The permanent magnet market is projected to grow from USD 53.5 billion in 2024 to USD 80.4 billion by 2029, at a CAGR of 8.5% during the forecast period. The permanent magnet has a wide range of applications such as motors, generators, sensors, actuators, medical devices, loudspeakers, mobile devices and other applications. The growing demand for consumer electronics is driving the growth of permanent magnet market across the globe. Global shift towards electric vehicles and hybrid vehicles in automotive industry is driving the demand for permanent magnets.
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In comparison to traditional magnets, permanent magnets offer raw magnetic strength and compactness. They are available in variety of sizes and grades. These magnets possess high coercivity, high retentivity, high remanence and maximum energy product. Another advantage is that permanent magnets offer excellent stability, rigidity, moisture absorption and resistance to corrosion. They generally require low maintenance as compared to traditional magnets. Due to these properties, they are widely used in consumer electronics, offering various electronic devices such as smartphones, earbuds, loudspeakers and more.
Some of the major manufacturers operating in the permanent magnet industry are Proterial, Ltd. (Japan), Arnold Magnetic Technologies (US), TDK Corporation (Japan), Yantai Dongxing Magnetic Materials Inc. (China), Shin-Etsu Chemical Co., Ltd. (Japan), Electron Energy Corporation (US), Adams Magnetic Products, LLC (US), Bunting Magnetics Co. (US), Tengam Engineering, Inc. (US), Ningbo Yunsheng Co., Ltd. (China), Chengdu Galaxy Magnets Co., Ltd. (China), Goudsmit Magnetics (Netherlands), Eclipse Magnetics (UK), Dexter Magnetic Technologies (US),and Earth Panda Advance Magnetic Material Co., Ltd. (China).
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Many of the major players in the past few years have been adopting various growth strategies to strengthen their position in the global permanent magnet market. These growth strategies include agreements, product launches, contracts, collaborations, mergers & acquisitions, partnerships, and research and development activities aiming to expand their market presence in the permanent magnet market even further.
Proterial, Ltd. (Japan)
Proterial, Ltd., is leading Japanese company that deals in manufacturing of high-performance materials. The company operates under various business segments such as Specialty steel, Roll, Automotive casting, Piping components, Magnetic materials, Power electronics materials, Electric wire & cable, and Automotive components. The company is top leading manufacturer of high-performance permanent magnets. The company has strong foothold in North America, Europe and the Asia Pacific region.
Arnold Magnetic Technologies (US)
Arnold Magnetic Technologies is one of the top leading manufacturers of high-performance permanent magnets, flexible composites, electromagnets, magnetic assemblies and precision thin materials. The company provides high quality and high-performance permanent magnets that are used in wide range of end-use industries such as Aerospace & Defense, Oil & Gas, Industrial, Motors & Motion Control, Electric & Hybrid Motors, Motorsports, Medical Devices, Alternative Energy, and Consumer Electronics. Arnold Magnetic Technologies is spread across globally and maintains its geographical presence in North America, Europe and the Asia Pacific region.
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