The global permanent magnet market share is expected to reach USD 34.70 billion by 2026; attributed to their increasing use in the hybrid electric vehicle production. A permanent magnet is an object that possesses magnetic properties even in the absence of a magnetic field. They have two magnetic ends called the north pole and south pole respectively. They are used in different types of motors such as loudspeakers, various appliances, HVAC, and others. According to this report, the market value stood at USD 17.85 Billion in 2018 and is likely to rise at a CAGR of 8.7% between 2019 to 2026.

What are the Highlights of the Report?

The report offers a 360-degree analysis of the market and discusses factors such as drivers, restraints, challenges, and upcoming opportunities of the market. It also throws light on the table of segmentation of the market based on factors such as type, application, and geography, and names of the leading segment. Moreover, the report discusses major industry developments, current trends, and other interesting insights into the market. It also highlights the names of players functioning in the market and the key strategies adopted by them to gain momentum in the market.

Permanent Magnet Market Drivers:

Increasing Popularity of Hybrid Vehicles will Add Impetus to Market

Various factors are responsible for the permanent magnet market growth. These include the increasing demand for various electronic devices such as television, laptops, music systems, and smartphones, coupled with the rise in need for more energy for consumption. This, coupled with the growing demand from the automotive sector will also aid in the expansion of the market in the forecast period. Besides this, the advancement in technology and use of neodymium iron boron (NdFeB) for various applications such as domestic appliances and wind turbines, and other electronic equipment such as speakers are likely to bode well for the market in the coming years.


Browse Summary of This Research Report with Detailed Table of Content:

https://www.fortunebusinessinsights.com/permanent-magnet-market-102776


List of Permanent Magnet Market Manufacturers include:

Adams Magnetic Products Co., Inc.
Arnold Magnetic Technologies Corp.
TDK Corporation
Tengam Engineering, Inc.
Alpha Magnet
Electron Energy Corporation
Ningbo Yunsheng Co. Ltd.
Integrated Magnetics
Magnequench International, LLC,
Tridus Magnetics and Assemblies
Bunting Magnetics Co.
Anhui Earth-Panda Advance Magnetic Material Co., Ltd.
Hangzhou Permanent Magnet Group
Daido Steel Co., Ltd.
Shin-etsu Chemical Co., Ltd.
Hitachi Metals, Ltd.
Other Players
Competitive Landscape:

Companies Expanding Base in China to Earn High Revenue

A large portion of permanent magnets is produced in China, thus making this region account for more than 70% of the overall production volume. Owing to this factor, a large number of producers in the market are aiming at expanding their territory in this nation for earning better revenues. Besides this, players are investing massively on resources and development of customized permanent magnet products to suffice to the needs of their consumers. Apart from this, manufacturers are adopting various strategies such as collaborations with other companies, joint ventures, agreements, and contracts for increasing their product portfolio, thereby gaining a competitive edge in the market.