Magnet Market Size to Surpass USD 17,695.6 million by 2030 at 8.91% CAGR
Apr 15, 2024
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Market Overview
The Magnet industry is projected to grow from USD 9,737.5 million in 2023 to USD 17,695.6 million by 2030, exhibiting a CAGR of 8.91% during the forecast period (2023 - 2030).
Competitive Landscape
The key players of the market are TDK Corporation, PROTERIAL, Ltd. Shin-Etsu Chemical Co., Ltd and Adams Magnetic Products Co.
Market Dynamics
Demand for magnetic products is diverse, reflecting their industrial applications. Consumer electronics use permanent magnets like neodymium and ferrite for tiny speakers and electric motors. Magnets power electric car drivetrains and boost energy efficiency, driving their demand. For non-invasive diagnostics, electromagnets are essential in healthcare applications like MRI equipment. Due to the growing requirement for high-capacity data storage, magnetic materials are gaining popularity.
Flexible magnets are very popular in advertising and signs due to their adaptability to curved surfaces and personalization. Rising consumer electronics demand drives Magnet Market dynamics. The consumer electronics business leads innovation and growth as the globe digitizes. Smartphones, laptops, tablets, and wearables are increasingly essential to modern lifestyles due to constant technology improvements.
Magnet demand would rise due to consumer electronics market revenue growth over the predicted period. Speakers, electric motors, displays, and wearables use magnets. Magnets will be used more in consumer devices to provide high-quality audio, energy-efficient electric motors, larger and sharper screens, and novel wearables.
Additionally, the global shift toward electric vehicles has major ramifications for the automotive sector and magnet market. Electric motors in electric vehicles use magnets significantly. Electric motor technologies like Tesla's have had a big influence. High-performance magnets enable these advances to create new car standards for acceleration and efficiency. The magnet market adjusts to meet EV demand as the sector grows.
Smartwatches, fitness trackers, and augmented reality glasses are also growing in popularity. These tiny, versatile devices use magnets for magnetic charging, sensors, and micro haptic feedback systems. Recent innovations like the Apple Watch's tiny form demonstrate the industry's constant quest of functionality in limited space. These advances drive the magnet market to develop wearable device-specific magnet solutions.
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Segmental Analysis
The Magnet Market segmentation, based on type has been segmented into ferrite, neodymium iron boron, aluminium nickel cobalt, samarium cobalt.
Based on End Use, the Magnet Market is segmented into electronics, automotive, medical, energy, industrial, others.
Key Companies in the Magnet Market includes
- TDK Corporation
- PROTERIAL, Ltd.
- Shin-Etsu Chemical Co., Ltd
- Adams Magnetic Products Co
- Others
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Regional Overview
The Asia-Pacific Magnet market had the largest market share and is predicted to generate the most revenue during the forecast period. Asia-Pacific is a Magnet Market leader due to its industrial hub status. Magnet-dependent items are produced in the region, making it a manufacturing powerhouse. Magnets are essential in making consumer electronics and automobile parts. The region's massive production across numerous sectors drives magnet demand, strengthening its market supremacy. China is the biggest producer and consumer of these magnets due to its rare-earth reserves.
Europe is predicted to be the fastest expanding market from 2023 to 2030, driven by renewable energy growth, electric car adoption, industrial applications, and energy efficiency programs in the area.
In North America, the expansion of hard magnets is related to the rapidly expanding demand for consumer electronics such as wearable gadgets, personal computers, medical equipment, and mobile phones.
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