Permanent Magnet Market Analysis

Permanent Magnet Market Analysis

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Based on product, the global permanent magnet market is bifurcated into ferrite, neodymium (NdFeB), samarium-cobalt (SmCo), and aluminum-nickel-cobalt (AlNiCo). Among these, the ferrite segment will register revenue worth USD 8.6 billion by 2030.
 

The manufacturing procedures of ferrite magnets are economical, simple, and less likely to result in demagnetization or corrosion. These notable attributes increase the scope of product applications, including wireless connectors, automobile components, refrigerators, and microphones, accelerating permanent ferrite magnet industry landscape.
 

With regards to the application spectrum, the industry is divided into automotive, energy generation, electronics, and others. Research activities are conducted to efficiently recycle permanent magnets from end-use industries such as consumer electronics. This will proliferate the growth of the global permanent magnet market from the electronics segment, which is poised to depict a CAGR of 7.2% through 2030.
 

Apart from electronics, other industry verticals including aerospace are prominent end-users of permanent magnets. With the air travel recovery and the escalating defense spending, product adoption for aircraft manufacturing applications will rise considerably.
 

Europe permanent magnet market is projected to record revenue of around USD 6.5 billion by 2030. The sales of plug-in electric cars have witnessed an upsurge in European countries. In Germany, electric car sales rose from 22.1% to 24.3% Y-o-Y in April 2022.
 

The European Union also promotes electric mobility in varied ways, ranging from pushing car makers to design low-emission vehicles to supporting the development of charging infrastructure. For example, the EU’s stimulus package of around USD 768 billion, which includes USD 20 billion to boost the sales of clean vehicles.