The global Permanent Magnet Market size is projected to cross USD 51 billion by 2030, as per the company’s latest report.
The report identifies the shift towards clean energy generation as the prominent driver of the Permanent Magnet industry expansion. Government bodies worldwide are attempting to promote the use of renewable energy sources through funding programs, especially in developing nations.
For instance, in September 2021, the Union government of India unveiled plans to deliver viability gap funding or grants for offshore wind and storage projects. It also has set a target to add 30-GW of offshore wind energy projects by 2030. This fast-growing green energy sector will escalate the adoption of Permanent Magnet in wind turbines and other sustainable energy applications.
Industry players will benefit from the shortage of alternatives to Permanent Magnet. However, the limited availability of raw materials and high prices may create a hindrance to the steady expansion of the Permanent Magnet industry.
In terms of product, the report has segmented the permanent magnet market into ferrite, samarium-cobalt (SmCo), neodymium (NdFeB), and aluminum-nickel-cobalt (AlNiCo). The neodymium (NdFeB) segment is anticipated to register revenue worth USD 36.2 billion by 2030, which can be credited to the rising investment by administrative bodies in the production of high-performance NdFeB magnets.
For example, in June 2022, the U.S. Department of Defense awarded a USD 120 million contract to Australia-based Lynas Rare Earths to develop a heavy rare earth extraction plant across the U.S. This supplies around 15% of the light rare earth praseodymium and neodymium oxide for high-performance NdFeB magnets.
Browse key industry insights spread across 200 pages with 144 market data tables & 28 figures & charts from the report, “Permanent Magnet Market Size By Product (Ferrite, Neodymium [NdFeB], Samarium–Cobalt [SmCo], Aluminum–Nickel–Cobalt [AlNiCo]), By Application (Automotive, Electronics, Energy Generation, Others), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 – 2030” in detail along with the table of contents:
Based on the application spectrum, the industry is categorized into energy generation, automotive, electronics, and others. Among these, the automotive segment is poised to exhibit a CAGR of over 7.4% through 2030. The rising per capita income and the escalating auto production are amplifying the installation of Permanent Magnet in electric motors of vehicles.
In 2021, 79.1 million motor cars were produced worldwide, a hike of 1.3% from 2020, with the Asia Pacific accounting for a major share. Auto manufacturing is expected to rise more by 2030, further generating opportunities for the Permanent Magnet industry growth.
From a regional perspective, the Asia Pacific Permanent Magnet market will be valued at around USD 30 billion by 2030. The robust presence of wind turbine suppliers in countries such as China is among the key factors supporting permanent magnet production in the APAC, cites the report. The country is also considered a clean energy powerhouse and has played a leading role in sustainable projects spanning solar power and electric vehicles, thus bolstering regional market share.
The Permanent Magnet industry landscape is anticipated to witness a series of product innovations and launches from industry players. For instance, in August 2021, Vacuumschmelze GmbH & Co. KG introduced the permanent magnet-grade VACOMAX 262 TP. This new samarium cobalt alloy was designed as an optimum choice for electric turbochargers for high-speed permanent magnet motors for air-compressors required for hydrogen fuel cells and internal combustion engines.
Some of the prominent Permanent Magnet market players include Vacuumschmelze GmbH & Co. KG, Advance Magnetic Material, Anhui Earth-Panda, Molycorp Magnequench, Hangzhou Permanent Magnet Group, TDK Corporation, Electron Energy Corporation, Arnold Magnetic Technologies, Hitachi Metals, Adams Magnetic Products, and others.