The global permanent magnets market size was valued at USD 22.18 billion in 2023 and is expected to expand at a compound annual growth rate (CAGR) of 8.7% from 2024 to 2030.
The rising prominence of renewable energy sources, such as wind and solar, is anticipated to positively aid the market growth over the forecast period. At present, permanent magnets are used in wind turbine generators for increasing their efficiency. Rare earth magnets, such as Neodymium Ferrite Boron (NdFeB), are being predominantly used in wind turbines owing to benefits, such as increased reliability and reduction in maintenance costs.
The permanent magnet market in U.S. is expected to grow at a higher rate than its ferrite counterpart over the forecast period owing to its wide usage in high-end applications like robotics, wearable devices, electric vehicles, and wind power. Since the economic meltdown of 2008-09, the automotive industry in the U.S. has grown steadily. The country has been witnessing a significant rise in the adoption of plug-in electric cars, primarily driven by the advanced products offered by key players, such as Tesla, Chevy, Nissan, Ford, Audi, and BMW, among others. In early 2018, Tesla became one of several electric carmakers to use motors with neodymium magnets.
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Permanent Magnets Market Report Highlights
• The ferrite material segment dominated the market in 2023 mainly due to the wide usage of ferrite magnets in medical devices
• The NdFeB material segment is likely to witness the fastest CAGR, in terms of revenue, over the predicted timeline
• The rising popularity of anti-lock braking system sensors in vehicles is anticipated to aid the segment growth over the coming years
• The medical segment is estimated to be among the key application fields over the forecast period owing to the increased spending in healthcare infrastructure across the globe post-pandemic
• Asia Pacific is estimated to emerge as the largest as well as the fastest-growing regional market, in terms of revenue, from 2024 to 2030. China is projected to remain the key contributor to the regional market of Asia Pacific
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• The global chemical mechanical planarization market size was estimated at USD 6.01 billion in 2023 and is anticipated to grow at a CAGR of 7.2% from 2024 to 2030.
• The global aluminum wire market size was estimated at USD 31.95 billion in 2023 and is projected to grow at a CAGR of 6.1% from 2024 to 2030.
Permanent Magnets Market Segmentation
Grand View Research has segmented the global permanent magnets market based on material, application, and region:
Permanent Magnets Material Outlook (Volume, Kilotons; Revenue, USD Million; 2018 - 2030)
• Ferrite
• Neodymium Iron Boron (NdFeB)
• Aluminum Nickel Cobalt (Alnico)
• Samarium Cobalt (SmCo)
Permanent Magnets Application Outlook (Volume, Kilotons; Revenue, USD Million; 2018 - 2030)
• Automotive
• Consumer goods & electronics
• Industrial
• Aerospace & Defense
• Energy
• Medical
• Others
Permanent Magnets Regional Outlook (Volume, Kilotons; Revenue, USD Million; 2018 - 2030)
• North America
o U.S.
o Canada
o Mexico
• Europe
o Germany
o Russia
o UK
o France
o Italy
• Asia Pacific
o China
o India
o Japan
o South Korea
o Indonesia
• Central & South America
o Brazil
o Argentina
• Middle East & Africa
o KSA
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