DUBLIN, Oct. 12, 2023 /PRNewswire/ — The “Permanent Magnets Market Size, Share & Trends Analysis Report By Material (Ferrite, NdFeB), By Application (Consumer Goods & Electronics, Energy), By Region, And Segment Forecasts, 2023 – 2030” report has been added to ResearchAndMarkets.com’s offering.
The global permanent magnets market size is projected to reach approximately USD 39.71 billion by 2030., expanding at a CAGR of 8.6%
The global permanent magnets market is poised for growth, driven by several key factors. One significant driver is the increasing number of initiatives aimed at promoting healthcare infrastructure, particularly in developing countries. These initiatives are expected to boost the demand for permanent magnets, especially in the healthcare sector.
The COVID-19 pandemic has played a pivotal role in driving demand for permanent magnets, particularly in industrial automation and the healthcare sector. The pandemic highlighted the importance of healthcare infrastructure and medical devices, leading to increased investments in this sector.
Permanent magnets find extensive use in various medical devices, including blood separators, surgical equipment, dental devices, patient monitoring systems, drug delivery systems, and Magnetic Resonance Imaging (MRI) scanners, among others. Initiatives like the Indian government’s plan to increase healthcare spending by nearly 3% of its GDP by 2022 have fueled demand for medical devices, thereby boosting the demand for permanent magnets.
In addition to the healthcare sector, permanent magnets are also significantly used in wearable electronic devices. The global economy is experiencing a surge in technology developments, leading to the proliferation of smart electronic devices, wearable electronics, smartphones, and other smart technologies. This trend indirectly contributes to the demand for permanent magnets.
The global market for permanent magnets is characterized by regional concentration, with China being a major player due to its abundant rare earth metal deposits. Numerous manufacturers, ranging from small to large scale, are located in proximity to these deposits.
Key highlights of the permanent magnets market report include the dominance of ferrite magnets in 2022, the projected rapid growth of the NdFeB material segment, and the anticipated growth of the medical sector as a key application field in the coming years. Asia Pacific is expected to emerge as the largest and fastest-growing regional market, with China playing a pivotal role in this growth.
- Adams Magnetic Products Co.
- Advance Magnetic Material Co., Ltd
- Arnold Magnetic Technologies
- Daido Steel Co., Ltd.
- Eclipse Magnetics Ltd.
- Electron Energy Corporation
- Goudsmit Magnetics Group
- Hangzhou Permanent Magnet Group
- Hitachi Metals Ltd.
- Magnequench International, LLC
Key Topics Covered:
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
2.1. Market Outlook
2.2. Segmental Outlook
2.3. Competitive Outlook
Chapter 3. Market Variables, Trends, and Scope
3.1. Market Outlook
3.2. Industry Value Chain Analysis
3.2.1. Raw Material Trends
3.3. Manufacturing Trends & Technology Overview
3.4. Regulatory Framework
3.5. Market Dynamics
3.5.1. Market Driver Analysis
3.5.2. Market Restraint Analysis
3.5.3. Market Opportunity Analysis
3.5.4. Market Challenges
3.6. Porter’s Five Forces Analysis
3.7. PESTLE Analysis
Chapter 4. Permanent Magnets Market: Material Estimates & Trend Analysis
4.1. Permanent Magnets Market: Material Movement Analysis, 2022 & 2030
4.2.1. Market estimates and forecasts, 2018 – 2030 (Kilotons) (USD Million)
4.3. Neodymium Iron Boron (NdFeB)
4.4. Aluminum Nickel Cobalt (Alnico)
4.5. Samarium Cobalt (SmCo)
Chapter 5. Permanent Magnets Market: Application Estimates & Trend Analysis
5.1. Permanent Magnets Market: Application Movement Analysis, 2022 & 2030
5.2.1. Market estimates and forecasts, 2018 – 2030 (Kilotons) (USD Million)
5.3. Consumer Goods and Electronics
5.5. Aerospace & Defense
Chapter 6. Permanent Magnets Market: Regional Estimates & Trend Analysis
6.1. Regional Analysis, 2022 & 2030
6.1.1. Market estimates and forecasts, 2018 – 2030 (Kilotons) (USD Million)
6.1.2. Market estimates and forecasts, by material, 2018 – 2030 (Kilotons) (USD Million)
6.1.3. Market estimates and forecasts, by application, 2018 – 2030 (Kilotons) (USD Million)
For more information about this report visit https://www.researchandmarkets.com/r/1hvdhl
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Originally published at https://www.prnewswire.com/news-releases/global-permanent-magnets-research-analysis-report-2023-2030-healthcare-initiatives-fuel-demand-as-china-leads-the-way-with-abundant-rare-earth-metal-deposits-301955031.html