The neodymium iron boron magnet is the fastest-growing segment by magnet type in terms of value and volume.
The neodymium iron boron magnet market is expected to witness high growth because of the growing demand for miniaturization of various equipment. They are the most preferred permanent magnets owing to their strong magnetic properties. These magnets are made of alloys of neodymium, iron, and boron. They can be made in blocks, rings, discs, arcs, triangle, and spheres. NdFeB magnets are sintered anisotropic materials. They also contain dysprosium and terbium to maintain and improve the properties of magnets. It is the strongest permanent magnet available today with maximum energy products.
The consumer electronics industry dominates the global permanent magnet market in 2020
The demand for permanent magnet in consumer electronics industry is expected to increase mainly due to improving standards of living and rising disposable income in the APAC region. In the consumer electronics segment, permanent magnets are used in magnetic heads of Hard Disk Drives (HDD), CDs, as well as in motors of peripheral devices such as printers, fax machines, scanners, and photocopies. The increasing usage of cloud computing and related development resulted in the growing demand for data centers to store enormous amount of data. The growing demand from data centers for HDD pushes the demand for permanent magnets. These magnets are also used in air conditioners, washing machines, dryers, cooling fan motors in computers, fans, microwaves, loudspeakers, and VCR tape drive motors, among others. Permanent magnets help enhance the efficiency of such appliances.
APAC to lead the permanent magnet during the forecast period
APAC is projected to have the highest growth in the permanent magnet and will expand significantly by 2026. This dominance is attributed to the rising demand from domestic industries in the region. The demand for permanent magnet is growing, especially, in APAC and South America. The markets in these regions are expected to register high growth in comparison to other regions. The growth of the permanent magnet market in the APAC region is also driven by foreign investment and availability of low cost labor and raw materials.