The global permanent magnet market is expected to grow from $26.59 billion in 2021 to $29.61 billion in 2022 at a compound annual growth rate (CAGR) of 11.37%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $46.65 billion in 2026 at a CAGR of 12.03%.
The permanent magnet market consists of sales of permanent magnets by entities (organizations, sole traders, and partnerships) that include rare earth elements, nickel and cobalt.Permanent magnets preserve its magnetic characteristics in the absence of a magnetizing force, such as a current or an inducing field.
It is used in speakers, microphones, credit and debit cards, magnetic resonance imaging in hospitals and in electric vehicles.
The main types of permanent magnet are ferrite magnets, samarium cobalt magnets, alnico magnets and neodymium iron boron magnets.The ferrite magnet is a chemical combination made up of ceramic materials and iron oxide.
They are commonly used in transformers, electronic inductors, and electromagnets due to their wide availability and affordability.The various sales channel used in the permanent magnet are direct sales and distributors.
Permanent magnets are used by end-users such as general industrial, automotive, medical technology, environment & energy, aerospace & defense and consumer electronics.
Asia Pacific was the largest region in the permanent magnet market in 2021.Asia Pacific is expected to be the fastest-growing region in the forecast period.
Read more: Permanent Magnet Global Market Report 2022