Magnet Market Share, Size, Industry Overview, Trends, Demand, Growth and Forecast 2021-2026

According to the latest report by IMARC Group, titled “Magnet Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the global magnet market size reached US$ 20.7 Billion in 2020. Magnets are materials that are capable of maintaining a magnetic flux in the absence of an applied magnetic field. They produce a magnetic field that can attract iron, nickel and cobalt and other objects containing these metals. They are widely utilized in the manufacturing of numerous devices as they assist in transforming energy from one form to another. As a result, they are extensively employed across numerous sectors for applications in power generation, magnetic sensors, magnetic recording, microwave communications, transportation, and energy conversion.

As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.

Global Magnet Market Trends:

The global market is majorly driven by significant growth in the consumer electronics sector. Since magnets form an essential component in the manufacturing of smartphones, home appliances and personal electronics, this is providing an impetus to the market growth. Moreover, they are widely utilized in the automotive sector for auto-clutch, electric braking, and throttle and gearbox actuation. A significant rise in the sales of electric and luxury vehicles across the globe is creating a positive outlook for the market. The market is further driven by the rising applications of magnets in the production of medical devices. They form an essential component in hearing aids, magnetic resonance imaging (MRI) machines, and ventricular assist devices (VAD). Additionally, with the increasing cases of the COVID-19 across the globe, there has been a rising demand for ventilators that are crucial in treating respiratory failures. Since permanent magnets form an indispensable part of these critical machines, this is creating a positive outlook for the market. Some of the other factors contributing to the market growth include the growing demand for product miniaturization and the escalating demand for devices with lower carbon footprints. On account of these aforementioned factors, the market is anticipated to grow at a CAGR of 5.5% during 2021-2026.

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