New York, NY -- (SBWIRE) -- 12/23/2020 -- Permanent Magnets Market

The permanent magnets market is forecast to reach USD 37 billion by 2026. The utilization of permanent magnets in solar photovoltaic and wind turbines, and the increasing production of electric vehicles and hybrid, application of permanent magnets in auto-clutch, sensors, switches, and electric power steering are some of the significant factors influencing the growth of the market.

One of the major properties of permanent magnets is to retain its magnetic property, which makes it usable in various industries. The increase in renewable energy is also responsible for fuelling the growth of the market. The electronics industry and changing lifestyle are other factors that will propel the market. With the increasing demand for consumer electronics, permanent magnets also witness a rise in demand. The fluctuation in prices of raw materials and the risks associated with rare earth metal mining is forecast to affect the growth of the market.

The Global Permanent Magnets Market research report encompasses an extensive overview of the Permanent Magnets market and offers insights into the value chain of the market. The report offers crucial data about the pricing, cost, value, and manufacturing and production capacity, along with an analysis of the gross revenue and profit of the market. The report studies the historical data and offers crucial forecast estimations to assist the readers, investors, stakeholders, and businesses to formulate strategic investment plans.

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The report is further updated with the changes in the market dynamics and trends owing to the COVID-19 pandemic. The pandemic has affected the global economy by changing the dynamics of the supply chains, inducing financial difficulties, and the increasing volatility of market prices. The report further estimates the overall impact of the pandemic on the Permanent Magnets market and offers key insights into the future of the market over the coming years.

The report further studies the significant trends and demands of the market in each key region of the market and analyzes the strategic steps and initiatives taken by the leading companies of the industry. Some of the major companies operating in the Permanent Magnets market and profiled in the report are:

Adams Magnetic Products Co., Anhui Earth-Panda 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., Molycorp Magnequench, TDK Corporation, and Thomas & Skinner Inc., among others.

The report further segments the market on the basis of product types and application spectrum offered by the market.

Material Outlook (Revenue, USD Billion; 2018-2026)

Neodymium Iron Boron Magnets
Ferrite Magnets
Samarium Cobalt Magnets
Alnico Magnets
Other Magnets

End Users Outlook (Revenue, USD Billion; 2018-2026)

Consumer Electronics
Automotive
Environment & Energy
General Industrial
Medical Technology
Aerospace & Defense
Others

Sales Channel Outlook (Revenue, USD Billion; 2018-2026)

Direct Sales
Distributor

Applications Outlook (Revenue, USD Billion; 2018-2026)

Hybrid & Electric vehicles
Wind Turbines
Electric Bicycle
Industrial Motors
Energy Storage System
Magnetic Refrigeration
Magnetic Levitation Transport
Others Applications

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Regional outlook

China is a major contributor to the permanent magnets market. APAC owns the largest reserve globally and is also a widely-known low-cost producer of the permanent magnets. Improvements in the living standard of people and rapid industrialization are boosting the market growth. North America accounted for a market share of 20% in the year 2019 and Europe had a CAGR of 7.6% during the forecast period.

The report is a qualitative and quantitative research study that offers key insights into the latest strategic steps and tactics undertaken by the industry players to gain a robust footing in the market. The report further offers strategic recommendations to the new and emerging players and established companies to help them overcome the barriers of the industry. The report also covers a comprehensive SWOT analysis and Porter's Five Forces analysis to offer a better understanding of the Permanent Magnets market and its competitive landscape.

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