The global permanent magnet market size is expected to reach $34.70 billion by 2026 owing to the rising need for energy and the use of strong magnets for power generation. A permanent magnet can also be called a hard magnet due to properties such as large magnetic moment, and low permeability. the market value stood at $17.85 billion in 2018 and will exhibit a CAGR of 8.7% in the forecast duration set between 2019 to 2026.

Information source:

https://www.fortunebusinessinsights.com/permanent-magnet-market-102776

Increasing Use of Neodymium Iron Boron Will Add Impetus to Market

The increasing demand for consumer electronics is a major permanent magnet market growth. This includes gadgets such as Music systems, computers, laptops, mobile phones, and others. In addition to this, the increasing use of neodymium iron boron (NdFeB) with its beneficial properties such as repulsion, attraction, and energy conversion will also aid in the expansion of the market in the coming years

On the negative side, the fluctuating prices of raw materials such as alloys, and increasing prices of energy may cause major hindrance to the overall market in the coming years.

Players Aiming at Setting up Bases in China to Gain Competitive Edge

China holds an estimate of more than 70% of the market share. Therefore, players are aiming at expanding their geographical base in this nation and investing heavily in the same for gaining an upper hand on resources and production while cutting down the export cost. Besides this, vendors are engaging in mergers and acquisitions, contracts and agreements, joint partnerships, and other collaborative efforts to attract high revenue to the market in the forthcoming years.

Further Report Findings

• Asia Pacific held the dominant permanent magnet market share with a revenue of USD 13.82 Billion in 2018, attributed to increasing demand for consumer electronics and applications running on energy.

• Based on segmentation by application, the market is dominated by the consumer electronics segment on account of 36.7% share on account of the demand for various devices such as smartphones, laptops, speakers, and others.