Magnet Market Global Industry Trends, Growth and Forecast 2023-2028 - Neodymium Iron Boron (NdFeB) Accounts for Majority of Overall Market Share

Dublin, Nov. 29, 2023 (GLOBE NEWSWIRE) -- The "Magnet Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" report has been added to's offering.

The global magnet market size reached US$ 38.3 Billion in 2022 and is expected to reach US$ 49.3 Billion by 2028, exhibiting a growth rate (CAGR) of 4.61% during 2023-2028.

Magnets are used in various home appliances such as refrigerators, vacuum cleaners, lawnmowers and garden tractors. They also play a critical role in the functioning of multiple medical devices, particularly magnetic resonance imaging (MRI) machines, hearing aids, and ventricular assist devices (VAD). Besides this, their strong magnetic strength allows for significant product miniaturization, improved product performance and reduced manufacturing costs.

Apart from this, the reduction in the emissions of CO2 and other greenhouse gases in line with the Kyoto Protocol is rapidly emerging as a major global agenda. Owing to this, governments of various countries are focusing on using energy-saving technologies and devices that can help them in reducing their carbon footprints.

Moreover, manufacturers have introduced magnetic levitation (maglev), a relatively new transportation technology, in which non contacting vehicles travel safely at a speed of 250 to 300 miles-per-hour or higher while suspended, guided and propelled above a guideway by magnetic fields. This technology has the potential to grow in the near future, thereby creating a strong demand for magnets.

Key Market Segmentation:

The report provides an analysis of the key trends in each sub-segment of the global magnet market report, along with forecasts at the global and regional level from 2023-2028. The report has categorized the market based on magnet type and application.

Breakup by Magnet Type:

  • Ferrite
  • Neodymium Iron Boron (NdFeB)
  • Aluminium Nickel Cobalt (AlNiCo)
  • Samarium Cobalt (SmCo)

Amongst these, neodymium iron boron (NdFeB) is the most popular type of magnets, accounting for majority of the overall market share.

Breakup by Application:

  • Computer Hard Disk Drives (HDD), CD, DVD
  • Hybrid Electric Vehicles
  • Electric Bicycles
  • Heating, Ventilating and Air Conditioners (HVAC)
  • Wind Turbines
  • Other Applications
  • Transducers and Loudspeakers
  • Magnetic Separation Equipment and Sorters
  • Magnetic Resonance Imaging (MRI)
  • Magnetic Braking Systems
  • Magnetically Levitated Transportation Systems
  • Medicine and Health
  • Credit Cards and other ID Cards
  • Traveling Waves Tubes (TWT)
  • Advertising and Promotional Products
  • Magnetic Refrigeration system
  • Nanotechnology
  • Military and Aerospace
  • Energy Storage Systems

At present, the major share of magnets is used in computer hard disk drives (HDD), CDs and DVDs, where the magnet is used both for driving the spindle motor and for positioning the read/write head.

Regional Insights:

  • China
  • Japan
  • USA
  • Europe
  • Other Regions

On the geographical front, China represents the world's largest market for permanent magnets and currently accounts for nearly two-thirds of the global market.

Competitive Landscape:

The competitive landscape of the market has been analyzed in the report, providing the detailed profiles of the major players operating in the industry.

Key Questions Answered in This Report:

  • What was the size of the global magnet market in 2022?
  • What is the expected growth rate of the global magnet market during 2023-2028?
  • What are the key factors driving the global magnet market?
  • What has been the impact of COVID-19 on the global magnet market?
  • What is the breakup of the global magnet market based on the magnet type?
  • What is the breakup of the global magnet market based on the application?
  • What are the key regions in the global magnet market?
  • Who are the key players/companies in the global magnet market?

Company Profiles:

  • Arnold Magnetic Technologies
  • Adams Magnetic Products Co. Inc.
  • Hitachi Metals Ltd
  • BGRIMM Magnetic Materials & Technology Co. Ltd.

Key Attributes:

Report AttributeDetails
No. of Pages142
Forecast Period2022 - 2028
Estimated Market Value (USD) in 2022$38.3 Billion
Forecasted Market Value (USD) by 2028$49.3 Billion
Compound Annual Growth Rate4.3%
Regions CoveredGlobal

Key Topics Covered:

1 Preface

2 Scope and Methodology

3 Executive Summary

4 Introduction

5 Global Permanent Magnet Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Breakup by Type
5.5 Market Forecast
5.6 Value Chain Analysis
5.7 Pricing Mechanism and Profit Margins at Various Levels of the Supply Chain
5.8 SWOT Analysis
5.9 Porter's Five Forces Analysis
5.10 Key Success and Risk Factors for Manufacturers

6 Global Permanent Magnet Market by Magnet Type
6.1 Ferrite
6.2 Neodymium Iron Boron (NdFeB)
6.3 Aluminium Nickel Cobalt (AlNiCo)
6.4 Samarium Cobalt (SmCo)

7 Global Permanent Magnet Market by Region

8 Global Permanent Magnet Market by Application
8.1 Computer Hard Disk Drives (HDD), CD, DVD
8.2 Hybrid Electric Vehicles
8.3 Electric Bicycles
8.4 Heating, Ventilating and Air Conditioners (HVAC)
8.5 Wind Turbines
8.6 Other Applications

9 Key Players in the Global Magnet Market

10 Requirements for Setting-up a Permanent Magnet Manufacturing Plant
10.1 Ferrite
10.2 Neodymium Iron Boron (NdFeB)
10.3 Samarium Cobalt (SmCo)

11 Drivers of the Global Permanent Magnets Industry

12 Challenges Faced by the Magnet Industry

13 Import and Export Data of Permanent Magnets

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Global Magnet Market