Magnets Market Scope
Magnets create a magnetic field which is the force created to pull the ferromagnetic material like iron, steel, cobalt, nickel, and other such metals which repels or attract other magnets. There are various types of magnets such as neodymium iron boron, alnico, samarium cobalt, ceramic or ferrite magnets, etc. These magnets are widely used in various applications like acoustic transducers, motors & generators, audio systems, mechanical devices, etc. in several industries.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Key Companies Profiled | Hitachi Metals (Japan), Daido Steel (Japan), TDK (Japan), Mkango Resources (Canada), Shin-etsu Chemical (Japan), Arnold Magnetic (United States), Lynas Corporation (Australia), Electron Energy (United States), Tengam Engineering (United States) and Adams Magnetic (United States) |
CAGR | % |
Research Analyst at AMA estimates that United States Manufacturers will contribute to the maximum growth of Global Magnets market throughout the predicted period.
Hitachi Metals (Japan), Daido Steel (Japan), TDK (Japan), Mkango Resources (Canada), Shin-etsu Chemical (Japan), Arnold Magnetic (United States), Lynas Corporation (Australia), Electron Energy (United States), Tengam Engineering (United States) and Adams Magnetic (United States) are some of the key players that are part of study coverage. Additionally, the Manufacturers which are also part of the research are USA Rare Earth, LLC (United States) and Bunting Magnetics (United States).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Magnets market by Type , by Application (Acoustic Transducers, Motors and Generators, Magneto-mechanical Devices, Audio Systems and Others) and Region with country level break-up.
On the basis of geography, the market of Magnets has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
region held largest market share in the year 2023.
Market Leaders and their expansionary development strategies
In May 2020, Mkango Resources Ltd. announced the launch and provide further details of the Innovate UK grant-funded project, “Rare-Earth Recycling for E-Machines” (“RaRE” or the “Project”) in which HyProMag Limited (“HyProMag”) is a partner. Mkango’s subsidiary, Maginito Limited (“Maginito”), holds a 25% equity interest in HyProMag.
In April 2020, USA Rare Earth, LLC, the funding and development partner of the Round Top Heavy Rare Earth and Critical Minerals Project in West Texas, announced that it has purchased the neodymium iron boron (NdFeB) permanent magnet manufacturing equipment formerly owned and operated in North Carolina by Hitachi Metals America, Ltd.
Influencing Trend:
The popularity of Using Magnets in Computing Devices and Increasing Use of Magnets in Motors and Generators
Market Growth Drivers:
Need for the Generating Electricity and Mechanical Energy in various Application and Increasing Demand for Electronic and Home Appliances
Challenges:
Stiff Competition in the Magnets Market and Regulatory Guidelines on Using Magnets
Restraints:
Problem with its Low Corrosion Resistance Property
Opportunities:
Surging Technological Advancement in Digitalization will Boost the Magnets Market
Key Target Audience
Magnets Manufacturers, Magnets Industry Association, Magnets International Traders, Magnets Distributors and Suppliers, Research and Development Institutes, Potential Investors, Regulatory Bodies and Others