Global Permanents magnet Market to reach USD 59.31 billion by 2027.Global Permanents magnet Market is valued approximately at USD 31.42 billion in 2020 and is anticipated to grow with a healthy growth rate of more than 9.5% over the forecast period 2021-2027. Permanent magnets define the type of magnetic materials in which the internal structure of the materials generally generates the magnetic field. These magnets originate from various other rare-earth metals, including alloys such as nickel, cobalt and iron as well. These generate a sustained magnetic field without requiring an external magnetic force or electric power source. In major economies such as China, India and Japan, demand for automobiles is increasing. The increased vehicle sector in the APAC region is therefore promoting the expansion of the permanent magnet market. For instance, as per Statista, In 2020, Japan produced 6.96 million passenger vehicles, and China produced an enormous 19.99 million passenger cars in the Asia/Pacific region. In comparison, all other Asia-Pacific countries and regions seem to pale in comparison. Furthermore, an exceptionally ambitious programme to double the generation capacity over the next decade has been proposed by the Government of India, which is largely propelled by renewables. India has built electricity production capacity of 9.7 gigawatts (GW) between April 2020 and February 2021. However, lack of quality control in developing countries may impede market growth over the forecast period of 2021-2027.

The Asia-Pacific region is dominating the market growth owing to China's highly developed sustainable energy sector and Japan. Furthermore, the region's ongoing expenditures throughout the years to boost the automotive industry is directly boost the market growth of permanent magnet in the forecast years.

Major market player included in this report are:
Adams Magnetic Products Co., Inc
Hitachi Metals, Ltd.
Electron Energy Corporation
Yantai Shougang Magnetic Materials Inc.
Chengdu Galaxy Magnets Co., Ltd.
Ningbo Yunsheng Co. Ltd.
Tengam Engineering, Inc
Arnold Magnetic Technologies
Shin-Etsu Chemical Co., Ltd.
Goudsmit Magnetics


The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Type:
Neodymium Iron Boron Magnets
Ferrite Magnets
Samarium Cobalt Magnets
Alnico Magnets
Others
By End use:
Consumer Electronics
General Industrial
Automotive
Medical Technology
Environment & Energy
Aerospace & Defense
Others
By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE

Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World

Furthermore, years considered for the study are as follows:

Historical year - 2018, 2019
Base year - 2020
Forecast period - 2021 to 2027.

Target Audience of the Global Permanents magnet Market in Market Study:

Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Venture capitalists
Value-Added Resellers (VARs)
Third-party knowledge providers
Investment bankers
Investors