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The global permanent magnets market size was valued at USD 19.14 billion in 2021 and is projected to reach approximately USD 39.70 billion by 2030, expected to expand at a compound annual growth rate (CAGR) of 8.4% over the forecast period.
The rising prominence of renewable energy sources, such as wind and solar, is anticipated to positively aid the market growth over the forecast period. At present, permanent magnets are used in wind turbines generators for increasing their efficiency. Rare earth magnets, such as Neodymium Ferrite Boron (NdFeB), are being predominantly used in wind turbines owing to benefits, such as increased reliability and reduction in maintenance costs.
Gather more insights about the market drivers, restrains and growth of the Global Permanent Magnets Market
The demand for rare earth magnets in the U.S. is expected to grow at a higher rate than its ferrite counterpart over the forecast period owing to its wide usage in high-end applications like robotics, wearable devices, electric vehicles, and wind power. Since the economic meltdown of 2008-09, the automotive industry in the U.S. has grown steadily. The country has been witnessing a significant rise in the adoption of plug-in electric cars, primarily driven by the advanced products offered by key players, such as Tesla, Chevy, Nissan, Ford, Audi, and BMW, among others. In early 2018, Tesla became one of several electric car makers to use motors with neodymium magnets.
However, due to fewer permanent motor magnet manufacturers in the country, it imported 4 million pounds of automotive parts from China, with the bulk of them being electric motors. The escalating trade war with China is likely to represent a significant challenge for the U.S., as China threatens to cut off its supply of rare earth and associated products to the U.S. To reduce its reliance on raw material sourcing of rare earth materials, the government has taken various steps including funding mining projects under the Defense Production Act. Such initiatives are likely to strengthen the raw material supply for the domestic industry in the U.S.
The emergence of the COVID-19 pandemic directly impacted the operations of key manufacturing and industrial sectors in the country, thereby resulting in a GDP decline of nearly 3.5% in FY 2020. The recovery was observed during the last quarter of FY 2020 as the manufacturing sector resumed production in a staggered manner. On account of the massive fiscal packages offered by the U.S. government to uphold industrial production, the domestic market for permanent magnets has undergone a steady recovery in 2021.
Based on the Material Insights, the market is segmented into Ferrite, Neodymium Iron Boron (NdFeB), Aluminum Nickel Cobalt (Alnico) and Samarium Cobalt (SmCo).
Based on Application Insights, the market is segmented into Automotive, Consumer Goods & Electronics, Industrial, Medical, Energy, Aerospace & Defense and Others.
Based on the Permanent Magnets Regional Insights, the market is segmented into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa (MEA)
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On account of the presence of large-scale rare earth metal deposits in China, numerous small, medium, and large-scale manufacturers are located in close vicinity. The manufacturers are mostly focusing on developing or innovating new products with higher efficiency to cater to high-end performance industries, such as defense, aerospace, and automation.
Some prominent players in the global permanent magnets market include
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