LONDON, March10, 2022(GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the permanent magnet market, the increasing demand for automobile applications is expected to propel the growth of the permanent magnet market. Permanent-magnet motors are most commonly used in variable-speed drives, in which the stator is powered by a variable-frequency, variable-voltage, electronically controlled source. For instance, in December 2021, in India, the total number of electric vehicle sales was reported to be 50,866 units, resulting in a 240% jump from the previous year. Moreover, in 2021, in Norway, a sale of 176,276 cars with 65% electric cars resulted in a 54% rise when compared to 2020. Therefore, the increasing demand for automobile applications is driving the growth of the permanent magnet market.
The global permanent magnet market size is expected to grow from$26.59 billion in 2021 to $29.61 billion in 2022 at a compound annual growth rate(CAGR) of 11.37%. The growth in the market is mainly due to the companies’ rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The permanent magnet market growth is expected to lead to$46.65 billion in 2026 at aCAGR of 12.03%.
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Technological transition is a key trend gaining popularity in the permanent magnet market. Technological transition is the movement of data, designs, inventions, materials, software, technical expertise, or trade secrets from one organization to another or from one purpose to another. For instance, in December 2021, Max Stand, an Italy-based company that specializes in the design and creation of exhibition stands, launched a third-party charger for Apple Airpods Max. The magnets double as a charger and a connection between the batteries. Although the AirPods Max have a lightning port on the bottom, the Max Stand substitutes it with a MagSafe-style charging solution that uses a tiny magnetic charging connector that fits inside the Lightning port of the AirPods Max. When the headphones are properly positioned, they magnetically dock into the Max Stand and begin charging as soon as the magnets align.
The major players constituting the permanent magnet market share are Arnold Magnetic Technologies, Electron Energy Corporation, Daido Steel Co., Ltd., Chengdu Galaxy Magnets Co., Ltd., Shin-Etsu Chemical Co., Ltd., Goudsmit Magnetics, Adams Magnetic Products Co., Ltd., Bunting Magnetics Co., Tengam Engineering Inc., Yantai Shougang Magnetic Materials Inc., Ningbo Yunsheng Co., Ltd., Eclipse Magnetics, Hangzhou Permanent Magnet Group, Anhui Earth-Panda Advance Magnetic Material Co., Ltd., and Magnequench International LLC.
The global permanent magnet market is segmented by type into ferrite magnets, samarium cobalt magnets, alnico magnets, neodymium iron boron magnets; by sales channel type into direct sales, distributors; by end-use into general industrial, automotive, medical technology, environment and energy, aerospace and defense, consumer electronics.
Asia-Pacific was thelargest region in the permanent magnet market in 2021.Asia-Pacific is expected to be thefastest-growing region in the forecast period. The regions covered in the permanent magnet market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Permanent Magnet Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide permanent magnet market overviews, permanent magnet market analyze and forecast market size and growth for the whole market, permanent magnet market segments and geographies, permanent magnet market trends, permanent magnet market drivers, permanent magnet market restraints, leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
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