The global permanent magnet market size was valued at $17.85 billion in 2018 and is projected to grow $34.70 billion in 2026, exhibiting a compound annual growth rate (CAGR) of 8.7% during the 2019-2026 forecast period. Fortune Business Insights™ publishes this information in a report titled, "Permanent Magnet Market, 2025-2032".
The permanent magnet market is experiencing significant growth, driven by expanding applications across various industries including automotive, electronics, energy, and healthcare. Permanent magnets, which retain their magnetic properties in the absence of an external magnetic field, are critical components in electric motors, generators, sensors, and other electronic devices.
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Market Segmentation:
By Type
By Application
Key Market Drivers:
Increasing Popularity of Hybrid Vehicles will Add Impetus to Market
Various factors are responsible for the permanent magnet market growth. These include the increasing demand for various electronic devices such as television, laptops, music systems, and smartphones, coupled with the rise in need for more energy for consumption. This, coupled with the growing demand from the automotive sector will also aid in the expansion of the market in the forecast period. Besides this, the advancement in technology and use of neodymium iron boron (NdFeB) for various applications such as domestic appliances and wind turbines, and other electronic equipment such as speakers are likely to bode well for the market in the coming years.