According to Fortune Business Insights the global permanent magnet market was valued at $17.85 billion in 2018 and is expected to reach $34.70 billion by 2026, growing at a compound annual growth rate (CAGR) of 8.7% during the forecast period from 2019 to 2026. The global permanent magnet market size is expected to reach $34.70 billion by 2026 owing to the rising need for energy and the use of strong magnets for power generation. A permanent magnet is a device that can retain its magnetic properties despite being in an atmosphere with no magnetic field. A permanent magnet can also be called a hard magnet due to properties such as large magnetic moment, and low permeability. Permanent magnets are used in various kinds of loudspeakers, and other home appliances, and are available in variety such as ferrite magnets, alloy magnets, bonded magnets, and others.

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Permanent Magnet Market Segmentation Analysis:

By Type:

• Neodymium Iron Boron (NdFeB): Holds the largest market share due to high performance, compact size, and low cost. Widely used in electric motors and power tools. Government support for green technologies further boosts demand.
• Ferrite: Known for high-temperature resistance, cost-effectiveness, and demagnetization resistance. Commonly used in automotive parts like fuel pumps, engine starters, and windshield wipers.
• Others: Includes samarium cobalt (SmCo), aluminum nickel cobalt (Alnico), and additional magnet types.

By Application:

• Consumer Electronics: Largest segment, driven by growing demand for products like smartphones, air conditioners, loudspeakers, and cameras. Rising disposable incomes and tech advancements fuel growth.
• Automotive: Expected to grow significantly due to increased use in electric and hybrid vehicles. Hard magnets are essential in battery systems, engines, and various moving parts.

List of Permanent Magnet Market Keyplayers:

• Adams Magnetic Products Co., Inc.
• Arnold Magnetic Technologies Corp.
• TDK Corporation
• Tengam Engineering, Inc.
• Alpha Magnet
• Electron Energy Corporation
• Ningbo Yunsheng Co. Ltd.
• Daido Steel Co., Ltd.