A study, recently conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global permanent magnet market was worth USD 31.7 billion in 2020 and is further projected to reach USD 59.3 billion by 2027, at a CAGR of 9.4 % during the forecast period (2021-2027).
Global Permanent Magnet Market- Industry
Size, Share, Trend Analysis, Outlook, Growth,
Opportunity and Forecast, 2021-2027
Permanent Magnet Market- Industry Trends & Forecast
A study, recently conducted by the strategic consulting and market
research firm, BlueWeave Consulting, revealed that the
global permanent magnet market was worth USD 31.7 billion in
2020 and is further projected to reach USD 59.3 billion by 2027, at
a CAGR of 9.4 % during the forecast period (2021-2027). The
consumer goods and electronics industry is heavily reliant on
permanent magnets, which are widely employed in a variety of
applications, including smartphones and personal gadgets. The
booming automotive industry is also propelling the permanent
magnet market forward. Additionally, the medical industry is an
important market segment that is favoring the market growth.
The Surge in Demand from the Automobile Applications Push the
Demand for Permanent Magnet
Automobile demand is expanding in emerging economies like
China, India, and Japan. As a result, the growing automotive
industry in Asia-Pacific is powering the growth of the permanent
magnet market. China, India, Japan, and Indonesia are among the
significant contributors to the region's growth. Towards the end of
2020, India was the fifth-largest motor vehicle/car market in the
world. According to the Indian government, 3.49 million passenger
and commercial vehicles were sold in 2020. In India, 3.49 million
passenger and commercial vehicle sales were registered in 2020.
Companies such as GM, Tata Motors, Volkswagen Group, Toyota,
Honda, and Hyundai are significantly expanding their
manufacturing facilities in Asia-Pacific.
The Fluctuating Cost of Raw Materials is Limiting Market Growth
One of the primary reasons limiting the permanent magnet
market's growth is fluctuating raw material costs, which has
significant repercussions for manufacturing companies.
Manufacturers face unexpected challenges and disrupted supply