Permanent Magnets Market reaching US$ 78 Bn at a CAGR of 8.5% During The Forecast Period 2021 – 2031

The permanent magnets market is witnessing escalating growth, expected to reach US$ 34.4 Bn in 2021, concludes a recently published market research report by Fact.MR. The study estimates that revenues reach US$ 78 Bn by 2031, expanding at a CAGR of 8.5%.

From 2016 to 2020, global sales of permanent magnets expanded at around 8% CAGR, closing in at a revenue share of US$ 34 Bn by the end of the aforementioned historical period. Sales were downplayed across key sectors such as automotive amid the COVID-19 pandemic, attributed to strict curbs on factory operations, while industries such as the consumer electronics sustained demand.

Manufacturers are capitalizing on the Chinese market. According to various studies, China has been designated as the world’s leader in mining of rare earth ores, a key raw material needed for most magnets. Studies report that China mines over 55% of the world’s rare earth ores needed for most magnets making it the biggest producer of rare earth magnets.

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Permanent Magnets Market – Scope of Report:

A latest publication by Fact.MR on the global Permanent Magnets market evaluates the opportunities and current market landscape, and provides detailed analysis and updates about corresponding sections affecting the market.

The study offers detailed insights on key market dynamics, which include the drivers, restraints, trends, and opportunities in the market.

The principal aim of the study is to present exclusive information about how the market will perform during the forecast period of 2021-2031.

Important indicators for the successful growth of the Permanent Magnets market are presented in this comprehensive report, which include Year-on-Year (Y-o-Y) growth analysis of the market, and compounded annual growth rate (CAGR), which are described in an exhaustive way in Fact.MR’s study.

This research study can support readers to know the demand for Permanent Magnets supplements, and the quantitative development opportunities during the study period.

The research is beneficial for shareholders in Permanent Magnets, including investors, manufacturers, service providers, distributors, and suppliers, and can help them in developing suitable business strategies to flourish in the market.

Insights and wisdom presented in this Fact.MR study can be leveraged by shareholders in the market, industry experts, investors, researchers, and reporters, as well as business enthusiasts.

Competitive Landscape

Prominent players are embracing innovative approaches such as ground-breaking marketing tactics, technological advances for cancer screening, mergers, and acquisitions.

• In March 2021, Arnold magnetic Technologies announced acquisition of Ramco Electric Motors, Inc. This transaction further advances Arnold’s strategic priorities to deliver new materials and engineered solutions that empower customers to develop next generation technologies
• In April 2021, TimkenSteel Corp. announceda purchase agreement with Daido Steel (Shanghai) Co., Ltd. (“Daido”) with the intent to sell its TimkenSteel (Shanghai) Corporation Limited (“TSS”) subsidiary in China for approximately US$ 7 Mn in cash

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Report benefits & key questions answered

• Post covid consumer spending on Permanent Magnets: the report also highlights the change in the buying behavior of consumers and shifts in purchasing power, post covid-19. This information will assist the businesses to plan their production and marketing strategies.
• Permanent Magnets demand outlook: the market intelligence study reports highlights the factor propelling the demand for Synthetic Cannabinoids. As per the study, the demand for Permanent Magnets will grow through 2031.
• Permanent Magnets historical volume analysis: Fact.MR survey report provides insights into the sales registered over the last forecast year 2016 to 2020 and create estimates regarding the sales performance for 2020 – 2031.
• Permanent Magnets consumption by demographics: the report provides consumption by demographics analysis to assist the market players in designing their expansion strategies on the basis of consumption pattern of the customers.

Permanent Magnets Market Segmentations:

• Material

  • Ferrite-based Permanent Magnets
  • Neodymium Iron Boron (NdFeB) Permanent Magnets
  • Aluminum Nickel Cobalt (Alnico) Permanent Magnets
  • Samarium Cobalt (SmCo) Permanent Magnets

• Application

  • Permanent Magnets for Automotive Applications
  • Permanent Magnets for Consumer Goods & Electronics
  • Permanent Magnets for Industrial Applications
  • Permanent Magnets for Aerospace & Defense
  • Permanent Magnets for Energy
  • Permanent Magnets for Medical Applications

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