Market Size of Permanent Magnet Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 6.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Permanent Magnet Market Analysis
The permanent magnet market is projected to register a CAGR of over 6% during the forecast period.
The market was negatively affected by the outbreak of COVID-19. During the pandemic situation, various industries such as automotive and electronics halted production for quite a long period. That restricted the growth of the market. However, in 2022, the situation started coming on track and now the market is stable and growing steadily.
- Over the medium term, the increasing electro-mechanical applications are the major factor driving the growth of the market studied.
- On the flip side, competition from substitutes is hindering the growth of the market studied.
- Growing demand from electric vehicles acts as an opportunity in the growth of the market.
- Asia-Pacific is expected to account for the largest share and is likely to dominate the market studied during the forecast period.
