According to the latest IMARC group report, entitled “Magnets Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2021-2026, “the Global magnets market size reached $ 20.7 billion in 2020. Magnets are materials capable of maintaining magnetic flux in the absence of an applied magnetic field. They produce a magnetic field that can attract iron, nickel, and cobalt and other objects containing these metals. They are widely used in the manufacture of many devices because they help transform energy from one form to another. As a result, they are widely used in many industries for applications in power generation, magnetic sensors, magnetic recording, microwave communications, energy transport and conversion.
As the novel coronavirus (COVID-19) crisis sweeps the world, we are continuously monitoring changes in the markets, as well as the buying behaviors of consumers around the world and our estimates on the latest market trends and forecasts are carried out after examining the impact of this pandemic.
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Global Magnet Market Trends:
The global market is mainly driven by the significant growth of the consumer electronics sector. Since magnets are an essential building block in the manufacture of smartphones, home appliances and personal electronics, it gives impetus to the growth of the market. In addition, they are widely used in the automotive industry for automatic clutch, electric braking, and throttle and gearbox actuation. A significant increase in sales of electric and luxury vehicles around the world creates a positive outlook for the market. The market is further driven by the increasing applications of magnets in the production of medical devices. They are an essential component of hearing aids, magnetic resonance imaging (MRI) devices and ventricular assist devices (VAD). In addition, with the increase in cases of COVID-19 across the world, there has been an increasing demand for ventilators which are essential in the treatment of respiratory failure. Since permanent magnets are an indispensable part of these critical machines, this creates a positive outlook for the market. Other factors contributing to the growth of the market include increasing demand for product miniaturization and increasing demand for low carbon footprint devices. Due to these aforementioned factors, the market is expected to grow at a CAGR of 5.5% during 2021-2026.
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Competitive landscape with key players:
The report also analyzed the competitive landscape of the market with some of the major players being.
- VACUUMSCHMELZE GmbH & Co. KG
- Beijing Zhong Ke San Huan Hi-Tech Co. Ltd
- Adams Magnetic Products Co.
- TDK Company
- Arnold Magnetic Technologies
- Shin-Etsu Chemical Co. Ltd.
- Bakker Magnetics BV
Global Magnet Market Segmentation:
Our report has categorized the market based on region, magnet type, and application.
Breakdown by type of magnet:
- Neodymium Iron Boron (NdFeB)
- Aluminum Nickel Cobalt (AlNiCo)
- Cobalt samarium (SmCo)
Breakdown by application:
- Computer hard drives (HDD), CDs, DVDs
- Hybrid electric vehicles
- Electric bikes
- Heating, ventilation and air conditioning (HVAC)
- Wind turbines
- Other applications
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia-Pacific (China, Japan, India, Australia, Indonesia, Korea, others)
- Latin America (Brazil, Mexico, others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, others)
Highlights of the report:
- Market performance (2015-2020)
- Market Outlook (2021-2026)
- Porter’s Five Forces Analysis
- Market drivers and success factors
- SWOT analysis
- Value chain
- Complete mapping of the competitive landscape
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