The global Permanent Magnets market size is projected to grow from USD 11.65 billion in 2023 to USD 17.44 billion by 2029

Permanent Magnets Market Summary

Permanent Magnets major include the rare earth permanent magnet and Ferrite Magnets.

The rare earth permanent magnet material refers to an alloy formed of rare earth metal and a transition metal. This permanent magnet material made by a certain process is extremely magnetic and can be maintained for a long time. Rare earth magnets have been developed for four generations. The first and second generations are RE-Co permanent magnets, ie Co-based permanent magnets: the first generation as type 5 SmCo alloys (SmCo5) and the second generation as Rare-earth Sintered Magnet7 SmCo alloys (Sm2Co17). Since Sm reserve is scare, Co And Ni is also a valuable strategic metal, the first two generations of rare earth permanent magnets have not been widely used,their major market are only for the high-end military area. The third and fourth generation rare earth permanent magnets are RE-FE-B permanent magnets. It is the third generation - NdFeB alloy (Nd2Fe14B), also the most widely used rare earth permanent magnet; the fourth generation is Sm-Fe-N alloy. (Sm2Fe17N3), but Sm-Fe-N alloy has not yet entered the stage of commercial production.

Ferrite Magnets are also called Ceramic Magnets. There are mainly two types of Ferrite Magnets, Barium ferrite (BaO.6Fe2O3) and Strontium ferrite (SrO.6Fe2O3). Compared with other permanent magnets, sintered ferrite magnet is cheap. It is most suitable for most sensitive, but need not very high performance applicaitons. As this is a non-metal magnets, it is the ideal magnets for applications that require non-rusty magnets in humit envirument.   

Sintered ferrite (ceramic) magnets are also available in forms of isotropic and an-isotropic. The magnetic properties of isotropic ferrite are the same in all directions, therefore they can be magnetized in any pole arrangements. An-isotropic Ferrite Magnets, on the other hand, can only be magnetized in the direction they are oriented during production, but they have much higher magnetic strength than isptropic ones.

The most common hard ferrites are:

Strontium ferrite, SrFeO (SrO·6FeO), used in small electric motors, micro-wave devices, recording media, magneto-optic media, telecommunication and electronic industry.

Barium ferrite, BaFeO (BaO·6FeO), a common material for permanent magnet applications. Barium ferrites are robust ceramics that are generally stable to moisture and corrosion-resistant. They are used in e.g. loudspeaker magnets and as a medium for magnetic recording, e.g. on magnetic stripe cards. Cobalt ferrite, CoFeO (CoO·FeO), used in some media for magnetic recording.

According to the new market research report "Global Permanent Magnets Market Report 2023-2029", published by GIResearch, the global Permanent Magnets market size is projected to grow from USD 11.65 billion in 2023 to USD 17.44 billion by 2029, at a CAGR of 7.0% during the forecast period.

• Global Permanent Magnets MarketSize(US$ Million), 2018-2029

Source: GlobalInfoResearch, “Global Permanent Magnets Market 2024 by Manufacturers, Regions, Type and Application, Forecast to 2030”(published in 2023). If you need the latest data, plaese contact GIResearch.

• Global Permanent Magnets Top19 Players Rankingand Market Share (Ranking is based on the revenue of 2022, continually updated)

Source: GlobalInfoResearch, “Global Permanent Magnets Market 2024 by Manufacturers, Regions, Type and Application, Forecast to 2030”(published in 2023). If you need the latest data, plaese contact GIResearch.

This report profiles key players of Permanent Magnets such as Hitachi Metals, Beijing Zhong Ke San, Huan Hi-Tech, TDK, JL MAG Rare-Earth , Yunsheng Company.

In 2022, the global top five Permanent Magnets players account for 24.1% of market share in terms of revenue. Above figure shows the key players ranked by revenue in Permanent Magnets.

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