Permanent Magnet Market Featuring Key Drivers, Affective Mechanisms, Employment, Social Affairs, Evidence, Technologies And Forecast 2023-2032|Arnold Magnetic Technologies, Electron Energy Corporation, Daido Steel Co., Ltd., Chengdu Galaxy Magnets Co. Ltd., Shin-Etsu Chemical Co. Ltd.

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The Permanent Magnet Global Market Report 2023 by The Business Research Company, provides permanent magnet market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.

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https://www.thebusinessresearchcompany.com/report/permanent-magnet-global-market-report

According to The Business Research Company’s Permanent Magnet Global Market Report 2023, the market size is expected to grow from $30.15 billion in 2022 to $34.54 billion in 2023 at a compound annual growth rate (CAGR) of 14.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the permanent magnet is expected to grow to $56.74 billion in 2027 at a CAGR of 13.2%.

The increasing demand for automobile applications is expected to propel the growth of the permanent magnet market. Permanent-magnet motors are most commonly used in variable-speed drives, in which the stator is powered by a variable-frequency, variable-voltage, electronically controlled source.

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The permanent magnet market is segmented:

1) By Type: Ferrite Magnets, Samarium Cobalt Magnets, Alnico Magnets, Neodymium Iron Boron Magnets

2) By Sales Channel Type: Direct Sales, Distributors

3) By End-Use: General Industrial, Automotive, Medical Technology, Environment & Energy, Aerospace & Defense, Consumer Electronics

The technological transition is a key trend gaining popularity in the permanent magnet market. Technological transition is a method of movement of data, designs, inventions, materials, software, technical expertise, or trade secrets from one organization to another or from one purpose to another. For instance, in December 2021, Max Stand, an Italy-based company that specializes in the design and creation of exhibition stands, launched a third-party charger for Apple Airpods Max. The magnets double as a charger and a connection between the batteries. Although the AirPods Max has a lightning port on the bottom, the Max Stand substitutes it with a MagSafe-style charging solution that uses a tiny magnetic charging connector that fits inside the Lightning port of the AirPods Max. When the headphones are properly positioned, they magnetically dock within the Max Stand and begin charging as soon as the magnets align.

The permanent magnet market report table of contents includes: