The Electronic Device Magnets Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Electronic Device Magnets Global Market Report 2024, The electronic device magnets market size has grown rapidly in recent years. It will grow from $24.68 billion in 2023 to $27.33 billion in 2024 at a compound annual growth rate (CAGR) of 10.8%. The growth in the historic period can be attributed to personal computing boom, mobile computing trends, byod (bring your own device) policies, cloud computing adoption, security concerns and compliance requirements.
The electronic device magnets market size is expected to see strong growth in the next few years. It will grow to $39.04 billion in 2028 at a compound annual growth rate (CAGR) of 9.3%. The growth in the forecast period can be attributed to hybrid work models, advancements in artificial intelligence (ai) and machine learning (ml), focus on employee wellbeing, integration of virtual and augmented reality, cybersecurity challenges and solutions. Major trends in the forecast period include technological convergence and integration, data privacy and governance, enterprise digital transformation, shift towards cloud-based euc solutions, adoption of unified endpoint management .
The rise in demand for compact and efficient magnets is expected to propel the growth of the electronic device magnet market going forward. Compact and efficient magnets refer to magnets with high magnetic strength and compact sizes that can be used in industrial automation, robotics, electric vehicles, and the expansion of the renewable energy sector. Compact and efficient magnets are used in electronic devices for functionalities like sensors, actuators, and data storage, enhancing miniaturization, energy efficiency, and overall device performance by facilitating efficient magnet integration. For instance, in June 2022, according to the Bureau of Industry and Security (BIS), a US-based government agency, the US is heavily reliant on imports for its sintered NdFeB magnets, with 75% of its supply coming from China in 2021. The remaining 9%, 5%, and 4% come from Japan, the Philippines, and Germany respectively. Therefore, the rise in demand for compact and efficient magnets is driving the growth of the electronic device magnet market.
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The electronic device magnets market covered in this report is segmented –
1) By Product Type: Ferrite Magnets, Neodymium Magnets, Samarium Cobalt Magnets, Alnico Magnets
2) By Material Type: Permanent Magnets, Electromagnets
3) By End User: Consumer Electronics, Aerospace and Defense, Industrial and Automation, Healthcare, Automotive, Energy, Consumer Goods, Others
Major companies operating in the electronic device magnet market are developing innovative technologies, such as clean earth magnet technology, to reduce the cost of magnets used for electronic device production. Clean earth magnet technology is the development of permanent magnets using iron nitride, a material that is abundant, affordable, and environmentally friendly. For instance, in 2023, Niron Magnetics, a US-based startup that develops sustainable and rare earth material free magnets for electric vehicles (EVs) and other electronic devices, developed clean-earth magnets using iron nitride, which is abundant and inexpensive compared to rare-earth minerals. The magnets demonstrate performance and temperature stability equal to, or better than, those of rare earth magnets. The magnets can be used in consumer electronics, industrial motors, pumps, compressors, wind turbines, and other products.
The electronic device magnets market report table of contents includes:
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