Global Permanent Magnet Market to Offer Revenue Opportunity Worth $55.2 Billion by 2028 | JL MAG Rare-Earth Co., Ltd Production Capacity Reached 25,000 Tons
Global permanent magnet market was valued at US$ 35.2 billion in 2021, and it is expected to reach a value of USD 55.2 billion by 2028, at a CAGR of 8.5% over the forecast period (2022–2028).
Westford, USA, Dec. 01, 2022 (GLOBE NEWSWIRE) — Permanent magnets are widely used in many industries, from automotive to renewable energy, and their applications are forecast to grow over the coming years. As a result, the global permanent magnet market is booming, with new players entering the market and existing players expanding their production facilities.
Demand for permanent magnets has increased significantly in recent years, due to the continued miniaturization of electronics and the rise of renewable energy technologies. Permanent magnets are made from materials that can be magnetized, such as iron, nickel, cobalt, and rare earth metals. They are commonly used in electric motors, generators, and loudspeakers. Recent advancements in manufacturing have led to the production of stronger and more durable permanent magnets, which has further increased their popularity. The increase in demand for permanent magnets has resulted in higher prices for these materials. This is likely to continue in the future as more companies look to use permanent magnets in their products.
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However, as with any rapidly growing industry, there are challenges that need to be addressed in order to ensure sustainable growth. These challenges include meeting the increasing demand for high-quality magnets, ensuring a consistent supply of raw materials, and managing waste streams from magnet production.
SkyQuest’s analysis of the permanent magnet market highlights these challenges and provides recommendations on how they can be overcome. In particular, we believe that collaboration between suppliers, manufacturers and end-users is essential to address the issues facing the industry and drive continued growth.
Automotive Sector is the Largest Consumer of Permanent Magnet Market
The main drivers of growth are the automotive and energy sectors. However, the future of the permanent magnet market is uncertain due to the volatility of raw materials prices and Chinese government policies. The automotive sector is the largest user of permanent magnets, accounting for over 30% of global demand. The trends in this sector are positive, with electric vehicles (EVs) gaining market share and new technologies such as autonomous driving requiring ever more sophisticated magnets.
The top five producers of permanent magnets – China, Japan, United States, South Korea and Germany – accounted for almost 80% of global production in 2017. China is by far the largest producer, with a market share of over 50%. The Asia-Pacific region is home to the vast majority of permanent magnet manufacturers, with China alone accounting for over 70% of global capacity. North America and Europe are also significant producers, with the United States and Germany being the two largest manufacturers in those regions.
The energy sector is also a major user of permanent magnet market, with demand driven by the growth of renewable energy sources such as wind and solar. These applications require powerful magnets for efficient operation, and demand is expected to continue to grow in this area.
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However, despite these positive trends, the future of the permanent magnet industry is uncertain. Raw material prices are volatile, and recent Chinese government policies have created uncertainty in the world’s largest market for these materials. As a result, companies operating in this industry must be prepared for challenges in the years ahead.
Miniaturization of Electronics is Proving Beneficial for Permanent Magnet Market
As electronic devices continue to shrink in size, the demand for smaller, more powerful permanent magnets is increasing. This trend is being driven by the rapid miniaturization of electronics, which is resulting in smaller and smaller devices that require ever-more compact and powerful magnets. Permanent magnets are an essential component of many electronic devices, including motors, generators, sensors, and speakers. They are also used in a variety of other applications, such as door locks and wind turbines. As electronics continue to shrink in size, the demand for smaller permanent magnets will continue to grow.
The shrinking size of electronics has been driven by the demands of the consumer market in the global permanent magnet market. As people want smaller and more portable devices, manufacturers have had to find ways to make them smaller without compromising on performance. This has been achieved through advances in technology, which have allowed for ever-smaller components to be used in electronic devices.
The trend towards miniaturization looks set to continue, as demand for smaller and more portable devices increases. This will create a continued need for small, powerful permanent magnets, which are essential for the functioning of many electronic devices.
JL MAG Rare-Earth Co., Ltd is the Largest Producer in Permanent Magnet Market
JL MAG Rare-Earth Co., Ltd is the world’s largest manufacturer of rare earth permanent magnets (REPMs), accounting for around 15% of global REPM production in 2021. The company operates two main manufacturing facilities in China, one in Ghanzhou and the other in Baotou phase I. Collectively, these two-production plant reached production capacity of 23,000 tons of permanent magnet. JL MAG is a vertically integrated rare earth producer, with mining, milling and manufacturing operations. The company’s main products are neodymium-iron-boron (NdFeB) magnets, which are used in a variety of applications including electric vehicles (EVs), wind turbines, and consumer electronics.
In recent years, JL MAG has been actively expanding its capacity in the permanent magnet market and has become the largest NdFeB magnet manufacturer in the world. The company’s total rare earth oxide (REO) production capacity was approximately 23 thousand tons in 2022, up from 20 thousand tons in 2020. Looking forward, JL MAG is expected to continue its growth trajectory as demand for NdFeB magnets continues to rise globally, driven by the continued expansion of the EV market and the increasing use of magnets in wind turbines. The company is also looking to expand into new markets such as Healthcare and Automotive Electronics.
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Top Players in Global Permanent Magnet Market
- Hitachi Metals, Ltd. (Tokyo, Japan)
- Adams Magnetic Products Co., Inc. (Elmhurst, US)
- Shin-Etsu Chemical Co., Ltd. (Tokyo, Japan)
- Arnold Magnetic Technologies Corp. (New York, US)
- Daido Steel Co., Ltd. (Aichi, Japan)
- TDK Corporation (Tokyo, Japan)
- Electron Energy Corporation (New Jersey, US)
- Hangzhou Permanent Magnet Group (Duisburg, Germany)
- Anhui Earth-Panda Advance Magnetic Material Co., Ltd. (Anhui, China)
- Tengam Engineering, Inc. (Michigan, US)
- Bunting Magnetics Co. (Kansas, US)
- Alpha Magnet (California, US)
- Tridus Magnetics and Assemblies (California, US)
- Ningbo Yunsheng Co. Ltd. (Zhejiang, China)
- Magnequench International, LLC, (Singapore)
- Integrated Magnetics (Arizona, US)
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