Permanent Magnets Market Size, Share & Trends Analysis Report By Material (Ferrite, NdFeB), By Application (Consumer Goods & Electronics, Energy), By Region (Europe, Asia Pacific), And Segment Forecasts, 2024 - 2030

Research Methodology

A three-pronged approach was followed for deducing the permanent magnets market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for permanent magnets market to gather the most reliable and current information possible.

• We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
• We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
• We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
• We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
• We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of permanent magnets market data depending on the type of information we’re trying to uncover in our research.

• Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

• Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

• Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

• Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

• Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

• Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

• This step also entails the finalization of the report scope and data representation pattern.

• Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Permanent Magnets Market Categorization:

The permanent magnets market was categorized into three segments, namely material (Ferrite, Neodymium Iron Boron, Aluminum Nickel Cobalt, Samarium Cobalt), application (Automotive, Consumer goods & electronics, Industrial, Aerospace & Defense, Energy, Medical), and region (North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa)

Segment Market Methodology:

The permanent magnets market was segmented into material, application, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

• Demand estimation of each product across countries/regions summed up to from the total market.

• Variable analysis for demand forecast.

• Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

• Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

• Used extensively for new product forecasting or analyzing penetration levels.

• Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

• Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

• This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The permanent magnets market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into sixteen countries, namely, the U.S.; Canada; Mexico; Germany; Russia; the UK; France; Italy; China; India; South Korea; Indonesia; Japan; Brazil; Argentina; KSA.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Permanent magnets market companies & financials:

The permanent magnets market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

• Adams Magnetic Products Co.: The company was founded in 1950 and is headquartered in Illinois, U.S. The company is a fabricator, custom manufacturer, and distributor of various permanent magnets and magnetic assemblies. It offers permanent magnets in ceramic, alnico, flexible, neodymium, and samarium cobalt materials. The company manufactures and provides a wide range of products including soft magnetic, industrial magnets, ferrite cores, neodymium magnets, magnetic assemblies, flexible magnets, and nanocrystalline cores & components. It has manufacturing facilities in Kentucky, California, Illinois, the U.S., and China.

• Earth-Panda Advance Magnetic Material Co., Ltd.: The company was established in 2003 and is headquartered in Hefei Anhui, China. The company manufactures permanent and flexible magnets including ceramic and ferrite. Its product portfolio includes extruded magnet strips, rubber magnet sheets/rolls, magnetic products, electric motor seals, magnetic tapes, refrigerator seals, magnetic gifts, magnetic darts, bathroom seals, magnetic toys, magnetic belts, and office automation & stationary magnets. It supplies magnets to various companies including Thomson, GE, Samsung, Itochu, and Sanyo. The company exports around 70% of its products to the U.S., Japan, Korea, and European countries. Products offered by the company find applications in diverse fields including automobile, information technology, wind power, national defense, electric motors, medical, instrument, and magnetic machinery. It had 1,232 employees as of December 2020.

• Arnold Magnetic Technologies: The company is a subsidiary of Compass Diversified Holdings, was founded in 1898, and is headquartered in New York, U.S. It is a global manufacturer of precision magnetic assemblies, high-performance magnets, and thin metals. The company caters to various sectors including industrial, consumer, medical, aerospace, military, and telecommunications. Magnets, metals, and systems manufactured by the company find application in motors, batteries, solar panels, and commercial aircraft. The company manufactures and distributes products, such as Flexmag flexible magnet materials, Wraptite carbon fiber sleeving, injection molded magnets, RECOMA samarium cobalt, electrical steel, ferrite, alnico, neodymium-iron-boron, and compression bonded magnets, which cater to clients from the U.S., Switzerland, Europe, and Asia. The company is downstream integrated and also produces electric motors. Its revenue was approximately USD 140 million and it had 720 employees as of 2020.

• Daido Steel Co., Ltd.: Daido Steel was founded in 1916 and is headquartered in Nagoya, Japan. The company offers numerous products including tool steel, stainless steel, die forgings, welding wire, rare earth magnets, titanium products, titanium alloys, stainless steel, superalloy, alloyed powder, magnetic sensors, construction steel, advanced super tube, and LED. < Back to Table of Contents Permanent Magnet Market Analysis and Segment Forecasts to 2028 V1.1 ©Grand View Research, Inc., USA. All Rights Reserved 102 The company operates through numerous business segments, namely specialty steel, high-performance materials and magnetic materials, parts for automobile and industrial equipment, engineering, and trading & services. It caters its products to automotive, construction, aerospace, energy, chemical, and electronics sectors. It supplies steel parts to Honda Motor, Nissan Motor, and Mitsubishi Heavy Industries. It has production facilities located across Europe, Asia, and North America.

• Eclipse Magnetics: The company was founded in 1889 and is headquartered in Atlas Way Sheffield, UK. The company has a presence across China, France, the UK, and the U.S. Its diversified product portfolio includes magnetic assemblies, magnetic filtration systems, magnetic separation systems, magnetic industrial equipment, and plumbing products. The company caters to various application segments including food processing, chemical processing, automotive, precision engineering, aerospace, robotics, and plumbing. It provides magnetic technology to numerous companies including Honda, Nestle, Ford, JCB, BMW, BAE Systems, and Bosch. The company’s revenue was approximately USD 11.1 million and it had 64 employees as of 2020.

• Electron Energy Corporation: The company was founded in 1970 and is headquartered in Landisville, U.S. It is a vertically integrated supplier of rare earth magnets, magnet assemblies, neodymium-iron-boron (NdFeB) sintered permanent magnets, samarium cobalt (SmCo), and magnet systems for medical, military, aerospace, motion controls, and electronic sectors. Magnets and assemblies offered by the company are used in sophisticated and performance-critical components of advanced technology systems including magnetrons, traveling wave tubes (TWTs), and klystrons. It had approximately 130 employees as of 2020.

• Goudsmit Magnetics Group: The company was founded in 1959 and is headquartered in Northern Ireland, UK. The company designs and manufactures magnetic systems for metal handling, metal separation, and recycling. It provides magnetic systems for industrial applications such as the de-ironing of mechanical conveying systems, the food industry, and recycling facilities. The company operates across numerous countries including China, the Netherlands, France, Germany, and the Czech Republic. Its revenue was approximately USD 32 million and had about 165 employees as of 2020.

• Hangzhou Permanent Magnet Group., Ltd: The company was established in 1980 and is headquartered in Zhejiang, China. It is involved in the research & development, production, and sales of magnetic devices and materials. The company provides various permanent magnets, including SmCo, NdFeB, and AlNiCo, to electronics, medical, automotive, and engineering sectors. It produces a wide range of complex magnetic assemblies that find application in motors, sensors, and instruments. The company’s revenue was approximately USD 822 million and had approximately 4,130 employees as of 2020.

• Hitachi Metals Ltd.:  The company is a subsidiary of Hitachi Ltd. It was established in 1956 and is headquartered in Tokyo, Japan. The company operates through three business segments, namely automotive-related products, electronics-related products, and infrastructure-related products. It offers a wide range of products including cutting tools, molding materials, chassis, exhaust components, magnets & motor-related products, LCDs & semiconductors, medical equipment, aircraft components, piping equipment, industrial equipment, and rubber.

• Magnequench International LLC: The company is a subsidiary of Molycorp was founded in 1986 and is headquartered in Greenwood Village, Colorado, U.S. The company offers a wide range of products including rare earth materials, rare metals, high-purity materials, and zirconium. It serves various applications including automotive and home appliances. The company has a presence in 25 locations across 10 countries including Japan, China, Singapore, Korea, the U.S., and some European countries. It had approximately 2,400 employees in 2020.

Value chain-based sizing & forecasting

Supply Side Estimates

• Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

• Segment revenue determination via variable analysis and penetration modeling.

• Competitive benchmarking to identify market leaders and their collective revenue shares.

• Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

• Identifying parent markets and ancillary markets

• Segment penetration analysis to obtain pertinent

• revenue/volume

• Heuristic forecasting with the help of subject matter experts

• Forecasting via variable analysis

Permanent Magnets Market Report Objectives:

• Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

• Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

• Understanding market estimates and forecasts (with the base year as 2023, historic information from 2018 to 2023, and forecast from 2024 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Permanent Magnets Market Report Assumptions:

• The report provides market value for the base year 2023 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

• The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

• We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

• All market estimates and forecasts have been validated through primary interviews with the key industry participants.

• Inflation has not been accounted for to estimate and forecast the market.

• Numbers may not add up due to rounding off.

• Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

• Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

• Latin America includes Central American countries and the South American continent

• Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

• Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

• Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.