Rising number of Electro-Magnets applications in the automobile industry is a key factor driving market revenue growth
Electro-Magnets Market Size – USD 31.55 Billion in 2020, Growth – at a CAGR of 9.7%, Trends – Increasing investments in technological RD by major players globally
The global Electro-Magnets market size is expected to reach USD 66.65 Billion in 2028 and register a CAGR of 9.7% over the forecast period, according to the latest report by Reports and Data. Key factors such as growing scope of product applications in the automobile industry, along with increasing use of Internet compatible devices are driving market revenue growth. Electro-Magnets or hard magnet is a type of magnet that maintains its magnetic properties after removing demagnetizing force.
The Electro-Magnets market refers to the market for products made of Electro-Magnetss. These magnets have strong magnetic fields that do not dissipate over time, making them useful in a variety of applications such as motors, generators, medical equipment, and consumer electronics. The market for Electro-Magnetss is driven by increasing demand for high-efficiency and miniaturized motors and generators, as well as the growth of renewable energy sources such as wind and solar power.
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Top Leading Players: Hitachi Metals, Ltd., TDK Corporation, Shin-Etsu Chemical Co., Ltd., Electron Energy Corporation, Adams Magnetic Products Co., Inc., Bunting Magnetics Co., Tengam Engineering, Inc., Yantai Shougang Magnetic Materials Inc., Ningbo Yunsheng Co. Ltd., and Chengdu Galaxy Magnets Co., Ltd.
Further Key Finding from the Report Suggestion:
- In September 2021, Tata Motors launched Tigor EV. It is equipped with 26-kWh lithium-ion battery and a new Electro-Magnets synchronous electric motor.
- Neodymium iron boron magnets segment accounted for largest revenue share in the global market in 2020. This can be attributed to increasing preference for neodymium iron boron magnets in electronics and automobile sectors.
Market Overview:
Consumers are placing a higher importance on sustainability and, as a result, are choosing items based on factors like circularity and carbon footprint. Furthermore, consumer concern about carbon emissions has prompted increased investment in renewable energy, energy efficiency, and transportation decarbonization. These developments have had considerable impact on chemical end sectors, particularly in the automobile and construction industries. COVID-19 has exacerbated the situation by lowering the automobile and construction industries (as well as many others) and disrupting current supply lines.
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The global Electro-Magnets market is segmented into:
Type Outlook (Revenue, USD Billion; 2018-2028)
- Neodymium Iron Boron Magnets
- Ferrite Magnets
- Samarium Cobalt Magnets
- Alnico Magnets
- Others
End-Use Outlook (Revenue, USD Billion; 2018-2028)
- Consumer Electronics
- Medical Technology
- General Industrial
- Automotive
- Aerospace Defense
- Environment Energy
- Others
Regional Outlook:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Questions Addressed in the Report:
- What are the dominating factors that are influencing the growth of the industry?
- In the forecast period, which market segment is expected to rise the most?
- What are the risks and challenges that the industry is facing?
- In the coming years, which area is projected to dominate the market?
- Who are the major players in the market?
- What kind of strategic business plans have they made?
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