Trade Global
by on February 24, 2023
Throughout the forecast period of 2021 to 2028, the magnet market is anticipated to increase at a CAGR of 6.84% and is projected to reach USD 33.29 billion by 2028.
In order to establish a permanent magnetic field without the aid of an external source of magnetism or electrical power, magnets are defined as magnetic materials whose internal structure typically produces a magnetic field. These goods are created using rare-earth metal alloys, which also include nickel, cobalt, and iron.
Any substance that generates a magnetic field and has the ability to draw iron, nickel, and cobalt as well as things containing these metals to itself is referred to as a magnet. It is constructed from a class of substances known as ferromagnetic metals, which include nickel and iron and have the special ability to magnetize evenly. Due to their widespread use in modern technology, including speakers, hybrid automobiles, washing machines, and air conditioners, the need for magnets has increased globally over time.
Appliances like refrigerators, vacuum cleaners, lawnmowers, and garden tractors all employ magnets. Moreover, they are essential for the operation of many medical devices, including MRI scanners, hearing aids, and ventricular assist devices. Also, due to their high magnetic properties, products can be significantly smaller, perform better, and have lower production costs.
One of the key elements fueling the expansion of the magnet industry is the improvement and development of infrastructure around the world. The market growth is accelerated by the increase in demand for efficiency, miniaturization, and permanent magnets across a variety of industries, including the consumer goods and electronics sector, where these products are extensively used in a variety of applications, such as smartphones and personal electronics. The market is also influenced by the increase in efforts done by associations and regulatory agencies as well as the increasing production rate of consumer electronics.
Moreover, urbanization, industrialization, and the expansion of the end-use sectors all have a favorable impact on the magnet market. Additionally, the market players will have lucrative prospects during the forecast period of 2021 to 2028 thanks to an increase in demand from the automotive industry and technological developments in magnets.
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