Electronic Device Magnets Market Size
“What combination of drivers is leading to accelerated growth in the electronic device magnets market?
The burgeoning necessity for small, high-performance magnets is predicted to turbocharge the advancement of the electronic device magnet market. These small yet power-packed magnets, with their high magnetic strength, are instrumental in several industries like industrial automation, robotics, electric vehicles, and the burgeoning renewable energy sector. Used primarily in electronic gadgets for functions such as sensors, actuators, and data storage, they aid in miniaturization, energy efficiency, and overall enhancement of device performance by allowing seamless magnet integration. For example, data from the Bureau of Industry and Security (BIS), a government agency based in the US, shows that the country relies heavily on imports for sintered NdFeB magnets, with 75% of the supply in 2021 originating from China, and the rest 9%, 5%, and 4% being supplied by Japan, the Philippines, and Germany respectively. Hence, the swelling demand for small, efficient magnets is accelerating the growth trajectory of the electronic device magnet market. Electronic Device Magnets Market Driver: Spotlight On The Influential Role Of Electronic Device Magnets In The Flourishing Consumer Electronics Market
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What is the projected compound annual growth rate (CAGR) of the electronic device magnets market from 2025 to 2034, and what factors influence it?
The market for magnets in electronic devices has seen tremendous expansion in the past few years. Predictions estimate that the market size will rise from $27.33 billion in 2024 to a staggering $30.15 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 10.3%. This remarkable growth in the historical period is due to factors like the surge in personal computing, trends in mobile computing, the popularization of BYOD (bring your own device) policies, the adoption of cloud computing, as well as security issues and compliance demands.
Expectations are high for the electronic device magnets market to experience robust growth in the coming years, with projections for the market to escalate to $42.44 billion in 2029, progressing at a compound annual growth rate (CAGR) of 8.9%. This anticipated growth during the forecast period is linked to the adoption of hybrid work protocols, progress in artificial intelligence (AI) and machine learning (ml), attention to staff wellness, and the cohesion of virtual and augmented reality, as well as challenges and resolutions in cybersecurity. Key trends to watch in the forecast period encompass technological unification and integration, data security and management, digital transformation within the enterprise, a move toward cloud-based end-user computing (EUC) solutions, and the embracing of unified endpoint management.
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What new trends are reshaping the electronic device magnets market and its opportunities?
Leading corporations in the electronic device magnet market are focusing on advancement in technology, such as clean earth magnet technology, to bring down the expenditure on magnets used in creating electronic devices. The clean earth magnet technology essentially involves the creation of permanent magnets using iron nitride – a substance that is commonly available, cost-effective, and poses no harm to the environment. An example of this was seen in 2023 when Niron Magnetics, an American startup dedicated to making sustainable rare earth material-free magnets for electric vehicles (EVs) and other electronic gadgets, introduced clean earth magnets. Iron nitride, an abundant and affordable alternative to rare-earth minerals, was used in their creation. These magnets not only provide equal or superior performance and heat stability compared to rare earth magnets but can also be utilized in consumer electronics, industrial motors, pumps, compressors, wind turbines, among other products.
What are the major segments of the electronic device magnets market and their role in driving growth?
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
Subsegments:
1) By Ferrite Magnets: Soft Ferrite Magnets, Hard Ferrite Magnets
2) By Neodymium Magnets: Sintered Neodymium Magnets, Bonded Neodymium Magnets
3) By Samarium Cobalt Magnets: SmCo5 Magnets, Sm2Co17 Magnets
4) By Alnico Magnets: Cast Alnico Magnets, Sintered Alnico Magnets
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Which regions are key players in the growth of the electronic device magnets market?
Asia Pacific was the largest region in the electronic device magnets market in 2024. The regions covered in the electronic device magnets market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Who are the key firms paving the way for growth in the electronic device magnets market?
Major companies operating in the electronic device magnets market report are Shin-Etsu Chemical Co. Ltd., TDK Corporation, Hitachi Metals Ltd., Yantai Shougang Magnetic Materials Inc., Vacuumschmelze GmbH & Co. KG, Yantai Zhenghai Material Co. Ltd., Arnold Magnetic Technologies, Hangzhou Permanent Magnet Group, Thomas & Skinner Inc., Magx America Inc., Bunting Magnetics Co., Industrial Magnetics Inc., Electron Energy Corporation, Magnum Magnetics Corporation, Viona Magnetics, JPMF Guangdong Co. Ltd., Ninggang Permanent Magnetic Materials Co. Ltd., Intermetallics Japan Corporation, Ningbo Co-Star Materials Hi-Tech Co. Ltd., Risheng Magnets International Co. Ltd., Magnequench, Permanent Magnets Ltd., Magnetic Hold Inc., OneMonroe (Monroe Engineering Products), Magnetic Component Engineering, Integrated Magnetics, Magnet Technology
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What Is Covered In The Electronic Device Magnets Global Market Report?
• Market Size Forecast: Examine the electronic device magnets market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the electronic device magnets market for a structured understanding.
• Key Players Overview: Analyze major players in the electronic device magnets market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the electronic device magnets market.
• Segment Contributions: Evaluate how different segments drive overall growth in the electronic device magnets market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the electronic device magnets market.
• Industry Challenges: Identify potential risks and obstacles affecting the electronic device magnets market.
• Competitive Landscape: Review strategic developments in the electronic device magnets market, including expansions, agreements, and new product launches.
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