The global permanent magnets market size is projected to reach approximately $39.7 billion by 2030., expanding at a compound growth rate of 8.4% annually, according to a new market report which focuses particularly on medical and healthcare segments as key market drivers.
The rising number of supportive initiatives to promote healthcare infrastructure, especially in developing countries, is projected to aid the market growth. Demand is expected to be driven by the extensive usage in industrial automation amidst the COVID-19 outbreak and rising demand from the healthcare sector. Permanent magnets are used in various medical devices, such as blood separators, surgical devices, dental equipment, patient monitoring systems, drug delivery systems, and magnetic resonance imaging scanners, and other essential & non-essential healthcare devices.
The COVID-19 outbreak in 2020 played a key role in driving the investments in developing healthcare infrastructure. For instance, the government of India laid out a plan to upend its healthcare spending by nearly 3% of its total gross domestic product by 2022.
Another driving force cited in the report is use in wearable electronic devices. The global economy is currently witnessing drastic developments in technology, which has led to the proliferation of smart electronic devices. The market for wearable electronics devices, smartphones, and other smart technologies in advanced as well as emerging economies is likely to witness significant growth.
Other key factors cited include:
- The ferrite material segment dominated the market in 2021 mainly due to the wide usage of ferrite magnets in medical devices.
- The NdFeB material segment is likely to witness the fastest revenue growth.
- The rising popularity of anti-lock braking system sensors in vehicles is anticipated to aid the segment growth over the coming years.
- Asia Pacific is estimated to emerge as the largest as well as the fastest-growing regional market, in terms of revenue, from 2022 to 2030. China is projected to remain the key contributor to the regional market of Asia Pacific.
The report is available from Research and Markets. For more info, see www.researchandmarkets.com.
