Global Magnetics Market to Reach $51.7 Billion By 2022, Growing 8.2% Annually

Fueled by global expansion in the auto industry as well as demands for electronics, renewable energy, healthcare, aerospace, IT and defense industries the worldwide magnet and magnet materials market is expected to see solid growth through 2022, according to a new market report by BCC Research. Demand for magnets is led by their use in electric motors, where the total market is estimated to reach $16.1 billion by 2022.

Key findings of the study, Magnets and Magnet Materials: Global Markets 2017-2022, are:

The global market for magnets and magnetic materials reached $32.2 billion in 2016. This market should reach $34.9 billion and $51.7 billion by 2022, increasing at a compound annual growth rate (CAGR) of 8.2% from 2017 through 2022.

The global market for electric motors in magnets and magnetic materials reached $10.9 billion in 2017 and should reach $16.2 billion in 2022, increasing at a CAGR of 8.3% from 2017 through 2022.

The global market for generators in magnets and magnetic materials reached $4.1 billion in 2017 and should reach $6.2 billion in 2022, increasing at a CAGR of 8.6% from 2017 through 2022.

Although injured by the recent economic downfall, a recovery is underway and growth is likely to continue because of increased usage of magnetic circuit components in industrial equipment and devices, according to the report, Globally, temporary or soft magnets will lead the market. Market division between temporary and permanent magnets should remain the same between 2017 and 2022, with temporary magnets making up a majority of the market.

Market segmentation of magnets by application is expected to remain largely unchanged between 2017 and 2022. The largest end-user of magnets is the auto industry, where the global market is estimated to reach $17.1 billion by 2022, with a CAGR of 8.4%. The auto industry is followed in size by the electronics and electrical industry.

The magnets industry had sustained growth from its inception in the 40s until just the last decade, when the recession and other structural changes impacted most consumer industries, said Aneesh Kumar, BCC Research analyst. Despite this setback in the market, a recovery is underway and growth will continue because of increased use of magnetic circuit components in industrial equipment and devices.

Major players in the magnet market in North America include Adams Magnetic Products, Arnold Magnetic Technologies, Stanford Magnets and Viona Magnetic. In the Asia-Pacific region, key leaders include Advanced Technology and Materials, China Rare Earth Magnet, Daido Steel Co. and Hitachi Metals.

The burgeoning automotive industry is helping to drive the market, said Kumar. Permanent magnets are critical in the auto industrythey are found in starter motors, door lock motors, speakers, sensors, window and wiper motors, and elsewhere. Global automobile production jumped 4.5% in 2016 compared to the year before, with strong sales in particular coming from China, India and Japan. Magnets are particularly critical to hybrid and electric vehicles, with the market for plug-in hybrids expected to see especially strong growth.

The report also consists of a discussion of the major players across each of the segments. Companies assessed in the report include:
Adams Magnetic Products Co.
AT&M (Advanced Technology
Arnold Magnetic Technologies
A To Z Magnet
Baotou Inst Magnetic New Materials Co., Ltd
Beijing Zhong Ke San Huan Hi-Tech Co., Ltd
China Rare Earth Magnet Ltd
Clime Magnet Manufactory Co., Ltd
Daido Steel Co., Ltd
Dexter Magnetic Technologies, Inc
EEC (Electron Energy Corp)
Feller Magtech Corp.
Fuzhou AO Magnet Electronic Co., Ltd.
Hangzhou Best Magnet Co., Ltd.
Hitachi Metals Ltd.
HPMG (Hangzhou Permanent Magnet Group)
Integrated Magnetics
Longze Magnet Electronic Co., Ltd
MMC Magnetics
Ningbo Bestway Magnet Co., Ltd
Ningbo Co-Star Materials Hi-Tech Co., Ltd
Ningbo Jinke Magnetics Co., Ltd.
Ningbo Ketian Magnet Co., Ltd.
Ningbo Newland Magnetics Co., Ltd.
Ningbo NGYC (Ninggang Permanent Magnetic) Materials Co., Ltd.
Ningbo Sanhuan Magsound Co., Ltd
Ningbo Songke Magnetic Materials Co., Ltd.
Ningbo Vastsky Magnet Co., Ltd.
Ningbo Xinfeng Magnet Industry Co., Ltd.
Ningbo Yunsheng High-Tech Magnetics Co., Ltd
Ningbo Zhaobao Magnet Co., Ltd.
Shenzhen Thinova Co., Ltd.
Sonal Magnetics
Stanford Magnets
TDK Corp
Thomas and Skinner, Inc.
Viona Magnetics
Xiamen Everbeen Magnet Electron Co., Ltd
Yantai Shougang Magnetic Materials, Inc.