March 28, 2022 06:50 ET | Source: ReportLinker ReportLinker

New York, March 28, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Permanent Magnet Global Market Report 2022" - https://www.reportlinker.com/p06248268/?utm_source=GNW Ltd., Bunting Magnetics Co., Tengam Engineering Inc., Yantai Shougang Magnetic Materials Inc., Ningbo Yunsheng Co. Ltd., Eclipse Magnetics, Hangzhou Permanent Magnet Group, Anhui Earth-Panda Advance Magnetic Material Co. Ltd, and Magnequench International LLC. The global permanent magnet market is expected to grow from $26.59 billion in 2021 to $29.61 billion in 2022 at a compound annual growth rate (CAGR) of 11.37%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $46.65 billion in 2026 at a CAGR of 12.03%. The permanent magnet market consists of sales of permanent magnets by entities (organizations, sole traders, and partnerships) that include rare earth elements, nickel and cobalt.Permanent magnets preserve its magnetic characteristics in the absence of a magnetizing force, such as a current or an inducing field. It is used in speakers, microphones, credit and debit cards, magnetic resonance imaging in hospitals and in electric vehicles. The main types of permanent magnet are ferrite magnets, samarium cobalt magnets, alnico magnets and neodymium iron boron magnets.The ferrite magnet is a chemical combination made up of ceramic materials and iron oxide. They are commonly used in transformers, electronic inductors, and electromagnets due to their wide availability and affordability.The various sales channel used in the permanent magnet are direct sales and distributors. Permanent magnets are used by end-users such as general industrial, automotive, medical technology, environment & energy, aerospace & defense and consumer electronics. Asia Pacific was the largest region in the permanent magnet market in 2021.Asia Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The increasing demand from the automobile applications is expected to propel the growth of the permanent magnet market.Permanent-magnet motors are most commonly used in variable-speed drives, in which the stator is powered by a variable-frequency, variable-voltage, electronically controlled source. For instance, in December 2021, in India, the total number of electric vehicles sales were reported to be 50,866 units resulting in a 240% jump from the previous year.Moreover, in 2021, in Norway, recorded a sale of 176,276 cars with 65% electric cars resulting in 54% rise when compared to 2020. Therefore, the increasing demand from automobile applications is driving the growth of the permanent magnet market. The technological transitions is a key trend gaining popularity in the permanent magnet market.Technological transition is a method of movement of data, designs, inventions, materials, software, technical expertise, or trade secrets from one organization to another or from one purpose to another. For instance, in December 2021, Max Stand, an Italy-based company that specializes in the design and creation of exhibition stands, launched a third party charger for Apple Airpods Max.The magnets double as a charger and a connection between the batteries. Although the AirPods Max have a lightning port on the bottom, the Max Stand substitutes it with a MagSafe-style charging solution that uses a tiny magnetic charging connector that fits inside the Lightning port of the AirPods Max. When the headphones are properly positioned, they magnetically dock within the Max Stand and begin charging as soon as the magnets align. In October 2021, Bunting, a Chicago-based company of magnets manufacturers acquired MagDev Ltd for an undisclosed amount.Through this acquisition, Bunting will be able to provide a wider selection of magnetic solutions and technological skills as a result of the purchase. The MagDev facility in Swindon, UK, features substantial testing and in-house machining capabilities, as well as 1,100 square metres (12,000 square feet) of warehousing space. MagDev is a UK-based company prominent in industrial magnet, specialised in permanent magnets, magnetic assemblies, and soft magnetic solutions in a variety of forms, sizes, and grades, with magnetic qualities suited to specific needs. The countries covered in the Permanent Magnet market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA. Read the full report: https://www.reportlinker.com/p06248268/?utm_source=GNW About Reportlinker ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place. __________________________