Permanent Magnets industry Estimated to Reach 17.4 Billion USD in 2028

The most important permanent magnets include rare earth permanent magnets and ferrite magnets

Rare earth permanent magnet materials refer to alloys composed of rare earth metals and transition metals. A permanent magnet material made with a special manufacturing method, it has a very strong magnetic force and can be retained for a long time. Rare earth magnets have been developed over his four generations. The 1st and 2nd generation are RE-Co permanent magnets, i.e. Co-based permanent magnets. The 1st generation is type 5 SmCo alloy (SmCo5), the 2nd generation is rare earth sintered magnet 7 SmCo alloy (Sm2Co17). Due to the small reserves of Sm, Co and Ni are also valuable strategic metals, the first two generations of rare earth permanent magnets are not widely used, and the main market is limited to high-end military applications. The third and fourth generation rare earth permanent magnets are RE-FE-B permanent magnets. This is the third generation of his NdFeB alloy (Nd2Fe14B), which is also the most widely used rare earth permanent magnet. The fourth generation is Sm-Fe-N alloy. (Sm2Fe17N3), but the Sm-Fe-N alloy has not yet entered the commercial production stage.

Hard ferrite magnets are also called ceramic magnets. There are two main types of hard ferrite magnets: barium ferrite (BaO.6Fe2O3) and strontium ferrite (SrO.6Fe2O3). Sintered ferrite magnets are cheaper than other permanent magnets. Great for the most sensitive applications, but not very powerful. Because it is a non-metallic magnet, it is ideal for applications that require rust-proof magnets in humid environments.

Sintered ferrite (ceramic) magnets are also available in isotropic and anisotropic geometries. The magnetic properties of isotropic ferrite are the same in all directions, so it can be magnetized in any pole arrangement. On the other hand, anisotropic hard ferrite magnets can only be magnetized in the manufacturing direction, but they have much higher magnetic force than isotropic hard ferrite magnets.

The global permanent magnet market was valued at US$11.05073 billion in 2020 and will reach US$1.743792 billion by the end of 2028, with a CAGR of 6.95% from 2022 to 2028. grow in Ferrite magnets now represent the more common permanent magnets in the world. The main raw materials used to manufacture ferrite magnets are relatively economical compared to most other types of permanent magnets. The global hard ferrite magnet market was valued at USD 3,061.15 million in 2020 and will reach USD 3,799.58 million by the end of 2027, growing at a CAGR of 3.15% during 2022-2027. Rare earth permanent magnet materials refer to alloys composed of rare earth metals and transition metals. NdFeB is the third generation magnet, covering more than 98% of the world’s demand. The global rare earth permanent magnet market was valued at USD 7,989.58 million in 2020 and will reach USD 13,638.33 million by the end of 2028, growing at a CAGR of 8.17% from 2022 to 2028.

The technical barriers of permanent magnets are relatively low. Our production bases are concentrated in China and Japan. Major players dominating this market include Hitachi Metals Group, Shin-Etsu, TDK, Beijing Zhongke Sanhuan High-Tech, and Yunsheng Company. Overseas, we rely heavily on China’s sintered NdFeB permanent magnet material grades. Therefore, the Japanese market is mainly supplied by local companies such as Hitachi Metals, TDK and Shin-Etsu Chemical, while the competition in the international market outside Japan is mainly between Chinese companies.

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