Throughout the forecast period of 2021 to 2028, the magnet market is anticipated to increase at a CAGR of 6.84% and is projected to reach USD 33.29 billion by 2028.
Appliances like refrigerators, vacuum cleaners, lawnmowers, and garden tractors all employ magnets. Moreover, they are essential for the operation of many medical devices, including MRI scanners, hearing aids, and ventricular assist devices. Also, due to their high magnetic properties, products can be significantly smaller, perform better, and have lower production costs.
One of the key elements fueling the expansion of the magnet industry is the improvement and development of infrastructure around the world. The market growth is accelerated by the increase in demand for efficiency, miniaturization, and permanent magnets across a variety of industries, including the consumer goods and electronics sector, where these products are extensively used in a variety of applications, such as smartphones and personal electronics. The market is also influenced by the increase in efforts done by associations and regulatory agencies as well as the increasing production rate of consumer electronics.
Moreover, urbanization, industrialization, and the expansion of the end-use sectors all have a favorable impact on the magnet market. Additionally, the market players will have lucrative prospects during the forecast period of 2021 to 2028 thanks to an increase in demand from the automotive industry and technological developments in magnets.
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