U.S. Permanent Magnets Market Size & Outlook, 2023-2030
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U.S. permanent magnets market highlights
- The U.S. permanent magnets market generated a revenue of USD 1,464.9 million in 2023 and is expected to reach USD 2,443.4 million by 2030.
- The U.S. market is expected to grow at a CAGR of 7.6% from 2024 to 2030.
- In terms of segment, ndfeb was the largest revenue generating material in 2023.
- NdFeB is the most lucrative material segment registering the fastest growth during the forecast period.
Permanent magnets market data book summary
| Market revenue in 2023 | USD 1,464.9 million |
| Market revenue in 2030 | USD 2,443.4 million |
| Growth rate | 7.6% (CAGR from 2024 to 2030) |
| Largest segment | Ndfeb |
| Fastest growing segment | NdFeB |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Ferrite, Alnico, NdFeB, SmCo |
| Key market players worldwide | EARTH PANDA ADVANCED MAGNETIC MATERIAL CO LTD, Adams Magnetic Products, Arnold Magnetic Technologies, Daido Steel, Eclipse Magnetics, Electron Energy Corporation, Hangzhou Permanent Magnet Group, Magnequench International, Ningbo Yunsheng, Ningbo Ninggang Permanent Magnetic Materials Co., Shin-Etsu Chemical Co Ltd, TDK Corp, Thomas Skinner, VACUUMSCHMELZE, Umag, SsangYong, Pacific Metals |
Other key industry trends
- In terms of revenue, U.S. accounted for 6.6% of the global permanent magnets market in 2023.
- Country-wise, China is expected to lead the global market in terms of revenue in 2030.
- In North America, U.S. permanent magnets market is projected to lead the regional market in terms of revenue in 2030.
- Mexico is the fastest growing regional market in North America and is projected to reach USD 413.6 million by 2030.
Ndfeb was the largest segment with a revenue share of 69.43% in 2023. Horizon Databook has segmented the U.S. permanent magnets market based on ferrite, alnico, ndfeb, smco covering the revenue growth of each sub-segment from 2018 to 2030.
Investments in renewable energy and EV production are expected to contribute to market growth over the forecast period. The increasing penetration of electric vehicles (EVs) in the U.S. is driving up the demand for permanent magnets in the country. In the first half of 2023, more than 7,01,000 EVs were sold, with more than 80% of them being fully electric battery electric vehicles (BEVs).
Positive government efforts to increase the penetration of EVs is expected to increase the demand for permanent magnet in the U.S. For instance, in August 2023, The Department of Energy (DOE) revealed a policy package valued at USD 15.5 billion to support the upgrading of plant facilities to produce battery electric vehicles (BEVs).
This initiative is expected to boost the growth of BEV production within the country. Additionally, the package includes USD 2 billion in funding to convert current plants into facilities that can manufacture BEVs and their parts.
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Permanent Magnets Market Scope
Permanent Magnets Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|---|---|---|---|
| Pacific Metals | View profile | 251-500 | Otemachi, Tokyo, Japan, Asia | https://www.pacific-metals.co.jp/ |
| SsangYong | View profile | 1001-5000 | Pyongtaek, Kyonggi-do, South Korea, Asia | http://www.smotor.com |
| Umag | View profile | 11-50 | Mapo, Seoul-t'ukpyolsi, South Korea, Asia | http://umag.io |
| Thomas Skinner | View profile | 101-250 | Richmond, British Columbia, Canada, North America | https://www.thomasskinner.com |
| Ningbo Ninggang Permanent Magnetic Materials Co. | View profile | 101-250 | Ningbo, Zhejiang, China, Asia | https://www.ngyc.com |
| Ningbo Yunsheng | View profile | - | Ningbo, Zhejiang, China, Asia | http://www.yunsheng.com/ |
| Magnequench International | View profile | 5001-10000 | Singapore, Central Region, Singapore, Asia | http://www.mqitechnology.com |
| Hangzhou Permanent Magnet Group | View profile | 101-250 | Hangzhou, Zhejiang, China, Asia | http://chinahpmg.com |
| Electron Energy Corporation | View profile | 101-250 | Landisville, New Jersey, United States, North America | http://electronenergy.com |
| Eclipse Magnetics | View profile | 101-250 | Sheffield, Sheffield, United Kingdom, Europe | https://www.eclipsemagnetics.com/ |
| Daido Steel | View profile | 10001+ | Nagoya, Aichi, Japan, Asia | http://www.daido.co.jp/ |
| EARTH PANDA ADVANCED MAGNETIC MATERIAL CO LTD | View profile | 501-1000 | Hefei, Anhui, China, Asia | http://www.earth-panda.com |
| Adams Magnetic Products | View profile | 101-250 | Elmhurst, Illinois, United States, North America | https://adamsmagnetic.com |
| VACUUMSCHMELZE | View profile | 1001-5000 | Hanau, Hessen, Germany, Europe | http://www.vacuumschmelze.com/ |
| Arnold Magnetic Technologies | View profile | 501-1000 | Rochester, New York, United States, North America | http://www.arnoldmagnetics.com/ |
| TDK Corp | View profile | 102908 | Shibaura Renasite Tower, 3-9-1 Shibaura, Minato-ku, Tokyo, Japan | http://www.tdk.co.jp |
| Shin-Etsu Chemical Co Ltd | View profile | 25717 | 6-1, Ohtemachi 2-chome, Chiyoda-ku, Tokyo, Japan, 100-0004 | http://www.shinetsu.co.jp |
US Application - Permanent Magnets Market size, 2023 - 2030 (US$M)
U.S. Permanent Magnets Market Outlook Share, 2023 & 2030 (US$M)
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