Permanent Magnet Market Size to Worth $37.3 Billion by 2032 | CAGR: 9.7%: AMR [Yahoo! Finance]
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Source: Yahoo! Finance
those made from rare-earth elements such as neodymium and dysprosium. These magnets are essential components in the generators and motors of wind turbines and electric vehicles and are driving the demand for permanent magnets Wilmington, Delaware , April 02, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, Permanent Magnet Market by Product Type (Neodymium-Iron-Boron (NdFeB) Magnet, Ferrite Magnet, Samarium Cobalt Magnet, and Others), and End-Use (Consumer Electronics, Automotive, Medical Technology, Energy, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032" . According to the report, the "permanent magnet market" was valued at $15 billion in 2022, and is estimated to reach $37.3 billion by 2032, growing at a CAGR of 9.7% from 2023 to 2032. Prime determinants of growth The permanent magnet market is experiencing growth due to several factors such as an increase in demand for the automotive industry and advancements in the medical in
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