Published by maria gbaf
Posted on November 9, 2021
4 min readLast updated: January 28, 2026
The global magnet market is driven by consumer electronics and automotive sectors, with a CAGR of 5.5% expected from 2021 to 2026.
According to the latest report by IMARC Group, titled “Magnet Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the global magnet market size reached US$ 20.7 Billion in 2020. Magnets are materials that are capable of maintaining a magnetic flux in the absence of an applied magnetic field. They produce a magnetic field that can attract iron, nickel and cobalt and other objects containing these metals. They are widely utilized in the manufacturing of numerous devices as they assist in transforming energy from one form to another. As a result, they are extensively employed across numerous sectors for applications in power generation, magnetic sensors, magnetic recording, microwave communications, transportation, and energy conversion.
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Get a sample copy of this Report: https://www.imarcgroup.com/magnet-market/requestsample
Global Magnet Market Trends:
The global market is majorly driven by significant growth in the consumer electronics sector. Since magnets form an essential component in the manufacturing of smartphones, home appliances and personal electronics, this is providing an impetus to the market growth. Moreover, they are widely utilized in the automotive sector for auto-clutch, electric braking, and throttle and gearbox actuation. A significant rise in the sales of electric and luxury vehicles across the globe is creating a positive outlook for the market. The market is further driven by the rising applications of magnets in the production of medical devices. They form an essential component in hearing aids, magnetic resonance imaging (MRI) machines, and ventricular assist devices (VAD). Additionally, with the increasing cases of the COVID-19 across the globe, there has been a rising demand for ventilators that are crucial in treating respiratory failures. Since permanent magnets form an indispensable part of these critical machines, this is creating a positive outlook for the market. Some of the other factors contributing to the market growth include the growing demand for product miniaturization and the escalating demand for devices with lower carbon footprints. On account of these aforementioned factors, the market is anticipated to grow at a CAGR of 5.5% during 2021-2026.
View Full Report with TOC & List of Figure: https://www.imarcgroup.com/magnet-market
Competitive Landscape with Key players:
The report has also analysed the competitive landscape of the market with some of the key players being.
Global Magnet Market Segmentation:
Our report has categorized the market based on region, magnet type and application.
Breakup by Magnet Type:
Breakup by Application:
Regional Insights:
Key highlights of the report:
We are updating our reports, If you want latest primary and secondary data (2021-2026) with Cost Module, Business Strategy, Competitive landscape, etc. Click request free sample report, the report will be delivered to you in PDF format via email within 24 to 48 hours after the payment confirmation.
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
Contact US:
IMARC Group
30 N Gould St Ste R
Sheridan, WY 82801 USA – Wyoming
Email: Sales@imarcgroup.com
Tel No:(D) +91 120 433 0800
Americas:- +1 631 791 1145 | Africa and Europe :- +44-702-409-7331 | Asia: +91-120-433-0800, +91-120-433-0800
The article discusses the growth and trends of the global magnet market from 2021 to 2026.
How is the COVID-19 pandemic affecting the magnet market?
What sectors are driving the growth of the magnet market?
Explore more articles in the Research Reports category
