DUBLIN, Aug. 16, 2021 /PRNewswire/ — The “Global Permanent Magnet Market by Type (Neodymium Iron Boron Magnet, Ferrite Magnet, Samarium Cobalt Magnet), End-Use Industry (Consumer Electronics, General Industrial, Automotive, Medical Technology, Environment & Energy), and Region – Forecast to 2026” report has been added to ResearchAndMarkets.com’s offering.
The global Permanent magnet market is expected to grow from USD 34.4 billion in 2021 to USD 54.1 billion by 2026, at a CAGR of 9.5% during the forecast period.
The neodymium iron boron magnet is the fastest-growing segment by magnet type in terms of value and volume.
The neodymium iron boron magnet market is expected to witness high growth because of the growing demand for miniaturization of various equipment. They are the most preferred permanent magnets owing to their strong magnetic properties. These magnets are made of alloys of neodymium, iron, and boron. They can be made in blocks, rings,…