IMARC Group, a leading market research company, has recently releases report titled, “India Magnet Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, The study provides a detailed analysis of the industry, including the India magnet market share, size, trends and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights:
How big is the India magnet market?
The India magnet market is projected to exhibit a growth rate (CAGR) of 6.30% during 2023-2028.
What is magnet?
A magnet is a fundamental object that exhibits the property of magnetism. It can attract or repel other materials with magnetic properties, such as nickel, cobalt, and iron. It has two evident poles, including a south pole and a north pole, and repels similar poles while attracting opposite poles. It is essential in devices, including generators, magnetic resonance imaging (MRI) machines, electric motors, and magnetic locks. Additionally, permanent magnets, such as those manufactured from neodymium or ferrite, retain their magnetic properties over time, while electromagnets create a magnetic field when an electric current flows through a coil. Nowadays, magnets are widely adopted in various fields, including medicine, electronics, and engineering.
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What are the growth prospects and trends in the India magnet industry?
The magnet market in India is driven by the expanding manufacturing and industrial sectors. In addition, the rising demand for magnets in machinery, equipment, motors, generators, and various other industrial processes is influencing the market growth. Moreover, the widespread adoption of magnets in the electronics and information technology (IT) sector in several electronic devices, including smartphones, laptops, and medical equipment, represents another major growth-inducing factor. Besides this, the growing infrastructure development projects, such as the construction of metro rail networks, high-speed railways, and smart cities, are escalating the demand for magnets in transportation and construction applications and infrastructure components, including sensors, switches, and rail systems, thus accelerating the product adoption rate. Along with this, the rising renewable energy sector, particularly wind energy, relies heavily on permanent magnets, such as neodymium magnets, to produce wind turbines, thus propelling the market growth. India is significantly investing in renewable energy projects, leading to the rising demand for magnets. Furthermore, the Indian government is introducing policies and initiatives such as the Make in India campaign to promote domestic manufacturing, including producing magnets, thus creating a positive market outlook.
What is included in market segmentation?
The report has segmented the market into the following categories:
Magnet Type Insights:
- Ferrite
- Neodymium Iron Boron (NdFeB)
- Aluminum Nickel Cobalt (A1NiCo)
- Samarium Cobalt (SmCo)
Application Insights:
- Computer Hard Disk Drives (HDD), CD, DVD
- Hybrid Electric Vehicles
- Electric Bicycles
- Heating, Ventilating and Air Conditioners (HVAC)
- Wind Turbines
- Others
Breakup by Region:
- North India
- South India
- East India
- West India
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
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