The latest report by IMARC Group, titled, “India Magnet Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, The India magnet market is projected to exhibit a growth rate (CAGR) of 6.30% during 2023-2028. The rapid digital transformation, increasing adoption of electric vehicles (EVs), growing emphasis on renewable energy sources, and increasing government support and initiatives represent some of the key factors driving the market.
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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India Magnet Market Trends and Drivers:
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.
India Magnet Market 2023-2028 Competitive Analysis and Segmentation:
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
The report has segmented the market based on the magnet type and application.
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
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Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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