The global permanent magnets market size was valued at USD 20.74 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 5.9% from 2020 to 2027. The market growth is majorly attributed to the consumer goods and electronics industry, where permanent magnets are widely used in various applications, including smartphones and personal electronics. Increasing production in the electronics sector was the major driver of the market until the emergence of the COVID-19 pandemic. The medical industry is a vital segment of the market and with increasing COVID-19 cases across the globe, the demand for ventilators is rising significantly, which is boosting the market growth.
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