What is Global Scrap Lifting Magnets Market?
The Global Scrap Lifting Magnets Market is a specialized sector that focuses on the production and distribution of scrap lifting magnets. These are powerful tools used in various industries to lift and move heavy metal objects, particularly scrap metal. The market operates on a global scale, with numerous manufacturers, distributors, and end-users contributing to its growth and development. The market's value was estimated at US$ 387.8 million in 2022, and it is projected to reach US$ 474.8 million by 2029. This indicates a steady growth rate, with a Compound Annual Growth Rate (CAGR) of 2.9% expected from 2023 to 2029.
Rectangular Magnets, Circular Magnets in the Global Scrap Lifting Magnets Market:
The Global Scrap Lifting Magnets Market is divided into two main product categories: Rectangular Magnets and Circular Magnets. Rectangular magnets are typically used for handling large volumes of scrap metal, while circular magnets are more suited for lifting individual pieces or smaller quantities. Despite the differences in their applications, both types of magnets play a crucial role in the market. Circular Magnets, in particular, hold the largest segment in the market, accounting for over 87% of the total market share.
Foundry Industries, Recycling Industries, Others in the Global Scrap Lifting Magnets Market:
The Global Scrap Lifting Magnets Market serves a variety of industries, including Foundry Industries, Recycling Industries, and others. Foundry Industries use these magnets to handle and transport heavy metal parts and scrap, making the manufacturing process more efficient. Recycling Industries, on the other hand, use scrap lifting magnets to sort and process scrap metal, contributing to environmental sustainability. The "Others" category includes various other industries that utilize scrap lifting magnets for different purposes. Among these, Recycling Industries hold the largest market share, accounting for over 44% of the total market.
Global Scrap Lifting Magnets Market Outlook:
The Global Scrap Lifting Magnets Market outlook provides a comprehensive overview of the market's current status and future prospects. As of 2022, the market was valued at US$ 387.8 million, and it is expected to grow at a CAGR of 2.9% from 2023 to 2029, reaching a projected value of US$ 474.8 million. The market is dominated by three major players, who collectively hold an 18% market share. Circular Magnets are the most popular product, accounting for over 87% of the market, while Recycling Industries represent the largest application sector, with a market share exceeding 44%.
| Report Metric | Details |
| Report Name | Scrap Lifting Magnets Market |
| Accounted market size in 2022 | US$ 387.8 million |
| Forecasted market size in 2029 | US$ 474.8 million |
| CAGR | 2.9% |
| Base Year | 2022 |
| Forecasted years | 2023 - 2029 |
| Segment by Type |
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| Segment by Application |
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| Production by Region |
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| Consumption by Region |
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| By Company | Walker Magnetics, SGM Magnetics, Sinfonia Technology, Ohio Magnetics, Kanetec, Magnetic Lifting Technologies US (MLTUS), Magnet Lifting, WOKO (Heppenstall Technology), Sumitomo Heavy Industries, Gauss Magneti, Electro Magnetic Industries, Elektromag, Walmag Magnetics, LONGi Magnet, Adoba GmbH, Papko Magnet Co., Gensco Equipment, Zanetti Magneti, Evertz Group, YATE Magnetics, Hunan Kemeida Electric, Wrinkle Industries, Sarda Magnets, Kakku E & P Control Co., Moley Magnetics, MLTUS, Braillon Magnetics |
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
