According to a report by Grand View Research, Inc., global permanent magnet market is anticipated to value USD 38.53 billion by 2024. Growing need for permanent magnets in production of batteries for hybrid and electric cars is anticipated to propel product demand.
Growing adoption of advanced technological processes such as transverse pressing, powder metallurgy, and isostatic pressing to manufacture permanent magnets can fuel growth of market. Continual development of innovative products powered by permanent magnet technology such as azimuth thruster can influence growth of market. Infusion of additional investments by national governments to improve production processes of permanent magnets is likely to augment growth of market over the forecast period (2013-2024).
Full Research Report On Permanent Magnet Market Analysis: www.grandviewresearch.com/industry-analysis/permanent-magnets-industry
The permanent magnet market can be segregated on the basis of product, application, and region. Based on product, the market can be categorized into rare earth and ferrite. In 2016, rare earth segment dominated the market and account for largest share. It is expected to grow at similar pace over the forecast period attributed to high demand for neodymium in sensors and gauges of expensive automobiles. In addition, demand for rare earth in data storage devices such as HDD is anticipated to propel product demand over next few years. However, presence of SDDs can restrain demand for HDD and limit consumption of product.
Similarly, demand for ferrite permanent magnets is expected to grow over the forecast period attributed to corrosion resistance offered by the product. The segment is likely to grow at CAGR of 7.2% over next few years owing to increasing use in air bag actuators, automatic braking system (ABS), and fuel cut-off devices.
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Based on application, the market can be classified into electronics, automotive, energy, aerospace, medical, and others. Rising demand for electronics is expected to boost demand for permanent magnets over the forecast period. However, growing adoption of cloud computing is likely to impact demand for electronic storage devices such as VCDs, DVDs, and CDs. This, in turn, can hamper growth of market in next few years.
On the contrary, increasing use of rare earth magnets in space programs, military defense technologies, and aviation sector can fuel market growth. In addition, use of promethium in atomic batteries for spacecraft and guided missile systems can boost product demand over the forecast period.
Regional segmentation includes Europe, North America, Asia Pacific, Central & South America, and Middle East & Africa. Asia Pacific is anticipated to grow well over the forecast period attributed to rising demand for rare earth and ferrite magnets by electronics and automotive sectors. In addition, growing industrialization in Chinese economy is likely to result in its development as manufacturing base. This, in turn, can lead to high demand for magnetic materials in the country. China is expected to be the largest manufacturer of rare earth magnets attributed to presence of large-scale deposits. This is likely to reduce prices of raw materials due to low cost production in this economy. Moreover, rising production output of raw materials can result in continuous supply of magnets in the country. China is expected to account for market revenue of USD 14.75 million by 2024.
Similarly, Europe is expected to witness significant growth owing to rising demand for ferrite magnets in automotive sector in different types of motors and other systems can fuel market growth. In addition, growing need for luxury cars in developed economies such as Germany, United Kingdom, Spain, France, and Italy can stimulate demand for magnetic materials over the forecast period.
In North America, United States (U.S.) ferrite magnets market is expected to be dominated by non-electric segment as of 2015. However, country is likely to witness significant rise in adoption of plug-in electric cars over next few years. Advanced products offered by major automotive players such as Chevy, Ford, Nissan, Audi, and BMW can surge demand.
Some of the leading companies offering permanent magnets are Arnold Magnetic Technologies, Eclipse Magnetics Ltd, Electron Energy Corporation, Hangzhou Permanent Magnet Group, and Hitachi Metals Ltd.
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