The global permanent magnet market was valued at USD 14.90 billion in 2016, and is projected to reach USD 22.67 billion by 2021, at a CAGR of 8.8% during the forecast period 2016 to 2021. The global permanent magnet market is segmented based on type, end-use industry, and region.
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The neodymium iron boron magnet segment is expected to be the fastest-growing segment, by type from 2016 to 2021. Neodymium iron boron magnet finds application in coil motors, generators, switches, sensors, auto-clutch, and others. Superior magnetic properties are driving the demand for neodymium iron boron magnet.
Automotive is expected to be the fastest-growing end-use industry segment. The increasing use of permanent magnet in applications such as switches, sensors, auto-clutch, electric braking, and electric power steering is driving the market in the automotive segment. Permanent magnet is widely used in the automotive industry due to the rising demand for lightweight and fuel-efficient vehicle.
The South America region is projected to be the fastest-growing permanent magnet market from 2016 to 2021. The permanent magnet market in the South America region is expected to grow at a high rate owing to the rapid economic growth, particularly in the automotive, building & construction, and electrical & electronics industries. The technological developments and growing demand for permanent magnets in hybrid electric vehicles are creating opportunities for the global permanent magnet market.
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Some of the key players operating in the global permanent magnet market are Hitachi Metals, Ltd. (Japan), Daido Steel Co., Ltd. (Japan), TDK Corporation (Japan), Shin-etsu Chemical Co., Ltd. (Japan), Arnold Magnetic Technologies (U.S.), Lynas Corporation Ltd. (Australia), Electron Energy Corporation (U.S.), Tengam Engineering, Inc. (U.S.), Adams Magnetic Products Co., Inc. (U.S.), and Bunting Magnetics Co. (U.S.), among others. Most of the companies have adopted new product launches and expansions as their strategies to strengthen their shares in the global permanent magnet market.
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