Permanent Magnet Market size in the energy generation sector will increase substantially in the near future as the UN has aimed at 100% emission free energy generation by the end of 2050.
High fossil fuel depletion has led to an increased focus on green energy and carbon emission free resources, thereby impelling permanent magnet market growth. The changing dynamics of the automotive sector have resulted in an escalating demand for lightweight and strong products in the manufacture of commercial and personal cars. This factor, in particular, is slated to have a massive impact on the growth of permanent magnet industry. Introduction of low priced manufacturing methods and new technological innovations may also beneficially influence the business trends. Global Market Insights, Inc., reports that permanent magnet industry revenue is set to hit USD 50 billion by 2024, recording an annual growth of more than 10% over the period of 2016-2024.
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Considering the regional trends, North America permanent magnet industry, which collected a revenue of USD 4 billion in 2015, is forecast to register a CAGR of more than 9% over the next few years. Rise in the automobile production along with an increase in the wind energy deployment capacity will garner profits for this business space over 2016-2024. U.S. permanent magnet industry is likely to contribute to a major portion of the regional share.
Asia Pacific permanent magnet industry, which collected a revenue of more than USD 10 billion in 2015, is projected to observe a lucrative growth over the years ahead. Abundant availability of rare earth metals from the earth’s crust along with high production of vehicles and electronic goods will attract foreign investors. India and China, which are likely to be the regional business destinations, are expected to boost APAC growth. These emerging economies have the ability of generating a profitable roadmap for permanent magnet market.
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Permanent magnets find applications across energy, automotive, and electronics sectors. Permanent magnet industry size in the automotive sector, worth USD 10 billion in 2015, is expected to witness a massive expansion over the coming seven years. Escalating product application in alternators, accessory motors, loudspeakers, and sensing devices as a result of its beneficial features will boost the revenue margin of this market. Furthermore, rise in the automobile production, increase in the GDP, and swift changes in consumer lifestyles will offer profitable growth avenues for the industry participants, thereby impelling the business expansion.
Energy generation applications are expected to hit a revenue of USD 6.5 billion by 2024, recording a CAGR of over 10% during the timeframe of 2016 – 2024. Escalating requirement of wind energy in the power generation sector across the globe is expected to boost the permanent magnet industry revenue.
Browse key industry insights spread across 127 pages with 146 market data tables & 14 figures & charts from the report, “Permanent Magnet Market Forecast, 2016 – 2024” in detail along with the table of contents:
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Aluminum-nickel-cobalt, ferrite, samarium-cobalt, and neodymium are the key permanent magnet products. Neodymium-based magnets, which contributed over USD 14 billion towards global permanent magnet market revenue in 2015, are slated to grow at a rate of more than 10% over 2016-2024. Beneficial lightweight and aesthetic features will boost the product popularity, thereby influencing the industry revenue. Ferrite-based magnets, which generated a revenue of USD 5 billion in 2015, will make substantial contributions toward permanent magnet industry growth in the near future. Easy raw material availability along with low costs of products will boost the revenue.
TDK Corporation, Adams Magnetic Products, Electron Energy Corporation, and Hitachi Metals Limited are the key players of permanent magnet industry.
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