Global permanent magnets market is likely to reach USD 31.18 billion
by 2020. Growing demand for the product from automobile industry is expected to
be a key factor driving growth for permanent magnets over the forecast period.
The increasing use of the product in the manufacturing of various components
including gearbox, alternators and motors increases functional efficiency thus
promoting its growth. Furthermore, the shifting trend towards development of
renewable energy generation such as the wind and solar energy is projected to
drive growth.
Ferrite magnet accounted for over 75% of overall
volume share in 2013. However, owing to their low cost as compared to other
permanent magnets such as SmCo, Alnico, and NdFeB, it held a market share of
over 19% by revenue in the same year. The product is used in the stator of the
wind turbine which produces AC electricity. This AC power is then converted to
DC form and is used to charge batteries which store electrical energy or is
used to provide power to electricity grid.
NdFeB is expected to witness the fastest growth
at a CAGR of over 8% over the forecast period owing to the benefits offered
over other magnets in high-performance automotive applications. NdFeb is used
widely in battery components, moving car parts, engine components, and other
integral systems.
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summary of this report @ http://www.grandviewresearch.com/industry-analysis/permanent-magnets-industry
Further key findings from the study
suggest:
·
Automotive industry accounted for approximately
over 50% of the global demand for permanent magnets in 2013. However,
increasing adoption of renewable energy such as wind energy, energy generation
has emerged as the potential market going forward till 2020. Energy generation
is projected to be the fastest growing application market for the industry at a
CAGR of over 8% during the forecast period.
·
Asia Pacific accounted for 80% of total demand
in 2013 and dominated the global market. China alone accounted for over 60% of
worlds demand in 2013. Owing to the huge rare metal deposits in China available
at affordable prices for domestic industries, it became the largest producer as
well as consumer of the product. With the addition of an additional capacity of
20 kilotons in 2015, China is expected to remain as the most dominant player in
the global market over the forecast period.
·
The global industry for permanent magnets is
fragmented with a large number of small to medium scale Chinese manufacturers
operating in the industry. Key players in the industry are Molycorp
Magnequench, Hangzhou Permanent Magnet Group, Shin-Etsu Chemical Co. Ltd, Anhui
Earth-Panda Advance Magnetic Material Co. Ltd, Adams Magnetic Products Co., and
Hitachi Metals Ltd.
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this category @ http://www.grandviewresearch.com/industry/automotive-and-aerospace-interior-materials
Grand View Research has segmented the global permanent magnets market on the
basis of product, application and region:Permanent Magnets Product Outlook,
·
Ferrite
·
Neo (NdFeB)
·
SmCO
·
Alnico
Permanent Magnets Application Outlook,
·
Automotive
·
Electronics
·
Energy Generation
·
Other
Permanent Magnets Regional Outlook,
·
North America
·
Europe
·
China
·
Rest of Asia Pacific
·
Rest of the World
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