The permanent magnet market is expected to reach
USD 30.44 billion by 2024, according to a new report by Grand View Research,
Inc. The market is expected to exhibit significant growth owing to increasing
use of high performance products as radar arrays, fluid flow meters, door
actuators and braking systems in aircraft. In addition, growing adoption of the
product in space applications coupled with increasing use of magnetic systems
in jets and military helicopters is expected to drive growth. However, volatile
prices of the rare-earth metals such as neodymium and samarium are expected to
act as a major restraint for the market growth.
The increasing use of ferrite magnetsin electronics industry coupled with low procurement cost of the raw materials required in manufacturing the product is expected to augment the demand over the forecast period. In addition, abundant availability of ferrite magnetshas led to increasing use of such magnetsin low-cost applications such as magneticmotors, loudspeaker, and toys.
Samarium Cobalt (SaCo) permanent magnets are expected to witness substantial growth owing to improved properties such as corrosion resistance, thermal stability and high resistance to demagnetizing effects. As a result, it is increasingly used in manufacturing magnets for use in medical devices, premium consumer electronic products, and sensors.
View summary of this report @ http://www.grandviewresearch.com/industry-analysis/permanent-magnets-industry
Further key findings from the report suggest:
Grand View Research has segmented the permanent Magnets market on the basis of material, application and region:
Permanent Magnet Market Material Outlook (Volume, Kilo Tons; Revenue, USD Million, 2013 - 2024)
For free press release of this report - http://www.grandviewresearch.com/press-release/global-permanent-magnets-industry
The increasing use of ferrite magnetsin electronics industry coupled with low procurement cost of the raw materials required in manufacturing the product is expected to augment the demand over the forecast period. In addition, abundant availability of ferrite magnetshas led to increasing use of such magnetsin low-cost applications such as magneticmotors, loudspeaker, and toys.
Samarium Cobalt (SaCo) permanent magnets are expected to witness substantial growth owing to improved properties such as corrosion resistance, thermal stability and high resistance to demagnetizing effects. As a result, it is increasingly used in manufacturing magnets for use in medical devices, premium consumer electronic products, and sensors.
View summary of this report @ http://www.grandviewresearch.com/industry-analysis/permanent-magnets-industry
Further key findings from the report suggest:
·
The automotive application is expected to
witness the highest growth of over 7.0% from 2016 to 2024 owing to increasing
use of the product in motors, gearboxes, and alternators. Furthermore,
increasing demand for automobiles by the ever growing population is expected to
drive the growth of the automotive industry which in turn is expected to
augment the demand for permanent magnets.
·
Medical application is expected accounted for
over 11.0% of the revenue share in 2015. Increasing use of the product in MRIs
and CT-Scanners owing to improved performance is likely to drive growth. In
addition, growing use of permanent magnets for drug positioning, magneto
puncture, drug quality evaluation, and blood monitoring systems is expected to
drive growth over the forecast period.
·
Asia Pacific is expected to grow at a CAGR of
more than 8.5% from 2016 to 2024, driven by the abundant availability of raw
materials in the region. Furthermore, the market will be driven by low labor costs
coupled with rapid industrialization in the developing economies such as India
and Indonesia.
·
The permanent magnets industry is highly
fragmented, characterized by a large number of small manufacturers located
majorly in China. Key players in the market include Hangzhou Permanent Magnets
Group, Molycorp Magnequench, Hitachi Metals Ltd., Adams Magnetic Products Co.,
Molycorp Magnequench, Anhui Earth-Panda Advance Magnetic Material Co. Ltd, and
Shin-Etsu Chemical Co. Ltd.
Browse
more reports of this category by Grand View Research: http://www.grandviewresearch.com/industry/automotive-and-aerospace-interior-materials
Grand View Research has segmented the permanent Magnets market on the basis of material, application and region:
Permanent Magnet Market Material Outlook (Volume, Kilo Tons; Revenue, USD Million, 2013 - 2024)
·
Aluminum Nickel Cobalt (AlNiCo)
·
Ferrite
·
Neodymium Iron Boron (NdFeB)
·
Samarium Cobalt (SaCo)
Permanent Magnet Market Application Outlook (Volume, Kilo Tons;
Revenue, USD Million, 2013 - 2024)
·
Automotive
·
Electronics
·
Industrial
·
Energy
·
Aerospace
·
Medical
·
Others
Permanent Magnet Market Regional Outlook (Volume, Kilo Tons;
Revenue, USD Million, 2013 - 2024)
·
North America
o
U.S.
o
Canada
·
Europe
o
Germany
·
Asia Pacific
o
India
o
Japan
·
China
·
Latin America
o
Brazil
·
Middle East & Africa
o
South Africa
For free press release of this report - http://www.grandviewresearch.com/press-release/global-permanent-magnets-industry
About Grand View
Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, the
company offers market intelligence studies ensuring relevant and fact-based
research across a range of industries including technology, chemicals,
materials, healthcare and energy.
Contact:
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James
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Sales Specialist, U.S.A.
Grand
View Research, Inc.
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Phone: 1-415-349-0058
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