Los Angeles, CA -- (SBWire) -- 07/30/2019 --In a recent study published by QY Research, titled "Global Rare Earth Magnet Market Insights, Forecast to 2026," offers an in-depth analysis of the market. The research analyzes the market status, share, growth rate, future trends, market drivers, opportunities and challenges, risks and entry barriers, sales channels, distributors, and Porter's five forces analysis.
In 2018, the global rare earth magnet valuation was US$7212.13 mn from US$5573.78 mn in 2014, and it will reach 10596.21 mn US$ in 2026, rising at CAGR of 6.04% between 2019 and 2026.
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Global Rare Earth Magnet Market: Drivers
Rare earth magnets are durable, light weight, and small in size, which makes them easier to use in machinery. These magnets have their own magnetic fields and do not get demagnetized unless heated at Curie's temperature. Rare earth magnets are alloy of elements such as neodymium, dysprosium, and samarium. The increase in technological developments in aerospace industry, automobiles industry, electronics, electricity production, wind energy generation, and other industries have increased the demand for permanent magnets. These magnets are used in day to day products, using permanent magnets ensures longevity. Hence there have been a rising market for the rare earth magnets.
The following manufacturers are covered in this report:
Hitachi Metals Group
Shin-Etsu
TDK
VAC
Beijing Zhong Ke San Huan Hi-Tech
Yunsheng Company
YSM
JL MAG
ZHmag
Jingci Material Science
AT&M
NBJJ
Innuovo Magnetics
SGM
Galaxy Magnetic
Zhejiang Zhongyuan Magnetic
Earth- Panda
Magsuper
Daido Electronics
Pinghu Geor Chi Electronics
Rare Earth Magnet Breakdown Data by Type:
Rare-earth Sintered Magnet
Rare-earth Bonded Magnet
Other
Rare Earth Magnet Breakdown Data by Application:
Automotive
Aerospace & Defense
Power Generation
Consumer Goods & Electronics
Industrial Machinery
Other
Rare Earth Magnet Production Breakdown Data by Region
North America
Europe
China
Japan & South Korea
Southeast Asia
Other Regions
Global Rare Earth Magnet Market: Competitive Landscape
Strategies such as new technologies, mergers and acquisitions, and joint ventures are expected to help the companies to boost their market share. The rise in automotive industry is expected to positively affect the market. Industries producing machineries will be moving towards new product development. Along with China, which dominates the market for rare earth magnets, other countries are also expected to show steady growth.
Recently, Lynas which is an Australian company, tied up Blue Line, a company in Texas for a new heavy metal separation facility in the U.S. for extraction of raw materials required for rare earth magnets. This facility is expected to open by 2021. America, Australia, and Japan are expanding in order to take over Asia-Pacific rare earth magnet market.
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Global Rare Earth Magnet Market to Reach US $10596.21 Mn by 2026 Due to Developments in Aerospace Industry