Sellbyville, DE -- (SBWire) -- 05/30/2019 --Global Market Insights recently introduced new report on global Permanent Magnet market with an in-depth study providing complete analysis of the industry size, share and statistics for the period 2019 to 2023. It also provides complete overview of Permanent Magnet industry considering all the major industry trends, market dynamics and competitive scenario.
Asia Pacific, in 2015, held a significant share in the global permanent magnet market led by China due to the increasing electronics and automobile production. The country had a production capacity of windmills installed in excess of 145 GW which is about one third of the world. Registering a growth of 9%, North America accounted for over USD 4 billion in the same year. This growth is likely due to the United States, as in 2015, the commercial vehicles and domestic cars in the country accounted in excess of 12 million. The United States also registered a growing energy installation capacity in excess of 75 GW and is likely to increase in the future.
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The permanent magnet market is majorly driven by the automobile industry owing to its extensive use due to its properties such as energy conversion, repulsion, attraction, and magnetic field applications to direct, control and shape ion & electron beams in electronic systems. From 2013 to 2015, the global commercial vehicles and domestic cars production witnessed a growth from 87.5 million to over 90.5 million respectively. Increasing per capita disposable income coupled with the gradual development in the economies is likely to surge the automotive industry which in turn will boost the market share in the coming years.
Another factor deeply driving the permanent magnet market is the energy generation sector. Rapid depletion of fossil fuel reserves around the globe is influencing the use of wind energy sources that are renewable in nature. In the Asia Pacific region, increasing wind energy demand led by China will positively influence the market demand. China, in 2015, registered over 30 GW wind energy installation capacity, which formed roughly 40% of the world share.
Limitations in the availability of raw materials due to volatile and high prices paired with the huge installation costs are likely to hinder the global permanent magnet market growth in the coming years. Moreover, stringent government regulations regarding the rare-earth metal mining harms is likely to slow down the market growth.
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Based on the product, the permanent magnet market is segmented into four major segments namely, aluminum-nickel-cobalt alloy, samarium-cobalt alloy, neodymium alloy, and ferrite. The neodymium alloy holds a significant of nearly two third of the entire market share. Ferrite is the most cost effective of all and will foresee a market share of around 12 billion in 2024.
Considering applications, the permanent magnet market is bifurcated into three broad categories which include electronics, automotive and power generation. The electronics segment market share is likely to cross USD 10 billion with a growth rate of 10% by the end of the projected timeframe. In terms of volume, the automotive segment will hold a major chunk of share in the global market.
The Permanent Magnet market report offers detailed competitive landscape of the global market. It includes companies, industry statistics, market share analysis and product portfolio of the major industry participants. The report provides detailed segmentation of the Permanent Magnet market based on product, technology, end user and region.
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Some of the major players present in the global permanent magnet market include Adams Magnetic Products, Hitachi Metals, Hangzhou Group, Arnold Magnetic Technologies, Electron Energy Corp, and TDK Corporation.
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Permanent Magnet Market 2019 – Growth & Regional Forecast to 2024, Leading Players: Hitachi Metals, TDK Corporation, Electron Energy Corporation
Asia Pacific, in 2015, held a significant share in the global permanent magnet market led by China due to the increasing electronics and automobile production.