Boston, MA -- (SBWire) -- 10/02/2013 --Rising demand for miniaturization coupled with advancement in technology that leads to the availability of better quality ferrite magnets and neo magnets with lesser dysprosium content, together, will drive the permanent magnets market to $18.8 billion by 2018. Asia-Pacific is the fastest growing markets for permanent magnets. Developing economies such as China and India are act as a growth engine for many industries that include automotive, consumer electronics, and medical technologies. These growing industries drive the growth of permanent magnets in the region. The market here is expected to experience highest revenue growth during the next five years.
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The factors that drive growth in the permanent magnets market include high demand from current & emerging applications, development, and modernization of infrastructure, increased demand for efficiency & miniaturization, and initiatives of associations & regulatory bodies. The factors that hinder the growth of this market are the fluctuating costs of raw materials, lack of quality control across developing countries, and huge investments required in R&D and technology.
China is the leading manufacturer of low cost permanent magnets. The Chinese producers were able to produce low cost permanent magnets owing to government support and subsidies, cheap labor cost, and the presence of only a few environment & health policies. It was practically impossible for all permanent magnet producers outside China to offer permanent magnets at a lower cost, and operate profitably, which resulted in a closure of permanent magnet plants outside China. China in turn became the leading producer of permanent magnets. Moreover, China has also developed an exclusive full scale competitive advantage on rare earth elements (REE) mining technology, production technology, processing technology, and human capital.
But, the permanent magnet market is growing with increasing number of applications in several industries. Quite a few associations and government authorities are taking the initiative for further research and development of permanent magnets to expand the technological know-how and applications of permanent magnets. For example, IEEE Magnetics (U.S.) focuses on basic development, designs, and applications of magnetic devices. The National Institute of Standards and Technology (NIST) (U.S.) focuses on the development of measurements, standards, and technology to improve the productivity of the product. Most of the companies have been focusing mainly on R&D in order to develop new and improved products .The companies have extensively applied expansion (either geographic or capacity expansion) as a growth strategy for this market, to increase their market share.
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