In order to decrease their carbon footprint, a number of countries are shifting towards energy efficient and eco-friendly technologies. As permanent magnets are an important part of these devices, their demand is also expected to rise.
Arlington, VA -- (SBWIRE) -- 04/20/2017 -- According to IMARC Group's new report, titled "Global Magnet Market: Industry Trends, Magnet Types, Major Markets, Manufacturing and Applications", the global permanent magnet market reached a value of more than US$ 16 Billion in 2016, growing at a CAGR of 7.3% during 2009-2016. Permanent magnets are an important part of modern lifestyle as they enable the operation of various devices that help in transforming energy from one form to another. They are used in a huge variety of applications as they can maintain a large magnetic flux even upon modification of environment or in the absence of an applied magnetic field. They find applications in microwave communications, magnetic sensors, power generation and transport, energy conversion, magnetic recording, etc. As a result, the global permanent magnet market is further expected to grow at a CAGR of around 6.1% during 2017-2022, reaching a value of nearly US$ 23 Billion by 2022.
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Highlights of the global permanent magnet market:
Ferrite magnets are the most commonly used permanent magnets and account for more than 91% of the global permanent magnet volume.
Owing to their high prices, NdFeB magnets represent the biggest permanent magnet category in terms of monetary value.
China represents the largest producer and consumer of permanent magnets globally.
Permanent magnets are employed in numerous types of motors used in various appliances, HVAC, loudspeakers, and in various industrial and commercial applications. They are also used in computers, audio-visual equipment, telephones, automobiles, kitchen appliances, microwave ovens, garbage separators, medical imaging devices, etc. Owing to their extensive applications in various segments, the demand for permanent magnets has increased. Expanding use of energy efficient technologies and devices has also boosted the global permanent magnet market. Moreover, rising demand for home appliances using permanent magnets, advancements in information and communication technologies, wide usage of permanent magnets in medical devices and infrastructural developments have led to accelerated demand of permanent magnets.
The report has analysed the market on the basis of type. Currently, ferrite magnets represent the biggest category of permanent magnets, accounting for the majority of total global volume. They were followed by NdFeB magnets, AlNiCo magnets and SmCo magnets. On the basis of value, since NdFeB magnets are expensive, they account for nearly two-thirds of the total global market value. They were followed by ferrite magnets, SmCo magnets and AlNiCo magnets. On the basis of region, China represents the largest producer of all types of magnets and accounts for the majority of the global market volume. Other regions include Japan, US and Europe. Some of the key players operating in this market include Advanced Technology & Materials Co. Ltd, VACUUMSCHMELZE GmbH & Co. KG, Beijing Zhong Ke San Huan Hi-Tech Co. Ltd, Adams Magnetic Products Co., TDK Corporation, Arnold Magnetic Technologies, Shin-Etsu Chemical Co., Ltd., and Bakker Magnetics BV.
Browse full report: http://www.imarcgroup.com/magnet-market
The report by IMARC Group has examined the global permanent magnet market on the basis of:
Advanced Technology & Materials Co. Ltd
VACUUMSCHMELZE GmbH & Co. KG
Beijing Zhong Ke San Huan Hi-Tech Co. Ltd
Adams Magnetic Products Co.
Arnold Magnetic Technologies
Shin-Etsu Chemical Co. Ltd.
Bakker Magnetics BV
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