The global permanent magnet market is growing at a CAGR of 9.5% from 2013 to 2019.
Albany, NY -- (SBWIRE) -- 10/10/2017 -- A New Report Published by Transparency Market Research " Permanent Magnets Market- Global Forecast, Market Share, Size, Growth and Industry Analysis, 2013 - 2019, " the global permanent magnet market was valued at USD 15.32 billion in 2012 and is expected to reach USD 28.70 billion in 2019, growing at a CAGR of 9.5% from 2013 to 2019. In terms of volume, the demand was 650.0 kilo tons in 2012 and is expected to be 1,168.7 kilo tons in 2019, growing at a CAGR of 8.8% from 2013 to 2019.
Permanent magnets are used in a broad range of applications such as, electronic, medical devices, household equipment, electricity generation, and automobiles among many others. These are retentive types of magnetic materials. They own the ability of creating its own magnetic properties even in the lack of an external electric field. Permanent magnets are made from a magnetized material, either forming ferromagnetic or ferromagnetic type of magnetism. These magnets are industrially manufactured through a process of sintering and do not lose their magnetic property unless they are heated above their curie temperature.
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Given the huge potential of permanent magnet market, it attracts various industries due to its low cost and other physical properties. Some of the factors driving the demand for permanent magnets are coming from modernization of infrastructure, current & emerging applications, development, and increasing demand for efficiency & miniaturization. The use of these magnets is substantially seen in the wind energy generation industry. Numerous factors such as, rising consumer awareness regarding environment protection, demand for clean air, and increasing demand for cheap electricity is expected to boost the growth of the market within the forecast period. The demand for permanent magnets in the energy generation is expected to be 90.5 kilo tons by 2019.
In addition, rising application scope of magnets used in HEVs coupled with rising demand for automobile vehicles is expected to open new opportunities for the growth of this market in the forthcoming years. The automotive segment accounted to be the largest application segment for permanent magnets in 2012. Permanent magnets are the most common devices used in automobiles to reduce overall weight of the vehicle, and thereby improving efficiency of vehicles.
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The report study based on permanent magnets caters detailed analysis and forecast of this market on a global, as well as regional level. The market has been broadly segmented based on product and applications. The segments have been analyzed thoroughly and the forecast is based on volume (kilo tons) and revenue (USD million) for 2013 to 2019. Some of the key products analyzed in the permanent magnet market study include ferrite, Neo (NdFeB), SmCO and Alnico. Ferrite magnets were the most effective types of permanent magnets as compared to the other kinds of magnets. They accounted for over 80% of the global demand in 2012. Due to its abundant availability, low costs and high magnetic property, the demand for ferrite magnets is expected to rise gradually in the forecast period. Moreover, owing to a growing demand in electricity generation, NdFeB magnets are expected to show the fastest growth over the next few years.
By geography, China dominates the permanent magnet market with its highest shares. On account of increasing industrial activities, rising growth of the energy generation and demand for automobiles, China continues to lead the global permanent magnet market today. It is expected to grow at a CAGR of 9.0% from 2013 to 2019. However, Asia Pacific (excluding China) is the next upcoming market in the given forecast due to its on-going activities in the growth of wind power industry.
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