Ocean View, DE -- (SBWIRE) -- 04/17/2020 -- According to the new research report, Permanent Magnets Market size was estimated at USD 20 billion in 2015 and is projected to surpass USD 50 Billion by the year 2024.

The global permanent magnet market is anticipated to record significant proceeds in the years ahead, particularly from the automotive and energy generation sectors. Growing investments towards developing manufacturing lines and making new materials like SmFeN based products or nitride components treated with CEAM (Concerted European Action on Magnets) would have a positive influence over the market.

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With reference to the application segment, energy generation is likely to show substantial growth in the forthcoming years. The need for renewable energy sources like wind energy is estimated to drive the energy generation segment at a CAGR of more than 10% through 2024. Global fossil fuel reserve are meanwhile projected to deplete completely over the coming 50 to 70 years.

Taking this major issue into consideration, energy generation is estimated to largely drive permanent magnet market share. In recent years, wind energy has become a crucial energy source, having a total installed capacity of more than 400 gigawatts across the globe. Since the UN has set a goal of 100 percent emission-free energy generation by 2050, permanent magnet industry may observe significant growth from the energy generation sector.

Growth Drivers are

- Rising automotive market
- Global shift towards sustainable energy generation
- Advancements in manufacturing technologies

Along with energy generation, the automotive industry is also anticipated to contribute a large share in the permanent magnet market. Proliferation of the automotive sector was one of the key factors for market growth in 2015. Apparently, permanent magnets are used in the automobile sector across sensing devices, loudspeakers, actuators, alternators, meters, accessory motors, etc.

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The automotive manufacturing is witnessing a steady upsurge in recent years. This rise in the number of vehicles can attributed to growing GDP and improved lifestyle of population across the world. Increasing applications of strong and light weight products across personal as well as other commercial vehicles would highly influence the permanent magnet market size over the coming years.

On the geographical front, Asia Pacific permanent magnet market is set to witness the highest growth rate in the coming years. With high availability of rare earth reserve in China, the region is said to make for about 50% of the overall market share. Apparently, more than 95% of the global rare earth reserve are found in China.

Permanent Magnet Market By Product

- Ferrite magnet
- NdFeB magnet
- SmCo magnet
- AlNiCo magnet

Permanent Magnet Market by Application

- Automotives
- Electronics
- Energy generation
- Others

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Owing to this availability, Asia Pacific is sought to be a crucial manufacturer of rare-earth-based products with many medium and small level companies. In addition, heavy manufacturing capacity of electronic products, automobiles and wind energy could majorly augment the regional market growth outlook.

Notably, the competitive landscape of global permanent magnet market is inclusive of players such as Arnold Magnetic Technologies, Electron Energy Corp, Adams Magnetic Products, Hangzhou Group, TDK Corporation, and Hitachi Metals among others.

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