Permanent Magnets Market Report considers the in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.
City of Industry, CA -- (SBWIRE) -- 07/02/2019 -- Permanent magnets are objects made from a material that is magnetized and creates its own persistent magnetic field. Permanent magnets are made out of substances like magnetite (Fe3O4), the most magnetic naturally occurring mineral, or neodymium, a powerfully magnetic synthetic substance.
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 market to $18.8 billion by 2018. Asia-Pacific is the fastest growing markets for permanent magnet. 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 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 magnet 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 magnet. The Chinese producers were able to produce low cost permanent magnet owing to government support and subsidies, cheap labor cost, and the presence of only a few environment & health policies. It was practically impossible for producers outside China to offer at a lower cost, and operate profitably, which resulted in a closure of magnet plants outside China. China in turn became the leading producer of permanent magnet. 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 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 to expand the technological know-how and applications. 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.
SmCo magnets can be used for the widest temperature range, followed by Alnico magnets. But their magnetic properties are not that high. Ferrite magnets are the cheapest permanent magnet, hence they are consumed in the largest proportion, but their usage is limited by an operable temperature range and lower magnetic energy product. The NdFeB magnet has confined usage in high temperature applications. But in combination with cobalt and dysprosium its temperature properties are enhanced and used widely in applications where miniaturization is an important design criterion.
The global Permanent Magnets market is valued at xx million US$ in 2018 is expected to reach xx million US$ by the end of 2025, growing at a CAGR of xx% during 2019-2025.
This report focuses on Permanent Magnets volume and value at global level, regional level and company level. From a global perspective, this report represents overall Permanent Magnets market size by analyzing historical data and future prospect. Regionally, this report focuses on several key regions: North America, Europe, China and Japan.
This report includes the following manufacturers; we can also add the other companies as you want.
Aerospace Magnet & Magneto
Golden South Magnetic
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