Permanent Magnet Market Size, Share, Growth and Industry Trends Reportby Susan Hill Business Consultant
The global permanent magnets market size is anticipated to reach USD 33.56 billion by 2025 according to a new report by Grand View Research, Inc., expanding at a CAGR of 8.3% over the forecast period. Increasing use of ferrite magnets in electronic & electrical devices such as switching devices, transformers, inductors, and signal processing devices is expected to drive the demand over the next eight years. Properties of ferrites such as high magnetic permeability and low electrical conductivity, make them ideal for use in transformer applications.
Increasing demand for the product in automotive sector is expected to propel the market growth over the forecast period. The shifting consumer demand for lightweight and compact cars has boosted the need for high-performance magnets, which includes rare earth magnets like neodymium (NdFeB) & samarium (SmCo).
Asia Pacific is the largest consumer of the product owing to the large scale production of motors for automotive, aerospace, and electronics industry. Further, developing economies such as India, Indonesia, and Thailand have a huge potential of market growth due to rapid development and rising disposable income. These factors are anticipated to increase the production of passenger vehicles, electronics, and wind power generators in these countries, thereby fueling the utilization of permanent magnets.
Moreover, shift of manufacturing plants from other locations to Asian countries, rising investments in automotive industry, and growth in the production of electric motors are propelling the market in the region. China and Japan are the major producers and consumers of the product globally.
The permanent magnet market is highly fragmented and competitive with numerous players involved in extending their manufacturing capacities. For instance, in May 2018, Adams Magnetic Products Co. added two production lines for flexible magnet fabrication in Elmhurst, IL and Carlsbad, CA respectively. This strategy was aimed at enhancing the company’s customer base and meeting the growing demand for flexible magnetic strips from printer manufacturers.
Further key findings from the report suggest:
- The NdFeB
segment is anticipated to register a CAGR of 8.6%, in terms of revenue,
from 2019 to 2025 owing to the increasing use of motors in electric
vehicles, wind power generators, and energy
segment accounted for a volume share of 20.9% in 2018 owing high demand
from automation, industrial equipment, and oil & gas industries
- Energy segment
is anticipated to grow at a CAGR of 2.7%, in terms of volume, over the
forecast period owing to the rising utilization of wind power
- Middle East
& Africa is expected to grow at a CAGR of 8.6%, in terms of revenue,
from 2019 to 2025 due to the increasing production for passenger cars in
- The major
players are adopting strategies like capacity expansion and new product
development to cater to growing demand. For example, in June 2019, Eclipse
Magnetics launched high intensity hopper magnet for the plastic processing
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Created on Nov 4th 2019 02:22. Viewed 147 times.