Global Permanent Magnet Market To Reach $25 Billion by 2023: Growth Augmented by Automotive Industry Growth

“Global Permanent Magnet Market Augmented by Growing Demand from Automotive Industry”
The global permanent magnet market has witnessed a healthy growth over the past few years. The increasing efforts by various countries towards reducing carbon footprints along with rising applications of permanent magnets in automobiles have provided a positive thrust to the market growth.

According to “Global Magnet Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023” IMARC Group), the global permanent magnet market reached a value of US$ 17 Billion in 2017, registering a CAGR of 7% during 2010-2017. Permanent magnets can maintain a large magnetic flux in the absence of an applied magnetic field or upon modification of external environment. As they enable the operation of various devices by transforming energy from one form to another, permanent magnets form a crucial part of the modern lifestyle. They find applications in magnetic sensors, power generation, microwave communications, transportation, magnetic recording, energy conversion, etc. Owing to this, they can be found in a number of devices ranging from air-conditioners and washing machines to mobile phone speakers and electric motors.

As permanent magnets are widely used in the automotive industry for electric braking, throttle and gearbox actuation and auto-clutch, the surge in the demand for automobiles is propelling the growth of the market. Additionally, since these magnets form a crucial part of the energy-efficient and eco-friendly technologies, their demand is projected to increase as a large number of countries are promoting the use of these technologies to decrease their carbon footprint. Some of the other factors fuelling the market growth are wide usage of permanent magnets in medical devices, rising infrastructural developments, and advancements in information technology and communication. However, unfavourable economic conditions and fluctuations in the prices of the raw materials can adversely impact the market growth. Looking forward, the global permanent magnet market is expected to reach a value of nearly US$ 25 Billion by 2023, at a projected CAGR of around 6% during 2018-2023.

Global Permanent Market Summary:

  • On the basis of type, ferrite magnets are the most popular type of permanent magnets, accounting for the majority of the global share. This can be attributed to increased corrosion resistance offered by these magnets. Other major types of permanent magnet include Neodymium Iron Boron (NdFeB), Aluminium Nickel Cobalt (AlNiCo) and Samarium Cobalt (SmCo).
  • Based on application, the market has been segmented into computer hard disk drives (HDD), CD, DVD, hybrid electric vehicles, electric bicycles, heating, ventilating and air conditioners (HVAC), wind turbines and others.
  • On a geographical front, China dominates the market, representing the largest producer and consumer of permanent magnets. Other major regions include Japan, the United States and Europe.
  • The competitive landscape of the market has also been examined with some of the key players being 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.

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