The global Permanent Magnet is estimated to touch US$ 38.53 billion by the year 2024. According to Grand View Research Inc., the global permanent magnet market is estimated to develop at a higher CAGR by the completion of the prediction period. The permanent magnet market is divided in to the types: Rare Earth, Ferrite Magnet, Samarium Cobalt Magnet, Neodymium Iron Boron Magnet, Alnico Magnet.
The market of permanent magnet is mostly motivated by the growing demand for effectiveness and miniature size in a number of uses for example sensors, switches, lifts, and the increasing automobile manufacturing in the area of Asia-Pacific. The permanent magnet is mostly utilized in switches, sensors, motors, actuators and others.
The division of the global Permanent Magnet market on the source of Type of Application could span Industrialized, Automotive, Electronics. The increasing demand for electronics is estimated to increase the demand for permanent magnets above the period of prediction. But, the arrival of cloud computing, combined with its greater proportion of acceptance is estimated to undesirably influence the market of electronic storage device like DVDs, VCDs, and CDs which is expected to impede the development of industry.
Rare earth is broadly utilized in the machineries made for military & defense purposes, Aerospace missions and the aeronautics manufacturing. Furthermore, promethium discovers its usage in the batteries made for atomic equipment, spaceships and the arrangements of guided projectile. It is expected to increase the demand above the period of prediction.
The rare earth magnet market is the fastest growing segment. It will record the CAGR of 9.3% during the period of prediction, due to widespread practice of thick along with fused magnets in the application of automobile. The ferrite magnet sector in the application of automobile is expected to be the rapidly developing too. It will record the CAGR of 8.7% because of its growing practice in the motors for windshield wipers, antenna lift, fuel pump, engine starter and door closing.
The division of the global Permanent Magnet industry spans Environment & Energy, Automotive, Consumer Electronics, Medical Technology, General Industrial, Defense & Aerospace and Other sectors. Global growth will be led by international markets, particularly Asia. Geography, the market in Asia Pacific is estimated to be motivated by the greater demand for the rare earth and ferrite permanent magnets by the industries of automotive and electronics.
The massive industrial development of the Chinese economy has given rise to in the growth of the economy such as an industrialized base, heading to a greater demand for magnetic materials in the nation. The increasing demand for luxury cars in industrialized markets together with the Italy, France, Germany, Spain and UK, is likely to help the demand for ferrite magnets due to increasing use of the product in the automotive manufacturing in diverse types of motors and additional systems. The demand for ferrite magnets for automotive subdivision in Europe is likely to develop by a CAGR of 8.0% above the period of prediction.
The permanent magnet market is disjointed due to the presence of a number of small and medium scale companies. Some of the important companies operating in the Permanent Magnet on the international basis are Magnequench, Hangzhou Permanent Magnet Group, TDK Corporation, Adams Magnetic Products, Anhui Earth-Panda Advance Magnetic Material, Electron Energy Corporation, Arnold Magnetic Technologies, and Hitachi Metals.