Permanent Magnet Market: Global Analysis by Top Manufacturers with Size, Share, Segments, Drivers and Challenges Forecast to 2026
The global permanent magnet market
share is expected to reach USD 34.70 billion
by 2026 attributed to their increasing use in the hybrid electric vehicle
production. A permanent magnet is an object that possesses magnetic properties
even in the absence of a magnetic field. They have two magnetic ends called the
north pole and south pole respectively. They are used in different types of
motors such as loudspeakers, various appliances, HVAC, and others. A recently
published report by Fortune Business Insights titled, “Permanent Magnet Market Size, Share &
Industry Analysis, By Type (Neodymium Iron Boron (NdFeB), Ferrite, Samarium
Cobalt (SmCo), Aluminum Nickel Cobalt (Alnico), and Others), By Application
(Consumer Electronics, Automotive, General Industrial, Medical Devices, Energy,
and Others), and Regional Forecast, 2019-2026,” offers a
comprehensive overview of the market. According to this report,
The permanent
magnet market growth value stood at
USD 17.85 Billion in 2018 and is likely to rise at a CAGR of 8.7% between 2019
to 2026.
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What
are the Highlights of the Report?
The report offers a 360-degree analysis
of the market and discusses factors such as drivers, restraints, challenges,
and upcoming opportunities of the market. It also throws light on the table of
segmentation of the market based on factors such as type, application, and
geography, and names of the leading segment.
Moreover, the report discusses major industry developments, current trends,
and other interesting insights into the market. It also highlights the names of
players functioning in the market and the key strategies adopted by them to
gain momentum in the market.
Market
Drivers
Increasing
Popularity of Hybrid Vehicles will Add Impetus to Market
Various factors are responsible for
the permanent magnet market growth. These include the increasing demand for
various electronic devices such as television, laptops, music systems, and smartphones,
coupled with the rise in need for more energy for consumption. This, coupled
with the growing demand from the automotive sector will also aid in the expansion
of the market in the forecast period. Besides this, the advancement in
technology and use of neodymium iron boron (NdFeB) for various applications
such as domestic appliances and wind turbines, and other electronic equipment
such as speakers are likely to bode well for the market in the coming years.
Browse
summary:
https://www.fortunebusinessinsights.com/permanent-magnet-market-102776
Regional
Segmentation
Asia
Pacific to Continue Dominating Market with Increasing Preference Towards Electric Vehicles
In 2018, Asia Pacific earned a revenue
of USD 13.82 Billion and emerged dominant with the increasing demand for
permanent magnets for various applications such as energy, consumer
electronics, and automotive. China emerges as the leading producer attributed
to the availability of abundant rare-earth deposits. This, coupled with the
rise in popularity of electric vehicles will help Asia Pacific continue
dominating the market in the forthcoming years.
On the other side, the market in North
America will gain impetus from the rise in demand for consumer electronics such
as personal computers, wearable devices, mobile phones,and medical devices.
Additionally, the Europe market will rise steadily on account of the rise in
demand for hybrid and electric vehicles.
Competitive
Landscape
Companies
Expanding Base in China to Earn High Revenue
A large portion of permanent magnets is
produced in China, thus making this region account for more than 70% of the
overall production volume. Owing to this factor, a large number of producers in
the market are aiming at expanding their territory in this nation for earning
better revenues. Besides this, players are investing massively on resources and
development of customized permanent magnet products to suffice to the needs of
their consumers. Apart from this, manufacturers are adopting various strategies
such as collaborations with other companies, joint ventures, agreements, and
contracts for increasing their product portfolio, thereby gaining a competitive
edge in the market.
List
of Permanent Magnet Market Manufacturers include:
·
Adams Magnetic Products Co., Inc.
·
Arnold Magnetic Technologies Corp.
·
TDK Corporation
·
Tengam Engineering, Inc.
·
Alpha Magnet
·
Electron Energy Corporation
·
Ningbo Yunsheng Co. Ltd.
·
Integrated Magnetics
·
Magnequench International, LLC,
·
Tridus Magnetics and Assemblies
·
Bunting Magnetics Co.
·
Anhui Earth-Panda Advance Magnetic Material
Co., Ltd.
·
Hangzhou Permanent Magnet Group
·
Daido Steel Co., Ltd.
·
Shin-etsu Chemical Co., Ltd.
·
Hitachi Metals, Ltd.
·
Other Players
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https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/permanent-magnet-market-102776
Major
Industry Developments of the Market include:
April
2019 – Bunting Magnetics introduced ElectroMax Overband Magnet at Bauma.
The company aims at adhering to the needs of customers such as more compact,
smaller electro overband, and lighter magnets.
MAY
2018 – Santoku Corporation, the rare earth metal producerwas acquired by
Hitachi Metals Ltd., for the production of a wholly-owned subsidiary.
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