Permanent magnet retains its magnetism after being removed from an external magnetic field.They do not require continuous electrical energy to maintain their electric field, due to which PM motors are preferred. The use of permanent magnets reduces the size of motors and improves performance, which can be done using nanocomposite permanent magnets.There is a growing demand for permanent magnet in consumer electronics, general industrial, automotive, medical technology and environment & energyactivity, which is expected to be one of the major drivers of the market over the next seven years.
The Global Permanent Magnet market accounted for USD 14.94billion in 2016 and is projected to grow at a CAGR of 9.0% during the forecast period of 2017 to 2024. The upcoming market report contains data for historic years 2014, 2015, the base year of calculation is 2016 and the forecast period is 2017 to 2024.
Global Market, By Type (Neodymium Iron Boron Magnet, Ferrite Magnet, Samarium Cobalt Magnet), By Application (Consumer Electronics, General Industrial, Automotive, Medical Technology, Environment & Energy, Aerospace & Defense) – Industry Trends and Forecast to 2024
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The Global Permanent Magnet Market is fragmented with the presence of a large number of players across different regions. These major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market.
The permanent magnet market is segmented on the basis of typeinto neodymium iron boron magnet, ferrite magnet, and samarium cobalt magnet.
On the basis of application, the market is segmented intoconsumer electronics, general industrial, automotive, medical technology, environment & energy, aerospace & defense and others. The automotive segment is further sub segmented into motors, sensors and switches.
Medical is further sub segmented into scanning devices and implantable devices. The aerospace & defense segment is further sub segmented into electric engines and magnetic bearings.
On the basis of geography, the permanent magnet market report covers data points for 28 countries across multiple geographies such as North America, South America, Europe, Asia-Pacific and Middle East & Africa. Some of the major countries covered in this report are U.S., Canada, Germany, France, U.K., Netherlands, Switzerland, Turkey, Russia, China, India, South Korea, Japan, Australia, Singapore, Saudi Arabia, South Africa, and Brazil among others.
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Major Market Drivers:
- Growing automotive industry in Asia-Pacific
- Increasing demand for efficiency & miniaturization
- Initiativesby associations & regulatory bodiesto encourage use of permanent magnet
- Fluctuation in raw material costs
- Lack of quality control in developing countries
- High research and development cost
Major Market Competitors
- Adams Magnetic Products Co.,
- AT&M (Advanced Technology & Materials Co. Ltd.),
- Arnold Magnetic Technologies,
- A To Z Magnet Mfg. Co.,
- Baotou Inst Magnetic New Materials Co. Ltd.,
- Beijing ZhongKe San Huan Hi-Tech Co. Ltd.,
- China Rare Earth Magnet Ltd.,
- Clime Magnet Manufactory Co. Ltd.,
- Daido Steel Co. Ltd.,
- Dexter Magnetic Technologies Inc.,
- EEC (Electron Energy Corp.),
- Feller Magtech Corp.,
- Fuzhou Ao Magnet Electronic Co. Ltd.,
- Hangzhou Best Magnet Co. Ltd.,
- Hitachi Metals Ltd.,
- HPMG (Hangzhou Permanent Magnet Group),
- IM (Integrated Magnetics),
- Longze Magnet Electronic Co. Ltd.,
- MMC Magnetics,
- Bestway Magnet,
- Ningbo Co-Star Materials Hi-Tech Co. Ltd.
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