These substances are further magnetized to increase the intensity of their magnetic field, thereby converting them into usable permanent magnets. These magnets are commonly used for both industrial as well as domestic purposes.
A permanent magnet is an object which maintains a lasting magnetic field around it without the use of an external power source. Naturally occurring substances sometimes also possess magnetic field within them.
Permanent magnets are used in areas where their attracting and repelling force is harnessed without an external power and converted to perform useful functions. They are also used to convert electrical force to mechanical force and vice versa, as in motors and generators, among others.
New found applications of permanent magnets include their widespread use in healthcare and cathode ray tubes. With a widespread array of applications served by permanent magnets, it is expected that the market and demand for permanent magnets will improve manifolds in the upcoming years.
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Continuous technological advancements and development of innovative machineries have been aiding in the evolvement of sustainable and efficient mining processes across the world. This factor has led to an increase in mining produce, including rare earth metals.
This factor has also aided in catering to the growing demand for permanent magnets which are being unearthed as part of mining activities.
Moreover, permanent magnets have found increased usage in medical imaging devices which are being increasingly utilized for diagnostic purposes, thereby leading to an improvement in the growth of the market in the upcoming years. A renewed interest in generation of electricity through renewable sources of energy has led to an increase in demand for permanent magnets owing to their utilization in electric generators.
The market for permanent magnets is not without its restraints as high cost of mining procedures can lead to higher selling prices which can affect the demand for such products in the market and also lead to higher adoption of artificially induced magnets, including solenoids, among others. Fluctuations in raw material cost as well as an erratic supply chain network are some other factors that can adversely affect the market of permanent magnets in developing economies
The market for permanent magnets is anticipated to witness healthy growth in the Asia Pacific region. The growing electronics and electrical industry base in economies, including China, Japan, South Korea, among others, is anticipated to increase the demand for permanent magnets for various purposes.
Moreover, a healthy automotive industry in the region is also expected to create opportunities for the permanent magnet market to grow in terms of both value and volume during the forecast period.
The markets in North America and Western Europe regions are expected to grow at a robust pace owing to the high demand for permanent magnets from the renewable electric power generation industry. Improvements witnessed in the petrochemical industry in Latin America and Middle East regions is also expected to contribute to the growth of permanent magnet sales, thereby improving the market in the said regions.
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