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Permanent magnet market worth 22.67 billion USD by 2021

Materials & Chemicals Research

The global Permanent Magnet market is valued at USD 14.90 Billion in 2016 and is projected to grow at a CAGR of 8.8% to reach USD 22.67 Billion by 2021.

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The report "Permanent Magnet Market by Type (Neodymium Iron Boron Magnet, Ferrite Magnet, Samarium Cobalt Magnet), End-Use Industry (Consumer Electronics, General Industrial, Automotive, Medical Technology, Environment & Energy) - Global Forecast to 2021",

The permanent magnet market is mainly driven by the increasing demand for efficiency and miniaturization in various applications such as switches, lifts, and sensors and the growing automotive industry in Asia-Pacific.

In automobiles, permanent magnet is mainly used in motors, sensors, switches, and actuators, among others.

Access Report @ https://www.marketsandmarkets.com/pdfdownload.asp?id=806

Main objectives of this study are:

  • To define, describe, and analyze the global permanent magnet market by type, end-use industry, and region
  • To forecast and analyze the market size (in terms of value and volume) and different submarkets in five regions—Asia-Pacific, Europe, North America, South America, and Middle East & Africa
  • To forecast and analyze the market at the country-level for each region
  • To strategically analyze each submarket with respect to individual growth trends and its contribution to the global permanent magnet market
  • To analyze opportunities in the market for the stakeholders by identifying high growth segments of the global permanent magnet market
  • To identify significant trends and factors driving or inhibiting the growth of the market and submarkets
  • To analyze competitive developments, such as expansions, joint ventures, new products launches, expansions, and mergers & acquisitions in the global permanent magnet market
  • To strategically profile the key market players and comprehensively analyze their growth strategies

Top Industry Players analyzed in this research are: Currently, the global permanent magnet market is led by various market players such as Hitachi Metals, Ltd.

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(Japan), Daido Steel Co., Ltd. (Japan), TDK Corporation (Japan), Shin-etsu Chemical Co., Ltd. (Japan), Arnold Magnetic Technologies (U.S.), Lynas Corporation Ltd.

(Australia), Electron Energy Corporation (U.S.), Tengam Engineering, Inc. (U.S.), Adams Magnetic Products Co., Inc.

(U.S.), and Bunting Magnetics Co. (U.S.), among others.

Neodymium iron boron magnet segment to register the highest CAGR in the global permanent magnet market between 2016 and 2021

The global permanent magnet market is segmented by type into neodymium iron boron magnet, ferrite magnet, samarium cobalt magnet, alnico magnet, and others. The market for neodymium iron boron magnet is expected to grow at the highest CAGR in the global permanent magnet market from 2016 to 2021.

The higher CAGR for neodymium iron boron magnet segment over other types is due to the rising demand from the wind turbines, brushless DC motors, MRI, magnetic separation, and others applications. It offers advantages such as high heat resistance, coercivity, and remanence.

Automotive to be the fastest-growing end-use industry segment in the global permanent magnet market during the forecast period

The automotive industry is projected to be the fastest growing end-use industry segment in the global permanent magnet market during the forecast period mainly due to the rising permanent magnet demand in the electric steering, electric braking, electric throttle actuation, auto-clutch, and gearbox actuation application. The demand for automotive industry is estimated to witness the highest CAGR in the Asia-Pacific region due to the increasing demand for electric and hybrid vehicles in the region.

South America to be the fastest-growing market for permanent magnet during the forecast period

The South America region permanent magnet market is expected to witness the highest CAGR between 2016 and 2021. Stable economic growth in the South America region, coupled with the rising disposable income, is driving the market for permanent magnet.

In addition, increased demand for permanent magnet in key countries such as Brazil and Argentina is also contributing to the growth of the permanent magnet market in the region.

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