Market Research Reports and Industry Analysis
OrbisResearch.com has published “Permanent Magnet Market Analysis By Material (Aluminum Nickel Cobalt (AlNiCo), Ferrite, Samarium Cobalt (SaCo), Neodymium Iron Boron (NdFeB)) By Application (Automotive, Electronics, Industrial, Energy, Aerospace, Medical) And Segment Forecasts To 2024” market report to its research database. The permanent magnet market is expected to reach USD 30.44 billion by 2024.
The permanent magnet market is expected to reach USD 30.44 billion by 2024, according to a new report by Grand View Research, Inc. The market is expected to exhibit significant growth owing to increasing use of high performance products as radar arrays, fluid flow meters, door actuators and braking systems in aircraft. In addition, growing adoption of the product in space applications coupled with increasing use of magnetic systems in jets and military helicopters is expected to drive growth. However, volatile prices of the rare-earth metals such as neodymium and samarium are expected to act as a major restraint for the market growth.
The increasing use of ferrite magnetsin electronics industry coupled with low procurement cost of the raw materials required in manufacturing the product is expected to augment the demand over the forecast period. In addition, abundant availability of ferrite magnetshas led to increasing use of such magnetsin low-cost applications such as magneticmotors, loudspeaker, and toys.
Samarium Cobalt (SaCo) permanent magnets are expected to witness substantial growth owing to improved properties such as corrosion resistance, thermal stability and high resistance to demagnetizing effects. As a result, it is increasingly used in manufacturing magnets for use in medical devices, premium consumer electronic products, and sensors.
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Further key findings from the report suggest:
The automotive application is expected to witness the highest growth of over 7.0% from 2016 to 2024 owing to increasing use of the product in motors, gearboxes, and alternators. Furthermore, increasing demand for automobiles by the ever growing population is expected to drive the growth of the automotive industry which in turn is expected to augment the demand for permanent magnets.
Medical application is expected accounted for over 11.0% of the revenue share in 2015. Increasing use of the product in MRIs and CT-Scanners owing to improved performance is likely to drive growth. In addition, growing use of permanent magnets for drug positioning, magneto puncture, drug quality evaluation, and blood monitoring systems is expected to drive growth over the forecast period.
Asia Pacific is expected to grow at a CAGR of more than 8.5% from 2016 to 2024, driven by the abundant availability of raw materials in the region. Furthermore, the market will be driven by low labor costs coupled with rapid industrialization in the developing economies such as India and Indonesia.
The permanent magnets industry is highly fragmented, characterized by a large number of small manufacturers located majorly in China. Key players in the market include Hangzhou Permanent Magnets Group, Molycorp Magnequench, Hitachi Metals Ltd., Adams Magnetic Products Co., Molycorp Magnequench, Anhui Earth-Panda Advance Magnetic Material Co. Ltd, and Shin-Etsu Chemical Co. Ltd.
Browse more reports on Permanent Magnet Industry with Market Size and Share Analysis:
1. Global Permanent Magnet Motor Market Trend and Forecast to 2021: Key market players listed in the report are Baldor Electric, Franklin Electric, Rockwell Automation, Siemens, Allied Motion Technologies, Ametek, Autotrol, Danaher, Johnson Electric Holdings, and Toshiba. Browse the complete report at http://www.orbisresearch.com/reports/index/global-permanent-magnet-motor-market-trend-and-forecast-to-2021 .
2. Global Permanent Magnet Synchronous Motor Market Research Report and Forecast to 2016-2020: The report firstly introduced Permanent Magnet Synchronous Motor basic information including Permanent Magnet Synchronous Motor definition, classification, application and industry chain overview; Permanent Magnet Synchronous Motor industry policy and plan, Permanent Magnet. Read the complete report at http://www.orbisresearch.com/reports/index/global-permanent-magnet-synchronous-motor-market-research-report-and-forecast-to-2016-2020 .
3. Global Permanent Magnet DC Motor Market Research Report and Forecast to 2016-2020: 2016 Global Permanent Magnet DC Motor Industry Report is a professional and in-depth research report on the world’s major regional market conditions of the Permanent Magnet DC Motor industry, focusing on the main regions (North America, Europe and Asia) and the main countries (United States, Germany, Japan and China). Get the access of full report at http://www.orbisresearch.com/reports/index/global-permanent-magnet-dc-motor-market-research-report-and-forecast-to-2016-2020 .
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