Learn details of the Permanent Magnet Market
Global Permanent Magnet Market: Overview
The property of permanent magnet to retain its magnetic property is widely used in several industries unless it is heated beyond its curie temperature. They are manufactured from magnetized materials that have their own magnetic property regardless of the non-existence of an external electric field such as cobalt, nickel, and iron. The permanent magnet finds a wide range of applications in the medical devices, automobiles, household equipment, electronic, and others. Some of the examples of permanent magnets that are used in the industries are samarium cobalt, ferrite, neodymium-iron-boron, and alnico.
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Global Permanent Magnet Market: Segmentation
The permanent magnet market is globally segmented into its type, end-use industry, and regions. On the basis of type, the global market is segregated into neodymium iron boron magnet, samarium cobalt magnet, ferrite magnet, alnico magnet, and others. Based on the end-use industry the market is categorized into general industrial, medical technology, aerospace & defense, consumer electronics, automotive, environment & energy, and others. Region-wise, the global permanent magnet market is diversified into North America, Asia-Pacific, Europe, and Rest of the World.
Global Permanent Magnet Market: Growth Factors
Wind energy has emerged as the most dependable renewable energy source owing to the depleting natural energy resources and increasing population. This factor is positively affecting the global market for permanent magnet growth. The permanent magnet is used in the manufacturing of turbines, generators (PMG), and full-power converters. Another important factor that favors the growth of the permanent magnet market is the development of the automotive industry, owing to rising disposable income among the developing economies and the rapid urbanization. The automobile industry uses permanent magnets to make gearbox, motors, and pollution control equipment. The prospering electronic industry and the changing lifestyle are other factors that are anticipating the demand for permanent magnets in the near future. However, volatile prices of raw materials and the hazards that are involved with rare earth metal mining expect to obstruct the global permanent magnet market.
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Global Permanent Magnet Market: Regional Analysis
Asia Pacific is the most dominant region in the permanent magnet market. The demand for a permanent magnet is primarily driven by the emerging country China, which is the major manufacturing hub for multiple industries such as automotive and electronics. Other emerging economy in Asia Pacific region is India in which there is a major population that is focusing on the wind power, which will increase the demand for the permanent magnet in Asia Pacific region. European and North American region will have moderate market growth owing to the lack of manufacturing industries. There are restrictions such as a ban on export products from China that are produced by the rare earth elements, which negatively impacts the growth of the permanent magnet market.
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Global Permanent Magnet Market: Competitive Players
Some of the key market players that are involved in the permanent magnet market are Hangzhou Group, Adams Magnetic Products, Electron Energy Corp., Hitachi Metals, TDK Corporation, and Arnold Magnetic Technologies.
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