Permanent Magnets Market Size By Product (Ferrite, Neodymium [NdFeB], Samarium–Cobalt [SmCo], Aluminum–Nickel–Cobalt [AlNiCo]), By Application (Automotive, Electronics, Energy Generation), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, China, India, Japan, Australia, Indonesia, Malaysia, Brazil, Mexico, South Africa, GCC), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024

Published Date: Jan 2017  |  Report ID: GMI1113  |  Authors: Kiran Pulidindi, Soumalya Chakraborty

Report Format: PDF   |   Pages: 127   |   Base Year: 2015

Summary Table of Contents Industry Coverage Methodology

Industry Trends

Permanent Magnets Market size was worth more than USD 20 billion in 2015 and is likely to grow by CAGR over 10%.

U.S. Permanent Magnets Market Share, by Application, 2013 – 2024 (USD Billion)

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Escalating wind energy consumption as a renewable and dependable energy source owing to the diminishing fossil energy reserves, is expected to fuel the overall market size by 2025. Growing usage of wind energy, especially in Asia Pacific, will positively impact the product market size. China is heavily leading the wind energy sector across the globe. For instance, based on the data from Global Wind Energy Council (GWEC), windmills installed globally in 2015 were generating close to 60 GW, which will substantially increase by 2019 to reach 75 GW. China captured almost a third of the global wind energy share. This scenario is projected to propel the permanent magnets market size in the coming years.

Moreover, the product attains further application in the automotive industry due to their repulsion, attraction and energy conversion properties. The mounting per capita income in several developing economies will directly surge the total automotive production. For instance, in 2015, total commercial vehicles and passenger cars production rose to 90.5 million units compared to 87.5 million units in 2013. This global surge in automotive production is anticipated to propel the permanent magnets demand by 2024.

Inconsistent and high raw material prices for rare earth magnets may affect the permanent magnets market by 2024. Furthermore, the accumulation of rare-earth metal reserves in Asia Pacific, especially in China, has escalated the raw material prices in Europe and North America. However, improvements in magnet production technologies to lower the manufacturing costs will generate copious opportunities for the overall market in the forecast period.

Permanent Magnets Market Report Coverage
Report Coverage Details
Base Year: 2015
Historical Data for: 2013 to 2015 Forecast Period: 2016 to 2024
Pages: 127 Tables, Charts & Figures: 160
Geographies covered (17): U.S., Canada, Germany, UK, France, Spain, Italy, China, India, Japan, Australia, Indonesia, Malaysia, Brazil, Mexico, South Africa, GCC
Segments covered: Product and Region
Companies covered (14): Hitachi Metals Ltd., Jiangmen Magsource New Material Co. Ltd., Adams Magnetic Products Co., Arnold Magnetic Technologies, Anhui Earth-Panda Advance Magnetic Material Co. Ltd., Ningbo Yunsheng Co. Ltd., Daido Steel Co. Ltd., Molycorp Magnequench, Thomas & Skinner Inc., Vacuumschmelze GmbH & Co. KG, Electron Energy Corporation, Hangzhou Permanent Magnet Group, Goudsmit Magnetics Group, TDK Corporation

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Permanent Magnets Market, Product Trends

The market is categorized on the basis of magnetic materials used in its conversion process into ferrite, neodymium alloy (NdFeB), aluminum–nickel–cobalt alloy (AlNiCo) and samarium–cobalt alloy (SmCo). Neodymium alloy based materials, also termed as neo magnets, was developed by General Motors and Sumitomo in 1982, and commercialized in 1984. It captured around two-third of the revenue share in the total product segment in the forecast timespan. The segment garnered a revenue close to USD 15 billion in 2015 for the global product market size that is subjected to grow with a CAGR over 10% by 2024.

Permanent Magnets Market, By Application

Based on its application, the overall permanent magnets market share is segmented into energy generation, automotive, electronics and few other applications. Electronic segment seized a considerable share owing to its widespread range of product applications. The magnet here are exercised as energy transfer tools that finds application in sensors, meters, actuators, alternators, speakers and various other electronic accessories. Product market size for electronic applications recorded a revenue over USD 5.5 billion in 2015 owing to the rising demand for cars and commercial vehicles, fueling the product market size by 2024.

Regional Trends

Asia Pacific permanent magnets market value frecorded a revenue more than USD 10 billion in 2015, mounting with a CAGR over 10% in the forecast timeframe. The increasing production capabilities in various industries such as electronics, automotive, wind energy etc., primarily in China will swell the overall product market size by 2024. For instance, in 2015, China possessed a collective windmill installation capacity over 145 GW, that was around one-third of the global installation capacity. Growing demand for wind energy in India will further boost the regional demand over the forecast span. India accounted for 25 GW of install wind power capacity in 2015 and is likely to witness tremendous growth over the coming years.

North America registered a revenue of over USD 4 billion in 2015 and will escalate with a CAGR over 9% in the forecast period. North America recorded a revenue surge in its product market size due to the propelling U.S. commercial vehicle and passenger cars production traversing over 12 million units in 2015. The U.S. also documented a collective windmill installation capability around 75 GW in 2015 and is projected to rise considerably in the coming years.

Competitive Market Share

Permanent magnets market share is fragmented by the presence of numerous medium and small scale corporations. The major industry players are Adams Magnetic Products, Hitachi Metals, Arnold Magnetic Technologies, Electron Energy Corporation, TDK Corporation, Hangzhou Permanent Magnet Group, Molycorp Magnequench and Anhui Earth-Panda Advance Magnetic Material.

The global market contains a vast number of manufacturers from Asia Pacific owing to the fact that majority of rare earth metal mines are controlled by China. The market is excessively competitive with organizations backing on joint ventures, acquisitions and investments in R&D to gain a competitive edge over its competitors. For instance, Hitachi Metals Ltd., in order to increase its production capability, invested in an advanced production line in October 2016 for manufacturing ferrite magnets and NdFeB.

Industry Background

Global permanent magnets market share is anticipated to grow with high rate due to the advancements in its application sectors during the forecast period. Rising consumption for strong and light weight magnets will propel the demand for NdFeB based products that are aesthetically and functionally superior to conventional ferrite magnets. It finds extensive application in high temperature, low power and/or external usage products. Moreover, product usage for energy conversion to create electricity will offer an elevated influence on the global product market during the forecast timespan.

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