Permanent Magnet Market size to exceed USD 50 Bn by 2024
Published Date: August 12, 2019 Authors: Kiran Pulidindi, Soumalya Chakraborty
Permanent Magnet Market size is slated to reach USD 50 billion by the end of 2024; according to a new research report by Global Market Insights, Inc.
The thriving worldwide automotive industry will prove to be a key driving factor for the permanent magnet market in the near future. The magnetic products are widely used for energy conversion in sensory devices, accessory motors, meters, loudspeakers, alternators, actuators, etc. Global automobile production has noticed a sturdy rise to cross 90 million units in 2015 from 80 million units in 2011. The enhanced standard of living and swelling GDP in the emerging economies is contributing to the development of the automotive industry. Increasing application of durable and lightweight materials in the passenger cars and other commercial vehicles will augment the product market in the near future.
The world fossil fuel reserves are set to decline in the upcoming 50 – 70 years. This scenario is shifting the energy generation emphasis towards the emission free and renewable sources. Moreover, the UN’s initiative to generate 100% emission free energy by the end of 2050 will directly fuel the demand in energy generation industry that will substantially escalate the product market size in the coming years.
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High price and volatility in the availability of rare earth metals such as dysprosium, samarium and neodymium, applicable in the production of permanent magnets may obstruct the product market growth. With maximum rare-earth mines situated across China, the cost of final product across the North American and European region will witness a significant influence. However, developing low cost production processes is projected to augment the permanent magnet market by 2024. In addition, R&D activities in producing minute sized materials using rare-earth metals is estimated to propel the product market growth in the near future.
Browse key industry insights spread across 127 pages with 146 market data tables & 14 figures & charts from the report, “Permanent Magnet 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, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024” in detail along with the table of contents:
Global permanent magnet market size is anticipated to grow with a CAGR of over 10% in the forecast period. Neodymium alloy (NdFeB) based products will prove to be a significant product segment in terms of revenue by 2024. NdFeB magnets will gain a subsequent industry share due to the growing demand for sturdy and lightweight materials with better appealing features.
The product finds widespread application in the automotive industry, making it the most revenue generating segment recording around half of the overall permanent magnet market share. Automotive sector will account for a revenue over USD 25 billion in 2024. Furthermore, with the budding wind energy sector and enhancements of other renewable energy sources, the energy generation segment will boost the application segment with a CAGR of 10% in the coming years.
China owns over 95% of the rare earth metal reserves around the globe, making Asia Pacific the foremost producer of rare-earth based magnets with several establishments. Asia Pacific product market will witness a notable growth, due to its high manufacturing capability of electronic products, automotive and wind energy generation.
The permanent magnet market share comprises of several medium and small manufacturing companies creating a competitive scenario. The major participating organizations are TDK Corporation, Hitachi Metals, Electron Energy Corp, Adams Magnetic Products, Arnold Magnetic Technologies, Hangzhou Group, etc.
Permanent magnet market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in tons & revenue in USD million from 2013 to 2024, for the following segments:
Permanent Magnet Market By Product
- Ferrite magnet
- NdFeB magnet
- SmCo magnet
- AlNiCo magnet
Permanent Magnet Market by Application
- Energy generation
The above information is provided on a regional and country basis for the following:
- North America
- Asia Pacific
- Latin America
- South Africa