Global Permanent Magnet Market Expected to Reach US$ 21 Billion by 2020, Driven by Increasing Use of Green Technologies and Devices

In order to decrease their carbon footprint, a number of countries are shifting towards energy efficient and eco-friendly green technologies and devices. As permanent magnets are an important part of these devices, their demand will also rise. IMARC Group expects the global permanent magnet market to grow at a CAGR of around 6.2% during 2016-2020, reaching a value of US$ 21 Billion by 2020.

IMARC Group’s report, “Global Magnet Market: Industry Trends, Magnet Types, Major Markets, Manufacturing and Applications”, finds that the global permanent magnet market reached a value of more than US$ 15.3 Billion in 2015, growing at a CAGR of 6.4% during 2008-2015. Permanent magnets play an important part in modern life as they enable the operation of numerous devices that help in transforming energy from one form to another. As they can maintain a large magnetic flux even upon modification of environment or in the absence of an applied magnetic field, they can be used in a huge variety of applications. These applications cover microwave communications, magnetic sensors, power generation and transport, energy conversion and harvest, magnetic recording, etc. The report expects the market to grow at a CAGR of around 6.2% during the forecast period reaching a value of nearly US$ 21 Billion by 2020. One of the major factors expected to drive the growth of the global permanent magnet market is the shifting trend towards the use of energy saving technologies and devices which require the use of permanent magnets. Other factors include - increasing demand for home appliances using permanent magnets, advancements in information and communication technologies, wide usage of permanent magnets in medical devices and infrastructural developments.

The report has analysed the key application areas of permanent magnets. Majority of the permanent magnets are employed in numerous types of motors used in various appliances, HVAC, loudspeakers and in numerous industrial and commercial applications. Other major uses of permanent magnets include in separation equipment, advertising and promotional products, holding and lifting applications, MRI scanners, etc. The report has further analysed the market on the basis of type. Currently, ferrite magnets represent the biggest category of permanent magnets accounting for majority of the total global volumes. They were followed by NdFeB magnets, AlNiCo magnets and SmCo magnets. On the basis of value, NdFeB magnets accounted for around 64% of the total global market values. They were followed by ferrite magnets, SmCo magnets and AlNiCo magnets.

On the basis of geographic segmentation the report finds that China currently represents the biggest producer of all types of permanent magnets, accounting for nearly two-thirds of the total global volumes. China was followed by Japan, US and Europe. China also represents the largest exporter of permanent magnets followed by Philippines, Japan and Germany. Some of the key players operating in the market include - Advanced Technology & Materials Co. Ltd, VACUUMSCHMELZE GmbH & Co. KG, Beijing Zhong Ke San Huan Hi-Tech Co. Ltd, Adams Magnetic Products Co., TDK Corporation, Arnold Magnetic Technologies, Shin-Etsu Chemical Co., Ltd., and Bakker Magnetics BV.

The report gives a detailed roadmap for starting a magnet manufacturing plant. The study, done by one of the leading research and advisory firms, covers all the requisite aspects of the global permanent magnet market. This ranges from a comprehensive view of the market to minute details of the industry performance, processing & manufacturing requirements, project cost, project funding, project economics, expected returns on investment, profit margins, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who are planning to foray into the magnet industry in any manner.

 

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IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

 

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