The global permanent magnet market size
is expected to reach USD 38.53 billion by 2024, according to a new report by
Grand View Research, Inc. The industry is anticipated to grow, primarily on
account of increasing performance efficiency requirements and miniaturization
of various automotive parts including sensors and electronic systems.
The growth of the industry is characterized
by rising accessibility of quality magnets containing lesser content of
hazardous elements such as dysprosium which is likely to drive the demand. The
raw materials used for the production of permanent magnets are procured from
low cost manufacturers located in China and other mineral rich regions to
reduce the production cost.
The sudden shortage of rare earth elements
led to the emergence of numerous research methodologies for developing
alternatives to these elements. The focus of the research was particularly high
in North America and Europe owing to the scarcity of rare earth element
deposits in these regions.
The industry is also subject to various
technological advancements such as the launch of “Lewis”, a fast-track
supermagnets manufacture project by the U.S. Department of Energy. The use of
advanced technology programs coupled with the infusion of additional capital by
the national governments to improve the production process is expected to drive
the market growth.
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or view summary of this report, click the link below:
https://www.grandviewresearch.com/industry-analysis/permanent-magnets-industry
https://www.grandviewresearch.com/industry-analysis/permanent-magnets-industry
Further key findings from the report suggest:
· Rare earth magnet is expected to be the
fastest-growing segment, in terms of revenue, registering a CAGR of 9.3% from
2015 to 2024 owing to extensive usage of dense as well as bonded magnets in
automotive applications
· The use of ferrite magnets in automotive
application is anticipated to be the fastest growing segment, registering a
CAGR of 8.7% on account of its increasing usage in motors for fuel pump, door
closing, antenna lift, engine starter and windshield washer
· The industry in China is expected to
account for a market revenue of USD 14.75 Million by 2024 on account of low
magnet price coupled with high consumption by the automotive and industrial
applications
· The industry is comprised of industry
players operating on price differentiation which is expected to drive the
demand. Key manufacturers operating in the market lay extensive focus on
integration from raw material supply to manufacturing process to reduce
production cost
Grand View Research has segmented the
permanent magnets market on the basis of product, application and region.
Permanent Magnet Product Outlook (Volume,
Kilotons; Revenue, USD Million; 2013 - 2024)
·
Ferrite
·
Rare Earth
Permanent Magnet Application Outlook
(Volume, Kilotons; Revenue, USD Million; 2013 - 2024)
·
Ferrite
o
Automotive
o
Electronics
o
Industrial
o
Energy
o
Aerospace
o
Medical
o
Others
·
Rare Earth
o
Automotive
o
Electronics
o
Industrial
o
Energy
o
Aerospace
o
Medical
o
Others
Regional Outlook (Volume, Kilotons;
Revenue, USD Million; 2013 - 2024)
·
North America
o
U.S.
o
Canada
·
Europe
o
Germany
·
Asia Pacific
o
India
o
Japan
o
South Korea
o
China
·
Central & South America
o
Brazil
·
Middle East & Africa
o
South Africa
About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides
syndicated research reports, customized research reports, and consulting
services. To help clients make informed business decisions, we offer market
intelligence studies ensuring relevant and fact-based research across a range
of industries, from technology to chemicals, materials and healthcare.
