The report “Permanent Magnet Market by Type (Neodymium Iron Boron Magnet, Ferrite Magnet, Samarium Cobalt Magnet), End-Use Industry (Consumer Electronics, General Industrial, Automotive, Medical Technology, Environment & Energy) – Global Forecast to 2021″, is valued at USD 14.90 Billion in 2016 and is projected to grow at a CAGR of 8.8% to reach USD 22.67 Billion by 2021.
The permanent magnet market is mainly driven by the increasing demand for efficiency and miniaturization in various applications such as switches, lifts, and sensors and the growing automotive industry in Asia-Pacific. In automobiles, permanent magnet is mainly used in motors, sensors, switches, and actuators, among others. The global permanent magnet market is segmented based on type, end-use industry, and region.
The neodymium iron boron magnet segment is expected to be the fastest-growing segment, by type from 2016 to 2021. Neodymium iron boron magnet finds application in coil motors, generators, switches, sensors, auto-clutch, and others. Superior magnetic properties are driving the demand for neodymium iron boron magnet.
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Automotive is expected to be the fastest-growing end-use industry segment. The increasing use of permanent magnet in applications such as switches, sensors, auto-clutch, electric braking, and electric power steering is driving the market in the automotive segment. Permanent magnet is widely used in the automotive industry due to the rising demand for lightweight and fuel-efficient vehicle.
The global permanent magnet market is segmented based on region into Asia-Pacific, Europe, North America, Middle East & Africa, and South America. Currently, the Asia-Pacific region is the largest market for permanent magnets. Rapid industrialization and improved living standards are expected to drive the increasing demand for permanent magnet in this region. The region is also projected to be the second-fastest growing market from 2016 to 2021. This growth is attributed to the rapidly growing automotive industry in the region.
Some of the key players operating in the global permanent magnet market are Hitachi Metals, Ltd. (Japan), Daido Steel Co., Ltd. (Japan), TDK Corporation (Japan), Shin-etsu Chemical Co., Ltd. (Japan), Arnold Magnetic Technologies (U.S.), Lynas Corporation Ltd. (Australia), Electron Energy Corporation (U.S.), Tengam Engineering, Inc. (U.S.), Adams Magnetic Products Co., Inc. (U.S.), and Bunting Magnetics Co. (U.S.), among others. Most of the companies have adopted new product launches and expansions as their strategies to strengthen their shares in the global permanent magnet market.