The Permanent Magnet Market is valued at USD 14.9 billion in 2016 and is projected to grow at a CAGR of 8.8% to reach USD 22.7 billion by 2021. The increasing demand for efficiency and miniaturization in various applications such as switches, lifts, and sensors and the growing automotive industry in Asia Pacific are the major factors responsible for the growth of the market. A permanent magnet is used mainly in motors, sensors, switches, and actuators in automobiles.
Browse 100 market data Tables and 57 Figures spread through 169 Pages and in-depth TOC on “Permanent Magnet Market – Global Forecast to 2021”
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Neodymium iron boron magnet is projected to be the largest segment between 2016 and 2021.
The permanent magnet market is segmented by type into neodymium iron boron magnet, ferrite magnet, samarium cobalt magnet, alnico magnet, and others. Neodymium iron boron (NdFeB) magnets are projected to register the highest CAGR between 2016 and 2021. This growth is attributed to the rising demand from wind turbines, brushless DC motors, MRI, and magnetic separation, among other applications. It offers advantages such as high heat resistance, coercivity, and remanence.
Automotive to be the fastest-growing end-use industry segment in the permanent magnet market during the forecast period.
The end-use industry segments of the permanent magnet market include consumer electronics, general industrial, automotive, medical technology, environment & energy, aerospace & defense, and others. Automotive is projected to be the fastest-growing end-use industry segment in the permanent magnet market during the forecast period. This is mainly due to the rising demand for permanent magnets in the electric steering, electric throttle actuation, electric braking, auto-clutch, and gearbox actuation applications.
The market in the automotive industry is projected to register the highest CAGR in Asia Pacific due to the increasing demand for electric and hybrid vehicles in the region. In addition, improving standards of living and increasing disposable income in countries such as India, China, and South Korea are driving the automotive industry, eventually propelling market growth.
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Asia Pacific is projected to be the largest permanent magnet market during the forecast period.
Asia Pacific is projected to be the largest market between 2016 and 2021. This growth is attributed to the shifting of production facilities in the Asia Pacific region by global manufacturers. The advantages of shifting manufacturing facilities to the region are the low cost of production and the ability to better serve the local emerging market.
Currently, the global permanent magnet market is led by various players such as Hitachi Metals, Ltd. (Japan), Daido Steel Co., Ltd. (Japan), TDK Corporation (Japan), Shin-Etsu Chemical Co., Ltd. (Japan), Arnold Magnetic Technologies (US), Lynas Corporation Ltd. (Australia), Electron Energy Corporation (US), Tengam Engineering, Inc. (US), Adams Magnetic Products Co., Inc. (US), and Bunting Magnetics Co. (US), among others.