During the forecast period 2017-2024 the global permanent magnet market is expected to grow 9% with the CAGR.
The key factors driving the growth of global permanent magnet market are growing automotive industry, increased adoption in end-user industries, initiatives of associations & regulatory bodies, increasing demand for efficiency & miniaturization and development & modernization of infrastructure. Fluctuating costs of raw material and high R&D investments are expected to restrain the market growth.
However, technological developments in permanent magnets and rising demand for permanent magnets in hybrid electric vehicle are expected to provide lucrative market opportunities. Lack of quality control in developing countries is expected to challenge the market growth.
Asia Pacific is the leading market region for global permanent magnet market in terms of market revenue share. This is due to improvement in living standards, rapid industrialization which had led to increased adoption of permanent magnets in Asia Pacific. For instance, in Japan, permanent magnet alloy made up of Ferrite Aluminum Carbon is used in magnet steel in Japan as this permanent magnet has high coercive force of more than 200 Oersted (Oe) and highly adopted in various equipment such as hysteresis, small DC (direct current) motors, and watt-hour meter instead of Cobalt or Chromium steel.
Also, growing automotive sector in countries such as Japan, India, China, etc. is anticipated to drive the growth of Asia Pacific permanent magnet market. However, North America is the fastest growing region during forecast period 2017-2024 due to rising disposable income, stable economic growth, etc.
Global permanent magnet market is influenced by presence of leading companies such as Hitachi Metals, Ltd. (Japan), Daido Steel Co., Ltd. (Japan), TDK Corporation (Japan), Shin-Etsu Chemical Co., Ltd. (Japan), etc. Product launch, joint ventures, merger and acquisition are some of the crucial strategies adopted by key market players to gain competitive advantage.
Global permanent magnet market reports include types and end users. On the basis of types of permanent magnet, market is segregated into alnico magnets, ferrite magnets, neodymium iron boron magnets, samarium cobalt magnets and others. Neodymium iron boron magnets are the dominating type segment further followed by the ferrite magnet segment. This is due to increased adoption of neodymium iron boron magnets in consumer electronics due to its excellent properties such as high coercivity, remanence and heat resistance, easy to machine as compared to samarium cobalt and alnico magnets.
On the basis of end-users of permanent magnet, market is segmented into aerospace & defense, automotive, consumer electronics, environment & energy, general industrial, medical technology and others. Automotive is expected to emerge as the fastest growing segment during the forecast period 2017-2024 owing to increased adoption of permanent magnets in automotive components such as sensors, auto-clutch, electric power steering, switches etc.
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