New York, NY -- (SBWire) -- 04/29/2019 --Increasing application of permanent magnets in battery production in hybrid and electric cars is forecasted to drive the market.
Market Size – USD 18.92 Billion in 2018, Market Growth - CAGR of 8.6%, Market Trends – Increasing use of permanent magnets in consumer electronics.
The Global Permanent Magnets Market is forecasted to reach USD 37.00 Billion by 2026, according to a new report by Reports and Data. The property of permanent magnets to retain its magnetic property makes it applicable for use in a wide range of industries. Increase in renewable energy is also fueling the growth of the market. Utilization of permanent magnets in wind turbines and solar photovoltaics and increasing production of hybrid and electric vehicles are some of the drivers propelling the growth of the market. Application of permanent magnets in sensors, switches, auto-clutch, and electric power steering are other factors boosting the market growth.
Key participants include Adams Magnetic Products Co., Anhui Earth-Panda Advance Magnetic Material Co. Ltd., Arnold Magnetic Technologies, Daido Steel Co. Ltd., Eclipse Magnetics Ltd., Electron Energy Corporation, Goudsmit Magnetics Group, Hangzhou Permanent Magnet Group, Hitachi Metals Ltd., Molycorp Magnequench, TDK Corporation, and Thomas & Skinner Inc., among others.
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The electronics industry and changing lifestyle are other factors that will propel the market. With an increase in demand for consumer electronics permanent magnets also witness a rise in demand. Changing prices of raw materials and the hazards associated with rare earth metal mining is expected to limit the growth of the market.
APAC dominates the market for permanent magnets. China is a major contributor. It owns the largest reserve worldwide and is also a low-cost producer of permanent magnets. Improvement in living standards and rapid industrialization is fueling market growth.
Further key findings from the report suggest
- Automotive segment dominates the market of permanent magnets and is forecasted to grow with the highest CAGR of 8.3% throughout the forecast period.
- Expansion of the automotive industry across the globe, especially in the Asia Pacific, is expected to boost the market. In vehicles, permanent magnets are used in sensors, auto-clutch, switches, and electric powers.
- Consumer Electronics is forecasted to hold 18% of the market share in the year 2026. Increase in the use of permanent magnets in HDD, CD, and DVD propels the market.
- Aerospace and Defense segment holds a market share of 14% in the year 2018. Atomic batteries manufactured for spacecraft and guided missile systems use permanent magnets.
- Environment & Energy is forecasted to grow with an annual growth rate of 7.9% throughout the forecast period. With the growth in renewable energy and countries across the globe trying to meet their renewable energy targets, this sector is forecasted to grow in the coming years.
- Neodymium Iron Boron Magnets is forecasted to hold 30% of the market share in the year 2026. This material is used in sensors and gauges of high priced automobiles. It is preferred in battery components, engine components, moving car parts, and HDD of consumer electronics.
- Ferrite magnets are growing rapidly with a CAGR of 7.9% throughout the forecast period.
- Growing demand for luxury cars in developed regions including many cities of Europe is boosting the market of Ferrite magnets.
- The Asia Pacific region dominates the market mainly due to China's contribution. It has the largest reserve of permanent magnet in the world, and rapid industrialization and modernization have increased permanent magnets application in the country.
- APAC is forecasted to hold 31% of the market share by 2026 owing to the fact that China is the leading producer and consumer of permanent magnets.
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Segments covered in the report:
For the purpose of this report, Reports and Data have segmented the global Permanent Magnets Market on the basis of Material, End Users, Sales Channel, Application and Region:
Material Outlook (Revenue, USD Billion; 2018-2026)
- Neodymium Iron Boron Magnets
- Ferrite Magnets
- Samarium Cobalt Magnets
- Alnico Magnets
- Other Magnets
End Users Outlook (Revenue, USD Billion; 2018-2026)
- Consumer Electronics
- Automotive
- Environment & Energy
- General Industrial
- Medical Technology
- Aerospace & Defense
- Others
Sales Channel Outlook (Revenue, USD Billion; 2018-2026)
- Direct Sales
- Distributor
Applications Outlook (Revenue, USD Billion; 2018-2026)
- Hybrid & Electric vehicles
- Wind Turbines
- Electric Bicycle
- Industrial Motors
- Energy Storage System
- Magnetic Refrigeration
- Magnetic Levitation Transport
- Others Applications
Regional Outlook (Volume, Kilo Tons; 2016-2026 and Revenue, USD Million; 2016-2026)
- North America
o U.S.
- Europe
o France
o UK
- Asia Pacific
o China
o India
o Japan
- Latin America
o Brazil
- MEA
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/permanent-magnets-market
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Permanent Magnets Market to Reach USD 37.00 Billion by 2026 : Global Industry Top Players: Daido Steel Co. Ltd., Eclipse Magnetics Ltd., Electron Energy Corporation
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