Permanent magnet is the one which retains its magnetism property after being removed from the proximity or contact of a magnetic force. Demand for permanent magnets observed tremendous growth in the last decade due to its ‘retain magnetization’ property and increasing industrial applications in sectors including automobile and electronic devices. After the recession of 2009, the global permanent magnet market has observed robust growth and is expected to grow at a considerable rate. Bonded magnets hold the largest share in terms of shipment followed by ceramic magnets. Asia-Pacific represents one of the fastest growing markets due to industrialization growth and good economic conditions.
Permanent magnets have numerous industrial applications in consumer electronics, automotives, medical, commercial motors and generators, meters and gauges etc. Based on raw materials used for manufacturing permanent magnets, the global market is segmented into ferrite, Samarium Cobalt (Smco), Neodymium Iron Boron (NdFeB), aluminum, nickel and cobalt (Alnico). Geographically, the permanent magnet market is segmented into Europe, North America, Asia-Pacific, and Rest of the World (RoW).
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The growing demand for Electric Power Steering (EPS) cars is one of the major factors which will drive the demand for this market. Some other driving factors include growth in demand for consumer electronics and technological advancements. However, the increasing prices of raw materials such as rare earth will limit the growth of this market.
Some of the leading companies in the permanent magnet market include Daido Steel,
Chengdu Galaxy Magnets, Hengdian Group, DMEGC Magnetics, Hitachi Metals, JPMF Guangdong, Shin-Etsu Chemical, Ningbo Yunsheng High-tech Magnetics, TDK, Taiyuan Twin-Tower Aluminum Oxide, Yantai Zhenghai Magnetic Material, Vacuumschmelze etc.
This research report analyzes this market depending on its market segments, major geographies, and current market trends. Geographies analyzed under this research report include
- North America
- Asia Pacific
- Rest of the World
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