San Francisco, CA -- (SBWIRE) -- 08/01/2019 -- Uncommon earth magnets, created using rare earth metals, are extremely powerful magnets utilized as a part of PM engines. Permanent magnets don't require persistent electrical power to keep up their electric field, because of which PM engines are favored over electromagnetic engines. One of the current advancements in changeless magnets are the nanocomposite lasting magnets. The utilization of lasting magnets decreases the measure of engines and enhances execution, which should be possible utilizing nanocomposite changeless magnets. At present, these magnets are utilized as a part of attractive stockpiling media, biomedicine, sensors, catalysts and pigments. Most lasting magnet engines are utilized as a part of blend with AC or DC electric engines. These kind of engines require less power, have superb warmth dissemination property and performs with higher efficiencies when contrasted with other electric engines. Lasting magnet engines are utilized as a part of different modern applications, with a specific end goal to enhance the efficiencies of the machines.
The market for permanent magnets could be classified based on end-use industry into general industrial, consumer electronics, automotive, environment & energy, aerospace & defense, medical technology, and others. Automotive is slated to be the fastest-growing end-use industry. This could be due to the surging automobile sales. In addition, the increase in use of permanent magnets in applications such as sensors, auto-clutch, switches, and electric power steering is also responsible for driving the market.
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Global Permanent Magnet Market: Overview
Unless heated beyond their curie temperature, the property of permanent magnet to retain its magnetic property is highly useful for several industries. Manufactured from magnetized material that produces its own magnetic property despite the absence of an external electric field, such as nickel, cobalt, iron, and allows of rare earth elements, permanent magnets find applications in household equipment, medical devices, automobiles, and electronic among others. Consequently, the demand in the global permanent magnet market is expected to expand at a healthy growth rate during the forecast period of 2017 to 2025. Samarium cobalt (SmCo), Neodymium-iron-boron (NdFeB), ferrite, and alnico are some of the examples of permanent magnets used in the industry.
Global Permanent Magnet Market: Key Trends
With increasing population and depleting natural energy resources, wind energy has emerged as a dependable renewable energy source. This factors is expected to positively reflect on the global the market of permanent magnet, which are used to for making generators (PMG), turbines, and full-power converters (FPC). Another prominent factor favoring the growth of the permanent magnet market is the prosperity of the automotive industry, owing to rapid urbanization and increasing disposable income among the emerging economies. In the automobile industry, permanent magnets are commonly used to make gearbox, pollution control equipment, and motors for their attributes of attraction and repulsion. Changing lifestyle and thriving electronic industry are also anticipated to augment the demand for permanent magnets in the near future. However, fluctuations in the prices of raw materials and hazards associated with rare earth metal mining are expected to obstruct the global permanent magnet market from attaining its full potential during the forecast period.
By product, the global permanent magnets market can be segmented into NdFeB, SmCo, Alnico, and Ferite. Out of these, NdFeB based products currently serve the maximum demand and are expected to expand at the best CAGR during the forecast period. By application, the market can be categorized into automotive, electronics, energy generation, and others including household applications and laboratories. Among these, the automotive industry currently poses most of the demand for permanent magnets.
Global Permanent Magnet Market: Market Potential
Companies with financial might are investing on research and development of elements that can be used to make permanent magnet while complying with environmental concerns. Besides that, mergers and acquisitions with small and medium manufacturing companies is another strategy frequently adopted by the companies to gain market shares. Leading players are also focusing on increasing their production capacity to meet the escalating demand. For instance, Hitachi Metals Ltd, a prominent player in the global permanent magnet market, invested significantly to innovate their production line for ferrite and NdFeB magnets in October 2016.
Global Permanent Magnet Market: Regional Outlook
Asia Pacific is the most important region in this market, with the demand primarily driven by the country of China, which is the manufacturing hub for several industries such as electronics and automotive. Other emerging economies in this region, for example India, resides vast populations and are focusing on wind power, which will further extend the demand for permanent magnet from Asia Pacific. However, the ban on exported products from China that are made from rate earth elements is expected to negatively impact the growth of Asia Pacific permanent magnet market. North American and European region are expected to remain moderate market for the lack of manufacturing industries.
Global Permanent Magnet Market: Competitive Analysis
The global permanent magnet market has a fragmented competitive landscape with several small and medium level manufacturing companies making their presence felt and challenging some of the companies that are ahead of the curve, such as Hitachi Metals, Hangzhou Group, TDK Corporation, Adams Magnetic Products, Arnold Magnetic Technologies, and Electron Energy Corp.
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