Permanent Magnet Market Analysis By Material (Aluminum Nickel Cobalt (AlNiCo), Ferrite, Samarium Cobalt (SaCo), Neodymium Iron Boron (NdFeB)) By Application (Automotive, Electronics, Industrial, Energy, Aerospace, Medical) And Segment Forecasts To 2024

Published: August 2016 | Report Code: 978-1-68038-058-3 | Report Format: PDF

Industry Insights

Permanent Magnet Market size was valued at USD 13.02 billion in 2015. Growing demand for permanent magnets for medical devices use for disease detection, and effective drug targeting is expected to augment the demand. In addition, growing demand for rare earth magnets in magnetic therapy products and devices used for separating red and white blood cells is expected to have a positive impact on growth.

Increasing demand for rare earth metals such as Neodymium and Dysprosium owing to superior properties such as improved saturation magnetization has led to widespread use in small-sized magnets with higher magnetic strength and increased pull force. In addition, increasing rare earth mining activities in China and Australia has expected to result in an abundance of raw materials, thus promoting growth over the forecast period.

Increasing adoption of low-costs manufacturing techniques such as powder method and hydrogen decrepitation is expected to augment demand over the projected period. Furthermore, increasing expenditure on research & development for the production of high strength magnets and efficient low-cost production technologies is expected to propel the demand for the products over the forecast period.

Global Permanent Magnet Market volume, by material, 2013 - 2024 (Kilo Tons)

Global Permanent Magnet Market

Material Insights

The market is segmented by material as Ferrite, AlNiCo, NdFeB, and SmCo. Neodymium Iron Boron (NdFeB) permanent magnets accounted for the majority revenue share of over 60% in 2015. The increasing use of Neodymium based magnets in aerospace, consumer goods, and renewable energy industries are expected to drive demand. Furthermore, superior properties exhibited by the product such as superior magnetic strength and ability to resist demagnetization are expected to drive the demand over the forecast period. Neodymium magnets are extensively being used in lifting devices, magnetic levitation devices, and door-catchers owing to their ability to generate high pull force and well defined magnetic lines of force.

AlNiCo permanent magnets are expected to witness significant growth owing to their ability to withstand high temperatures. In addition, AlNiCo magnets have a low coercive factor which leads to easy magnetization and demagnetization of the magnet, which makes them and the ideal choice for specialist magnetic testing devices such as spectrometers that require continuous tuning of the magnets.

Application Insights

The market is segmented by application into automotive, electronics, medical, aerospace, energy, and industrial. The electronics segment is expected to grow at a CAGR of more than 9.0% over the period 2016 to 2024, driven by increasing demand for smartphones, sensors, and electrodynamic speakers. In addition, a significant reduction in the size of the magnets is expected to result in an increasing use of the product in small size electronic devices.

Energy generation segment is expected to witness a growth rate of over 9.0% over the period 2016 to 2024 owing to increasing use of high-strength magnets in wind turbine generators is expected to drive market growth over the forecast period. Furthermore, growing awareness for the non-conventional source of energy coupled with favorable governmental regulations for wind energy generation systems is expected to act as prime drivers for industry demand.

Regional Insights

China accounted for a majority of the market share of more than USD 8.0 Billion in 2015 and is expected to act as a major driver for the industry over the forecast period due to the abundance of rare earth metals and iron ores in the region. In addition, the availability of low-cost labor, and availability of advanced production techniques is expected to drive the market growth over the forecast period.

The demand for permanent magnets for automotive applications is expected to drive the market in Europe. In addition, growing demand for wind energy equipment in the region is expected to bolster the demand for the product over the forecast period. Furthermore, the presence of major automobile manufacturers in Germany is expected to drive the demand for Neodymium magnets in the region.

Increasing demand for the product in industrial applications such as oil & gas, power utilities, metal & mining, and chemicals coupled with rapid industrialization in developing economies such as India and Japan are expected to drive the market growth in Asia Pacific region. In addition, increasing demand for ferrite magnets owing to the abundance of raw materials in India is expected to bolster demand over the forecast period.

Competitive Insights

The industry is characterized by mergers & acquisitions, and capacity increases and product innovations to increase the market share. For example, in August 2015, Siemens AG, a German manufacturer of permanent magnets announced the production of an offshore wind turbine system using permanent magnets. Key players in the industry include Hangzhou Permanent Magnet Group, Adams Magnetic Products Co., Anhui Earth-Panda Advance Magnetic Material Co. Ltd., Molycorp Magnequench, Hitachi Metals Ltd and Shin-Etsu Chemical Co. Ltd.

Key question answered by the report
  • What was the market size from 2013 to 2015?
  • What will be the market growth till 2024 and what will be the resultant market forecast in the year?
  • How will the market drivers, retraints and future opportunieties affect the market dynamics and a subsequent analysis of the associated trends?
  • What segment and region will drive or lead market growth and why?
  • A comprehensive mapping of the competitive landscape and the market participants behavior.
  • What are the key sustainability strategies adopted by market players? An in-depth analysis of these strategies and their impact on competition and growth.
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