Persistence Market Research
Global Permanent Magnet Market Overview:
The global permanent magnet market is rising at a steady pace over the past many years. The extensive use of permanent magnet for the production of batteries used in electric and hybrid vehicles is a key factor fueling the permanent magnet market.
China is a key manufacturer of rare earth magnets due to the presence of large iron ore deposits. In addition, low cost of production complemented with high production output contribute for substantial revenue of China in the global permanent magnet market.
The manufacture of a permanent magnet involves a number of steps. Mining and extraction of metal ore is the first step in the making of a permanent magnet. This is followed by separation, which plays a significant role to determine the final properties of permanent magnet products. Product manufacturers employ a number of techniques and processes to obtain magnetic materials. The magnetic materials thus obtained are used to form metal alloys and magnet poweders.
Today, technological advancements and development of modern machinery have aided efficient and sustainable mining processes. This factor has aided the growth of ancillary industries such as permanent magnet.
The growth of medical devices industry is benefitting the permanent magnet market. Permanent magnets are increasingly used in medical imaging devices. These devices are extensively used for diagnostic purposes. The rising practice to harness renewable energy sources for energy production is stoking demand for permanent magnets that are used in electric generators.
The rising popularity of plug-in electric vehicles is likely to immensely benefit the permanent magnet market.
Permanent Magnet Market: Introduction
A permanent magnet is an object which maintains a lasting magnetic field around it without the use of an external power source. Naturally occurring substances sometimes also possess magnetic field within them. These substances are further magnetized to increase the intensity of their magnetic field, thereby converting them into usable permanent magnets. These magnets are commonly used for both industrial as well as domestic purposes. Permanent magnets are used in areas where their attracting and repelling force is harnessed without an external power and converted to perform useful functions. They are also used to convert electrical force to mechanical force and vice versa, as in motors and generators, among others. New found applications of permanent magnets include their widespread use in healthcare and cathode ray tubes. With a widespread array of applications served by permanent magnets, it is expected that the market and demand for permanent magnets will improve manifolds in the upcoming years.
Permanent Magnet Market: Dynamics
Continuous technological advancements and development of innovative machineries have been aiding in the evolvement of sustainable and efficient mining processes across the world. This factor has led to an increase in mining produce, including rare earth metals. This factor has also aided in catering to the growing demand for permanent magnets which are being unearthed as part of mining activities. Moreover, permanent magnets have found increased usage in medical imaging devices which are being increasingly utilized for diagnostic purposes, thereby leading to an improvement in the growth of the market in the upcoming years. A renewed interest in generation of electricity through renewable sources of energy has led to an increase in demand for permanent magnets owing to their utilization in electric generators.
The market for permanent magnets is not without its restraints as high cost of mining procedures can lead to higher selling prices which can affect the demand for such products in the market and also lead to higher adoption of artificially induced magnets, including solenoids, among others. Fluctuations in raw material cost as well as an erratic supply chain network are some other factors that can adversely affect the market of permanent magnets in developing economies
Permanent Magnet Market: Segmentation
Permanent Magnet Market can be segmented on the basis of product type and end use.
By Product type, the Permanent Magnet can be segmented as:
By End Use, the Permanent Magnet market can be segmented as:
Permanent Magnet Market: Regional Outlook
The market for permanent magnets is anticipated to witness healthy growth in the Asia Pacific region. The growing electronics and electrical industry base in economies, including China, Japan, South Korea, among others, is anticipated to increase the demand for permanent magnets for various purposes. Moreover, a healthy automotive industry in the region is also expected to create opportunities for the permanent magnet market to grow in terms of both value and volume during the forecast period. The markets in North America and Western Europe regions are expected to grow at a robust pace owing to the high demand for permanent magnets from the renewable electric power generation industry. Improvements witnessed in the petrochemical industry in Latin America and Middle East regions is also expected to contribute to the growth of permanent magnet sales, thereby improving the market in the said regions.
Permanent Magnet Market: Market Participants
The structure of the market is highly fragmented in nature with unorganised players representing more than half of the overall market structure. Below mentioned are some of the players involved in the manufacturing of permanent magnets:
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