Permanent Magnet Market worth $18,800 Million by 2018-Trends & Forecast To 2018

2024-04-25 02:37:49 Industry

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The report "Permanent Magnet Market By Types (NdFeb, Ferrite, SmCo, Alnico), End User Industry (Consumer Electronics, General Industrial, Automotive, Medical Technology, Environment & Energy, Aerospace & Defense, Others) & Geography - Trends & Forecast To 2018", defines and segments the permanent magnets market with analysis and forecasting of revenues, and consumption, globally. The permanent magnet market will grow to $18.8 billion by 2018, at a CAGR of 8.7% from 2013 to 2018.

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The permanent magnet market is mainly driven by advantages offered by magnets in industrial as well as domestic operations, coupled with a rise in demand for miniaturization. This helps the permanent magnet market to grow at quite a swift pace.

The market experienced a boom in 2011, due to increased demand for rare earth permanent magnets. But as demand increased, the supply chain interruptions resulted in the scarcity of rare earth permanent magnets. This affected the market adversely and the market plunged in 2012. As the supply of rare earths became stable, the market became stable, and it is expected to further stabilize in future. This stabilization would occur due to a reduction in the amount of dysprosium content in neo magnets as well as a marked improvement in overall magnetic properties of ferrite magnets. Globally, other countries have also started mining rare earth oxides so as to reduce their dependence on China. The initiatives and efforts of western governments might bear fruit in future, and these issues may be sorted in the next five to ten years.

The enormous potential of this market attracts various small and big level industry players. The permanent magnets market is globally growing at a rapid pace. Though the market size is large in Asia-Pacific, it is growing at a fast pace due to rising demand from end-user industries, especially in countries such as China and Japan. The market is growing slowly in Europe, but will continue to grow at a significant rate in the North American region. The permanent magnet market is still in its infancy in Africa and Latin America, but these regions are experiencing high growth on account of increased infrastructure spending and a low base effect. The market will experience an escalation in the demand of permanent magnets in the years to come.

The permanent magnet market has a number of small manufacturers coupled with a few medium sized manufacturers. The market is dominated by Chinese manufacturers. There is a scarcity of manufacturers that are scattered globally for rare earth magnets. Only a few companies in the world offer alnico or ferrite magnets and the ones that do so produce them in small quantities. To source rare earth magnets, long term supply contracts have to be inked so as to provide the buyer with a buffer from fluctuating magnet prices.

The customers therefore have a limited number of options from which they can buy the right product that meets their specifications both technically and economically. Only a few big companies such as Hitachi Metals (Japan) and Shin-Etsu (Japan) offer permanent magnets for almost all end-user segments. A majority of the companies in this market have been relying on expansion (either geographic or capacity expansion) as a growth strategy for this market to increase their sales margin. The companies have also undertaken R&D to develop highly sophisticated products.

This report covers the permanent magnets market and its trends that concern five major geographical regions such as Asia-Pacific, Europe, North America, Latin America, and Middle East & Africa, under various major end-user industries, namely, consumer electronics, general industrial, automotive, medical technology, environment & energy, aerospace & defense, and other end-user industries. Also, the types of permanent magnets that are identified and included are NdFeB, Ferrite, SmCo, and Alnico.

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