Permanent Magnets Market Upcoming Trends and Key Growth Factors during 2019 to 2029
In a recent business intelligence study, FactMR presents the nitty-gritty of the global permanent magnets market considering 2014-2018 as the historic year and 2019–2029 as the stipulated timeframe. The business report highlights the drivers, restraints, opportunities and trends affecting permanent magnets market growth. Further, all the market shares associated with the market as well as the segments are expressed in terms of value and volume.
The permanent magnets market study outlines the key regions – Latin America, North America, MEA, Europe and APEJ – along with the countries contributing the most in the respective regions. The report presents detailed insights about each market player, including SWOT analysis, main market information, market share, revenue, pricing and gross margin. Prominent players covered in this research are Hitachi Metals Ltd., Magnequench International, Arnold Magnetic Technologies, Daido Steel Co., Ltd., Eclipse Magnetics Ltd., Electron Energy Corporation, Goudsmit Magnetics Group and many others.
Permanent magnets market will grow at a stellar 8.5% CAGR between 2019 and 2029. End-use applications in smart devices and electric vehicles will propel the demand for permanent magnets. Developing economies such as China are witnessing a rapid surge in demand for electric vehicles that employ permanent magnet motors. Smart homes also employ permanent magnet based devices. Automotive segment offers the most lucrative growth followed by Medical, Energy, and Consumer Goods & Electronics. Increasing expenditure on electronics such as smartphones, laptops, and music systems is a prominent factor that propels the permanent magnets market.
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The manufacturing of high definition televisions such as 4k, and 8k for High Dynamic Range (HDR) is expected to drive sales of permanent magnets. Rare earth magnets are used in smartphones, smart televisions, and smart home devices. The increasing demand for these products will ripple down to an increase in demand for permanent magnets. Innovation and development of end-use applications such as water pumps, automotive, and medical instruments will give permanent magnet manufacturers the competitive edge. Prevalence of electric cars will also contribute to the demand for permanent magnets.
Key Takeaways of Permanent Magnet Study
- Neodymium Iron Boron (NdFeB) will grow 2.4X during the forecast.
- Automotive segment will drive the growth of permanent magnets market with a stellar 10.7% CAGR.
- Medical instruments that use permanent magnets are expected to grow at dexterous 9% CAGR during the projection period.
- Asia Pacific (East Asia and South Asia & Oceania) accounts for the largest market share with strong indications of growing 2.4X from 2019 to 2029.
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FactMR, in its new offering, provides an in-depth analysis of the global permanent magnets market, displaying data on historical demand (2014-2018) and forecast data for the period, 2019-2029. The study provides readers with essential insights on the permanent magnets market on the basis of material (Ferrite, Neodymium Iron Boron, Aluminum Nickel Cobalt, Samarium Cobalt), applications (automotive, consumer good & electronics, industrial, aerospace & defense, energy, medical, and others), and across 6 key regions (North America, Latin America, Europe, East Asia, South Asia & Oceania, and Middle East & Africa).
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