Permanent Magnets Market to Grow Two-fold, Consumer Electronics to Generate New Revenue Streams
Global permanent magnets market is expected to grow more than two folds between 2019 and 2029. Increasing penetration of smart devices in consumer and electronic segments are set to drive the demand for permanent magnets.
Developing economies are experiencing a boom in consumer electronics on the back of increasing disposable incomes of tech-savvy millennials.
The omnipresent demand for convenience through technology will drive revenues during the forecast period. Permanent magnets market is projected to grow at a robust 8.5% CAGR through 2029.
Neodymium Iron Boron to Generate New Revenue Streams
Neodymium Iron Boron (NdFeB) is projected to be in the lead with more than 60% market share.
This can be attributed to the high tensile strength of the material which heightens its applicability in motors, jewelry, toys, and computer peripherals.
The segment will grow at a stupendous growth rate of more than 9% during the forecast period.
Owing to its efficiency in developing highly functional magnetic cores, Ferrite magnets garner the second highest share of over 35% of the total market value.
Aluminum Nickel Cobalt (Alnico) and Samarium Cobalt (SmCo) segments exhibit impressive growth rates of 8% and 8.5% respectively. This can be attributed to increasing application of these magnets in new end-use verticals.
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East Asia Leads Global Sales, South Asia & Oceania Set to Offer Lucrative Opportunities
East Asia is the largest market for permanent magnet producers. The region accounts for more than 55% market share with a dexterous growth rate of 9% during the forecast period.
Developing economies such as China are witnessing burgeoning demand for electric vehicles that employ permanent magnet motors. However, the highest growth rate of 10% is offered by South Asia & Oceania.
Developing economies in both these regions are witnessing innovation and development of smart devices that employ permanent magnets. When coupled with the surging millennial population, both these factors will produce multiplying demand in a trickle-down effect.
The surging millennial population will increasingly buy smart devices, since, as this consumer segment is inclined towards convenience, which will in turn generate demand for permanent magnets.
Capacity Expansions to Shape Competitive Landscape
Market players are focusing on capacity expansion by mergers, acquisitions, and strategic installation of production facilities. In Jun 2019, TDK Corporation acquired Showa Denko K. K.’s neodymium magnet alloy research and development center.
Jingci Material Science Co. is set to expand its production capacity from existing 6500 tons to 8000 tons by the end of 2019. The company aims to reach 12000 tons within the decade.
Few major players that influence the global permanent magnets market are
- Adams Magnetic Products Co.
- Earth-Panda Advance Magnetic Material Co. Ltd
- Arnold Magnetic Technologies
- Daido Steel Co.Ltd.
- Eclipse Magnetics Ltd.
- Electron Energy Corporation
- Goudsmit Magnetics Group
- Hangzhou Permanent Magnet Group
- Hitachi Metals Ltd.
- Magnequench International LLC
- Ningbo Yunsheng Co. Ltd.
- Ninggang Permanent Magnetic Materials Co. Ltd.
- Shin-Etsu Chemical Co. Ltd.
- TDK Corporation
- Thomas & Skinner Inc.
- Vacuumschmelze GMBH & Co. Kg
- Ugimag Korea Co.Ltd.
- SsangYong Materials Corp.
- Pacific Metals Co.
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Global Permanent Magnets Market: In-Depth Assessment on Key Segments
Global Permanent Magnets Market: In-Depth Assessment on Key Segments
The global permanent magnets market is segmented on the basis of material, application and region.
This taxonomy and the detailed TOC prepared are confidential and intended exclusively for the individual or entity with whom it is being shared. Reading, disseminating, distributing, or copying this to any party other than addressee(s) is unauthorized and prohibited.
Country-specific assessment on demand for permanent magnets has been provided for each regional market, along with the market size valuation and forecast price point assessment, price index and impact analysis of key regional and country-wise dynamics, which were obtained through quotes from numerous permanent magnets manufacturers, experts, and suppliers.
Y-o-Y growth projections have also been offered on all regional markets incorporated in the report. Moreover, future trends, growth prospects, and other possibilities related to the market have been answered in the report.
The report provides company-level market share analysis, which has been derived on the basis of the company’s annual sales and segmental revenue in all the target end-use industries.
The market has been forecasted based on constant currency rates. The report provides detailed competitive and company profiles of key participants operating in the global permanent magnets market.
Some of the major competitors operating in the permanent magnets market are Adams Magnetic Products Co., Earth-Panda Advance Magnetic Material Co., Ltd, Arnold Magnetic Technologies, Daido Steel Co., Ltd., Eclipse Magnetics Ltd., Electron Energy Corporation and others.
Global Permanent Magnets Market – Scope of the Report
The following report provides forecast and analysis of the global permanent magnets market along with the historical data of 2014, estimated data 2019 and forecast data up to 2029 in terms of value (US$ Mn) and volume (Kilo Tons), according to a Fact.MR study.
The research propounds critical trends that are currently influencing growth within the global permanent magnets market along with several macro-economic indicators.
This newly published and insightful report on permanent magnets sheds light on key dynamics, and their impact on the overall value chain from suppliers to end-users, which are expected to transform the future of the global permanent magnets market.
The report also comprises the study of current issues with end users and opportunities for permanent magnets. It also contains value chain analysis, including the key market participants.
To provide users of this report with a comprehensive view of the market, we have included a detailed competitive analysis about the key players involved in the market and strategic overviews.
The dashboard included in the report provides a detailed comparison of permanent magnets manufacturers on parameters such as total revenue, product offerings, and key strategies.
A list of key companies operating in the permanent magnets market provided in the report adds to the credibility of this exhaustive research study.
Global Permanent Magnets Market: Research Methodology
A number of primary and secondary sources were consulted during the course of the study. Secondary sources include Factiva, Morningstar and Hoovers, and company annual reports and publications.
Comprehensive interviews have been conducted by our analysts, and the intelligence and insights obtained have been used for validating the information gained through secondary research.
The report also includes a description of assumptions and acronyms utilized for research purposes. Data gathered has been validated using the triangulation method to offer useful quantitative and qualitative insights into the permanent magnets market.
A short market viewpoint offered in the report elucidates the macro-economic aspects that influence the growth of the permanent magnets market, which includes global GDP growth rate, various industries growth rate such as Automotive, Consumer Goods & Electronics, Industrial, Aerospace & Defense and others.
This report serves as an authentic resource of intelligence on the permanent magnets market, enabling the readers to take fact-based decisions on the future direction of their businesses.
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