The global permanent magnet market is anticipated to record significant proceeds in the years ahead, particularly from the automotive and energy generation sectors. Growing investments towards developing manufacturing lines and making new materials like SmFeN based products or nitride components treated with CEAM (Concerted European Action on Magnets) would have a positive influence over the market.
In addition, there are increasing R&D activities for miniature sized products which use rare-earth-based products. Owing to these essential applications, Global Market Insights Inc., estimates that the global permanent magnet market may surpass $50 billion through 2024.
With reference to the application segment, energy generation is likely to show substantial growth in the forthcoming years. The need for renewable energy sources like wind energy is estimated to drive the energy generation segment at a CAGR of more than 10% through 2024. Global fossil fuel reserve are meanwhile projected to deplete completely over the coming 50 to 70 years.
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Taking this major issue into consideration, energy generation is estimated to largely drive permanent magnet market share. In recent years, wind energy has become a crucial energy source, having a total installed capacity of more than 400 gigawatts across the globe. Since the UN has set a goal of 100 percent emission-free energy generation by 2050, permanent magnet industry may observe significant growth from the energy generation sector.
Along with energy generation, the automotive industry is also anticipated to contribute a large share in the permanent magnet market. Proliferation of the automotive sector was one of the key factors for market growth in 2015. Apparently, permanent magnets are used in the automobile sector across sensing devices, loudspeakers, actuators, alternators, meters, accessory motors, etc.
Growth Drivers are:
- Rising automotive market
- Global shift towards sustainable energy generation
- Advancements in manufacturing technologies
The automotive manufacturing is witnessing a steady upsurge in recent years. This rise in the number of vehicles can attributed to growing GDP and improved lifestyle of population across the world. Increasing applications of strong and light weight products across personal as well as other commercial vehicles would highly influence the permanent magnet market size over the coming years.
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On the geographical front, Asia Pacific permanent magnet market is set to witness the highest growth rate in the coming years. With high availability of rare earth reserve in China, the region is said to make for about 50% of the overall market share. Apparently, more than 95% of the global rare earth reserve are found in China.
Owing to this availability, Asia Pacific is sought to be a crucial manufacturer of rare-earth-based products with many medium and small level companies. In addition, heavy manufacturing capacity of electronic products, automobiles and wind energy could majorly augment the regional market growth outlook.
Notably, the competitive landscape of global permanent magnet market is inclusive of players such as Arnold Magnetic Technologies, Electron Energy Corp, Adams Magnetic Products, Hangzhou Group, TDK Corporation, and Hitachi Metals among others.
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.