The global Permanent Magnet Market is estimated to touch US$ 38.53 billion by the year 2024. Concerning the study statement by Grand View Research Inc., the global permanent magnet market is estimated to develop at a higher CAGR by the completion of the prediction period. The market of permanent magnets is mostly motivated by the growing demand for effectiveness and miniature size in several uses for example sensors, switches, lifts, and the increasing automobile manufacturing in the area of Asia-Pacific. The permanent magnet is mostly utilized in switches, sensors, motors, actuators, and others.
The division of the global Permanent Magnet market on the source of Type of Application could span Industrialized, Automotive, Electronics. The increasing demand for electronics is estimated to increase the demand for permanent magnets above the period of prediction. But, the arrival of cloud computing, combined with its greater proportion of acceptance is estimated to undesirably influence the market of electronic storage devices like DVDs, VCDs, and CDs which is expected to impede the development of the industry.
Rare earth is broadly utilized in the machinery made for military & defense purposes, Aerospace missions, and aeronautics manufacturing. Furthermore, promethium discovers its usage in the batteries made for atomic equipment, spaceships, and the arrangements of the guided projectiles. It is expected to increase the demand above the period of prediction.
The division of the international market of Permanent Magnet on the source of Type of Product shows the Manufacture, Profits, Price, Market stake and Development percentage of respective category. The market is divided into types: Rare Earth, Ferrite Magnet, Samarium Cobalt Magnet, Neodymium Iron Boron Magnet, Alnico Magnet.
The subdivision of rare earth magnet is estimated to be the speedily developing subdivision, using income. It will record the CAGR of 9.3% during the period of prediction, due to the widespread practice of thick along with fused magnets in the application of automobiles. The practice of ferrite magnets in the application of automobiles is expected to be the speedily developing subdivision. It will record a CAGR of 8.7% because of its growing practice in the motors for windshield wipers, antenna lift, fuel pump, engine starter, and door closing.
The division of the global Permanent Magnet industry on the source of Type of End Use Business could span Environment & Energy, Automotive, Consumer Electronics, Medical Technology, General Industrial, Defense & Aerospace and Others. The division of the international market of Permanent Magnet on the source of Area. The statement divides the international market into several important areas. The division is done concerning Trades in terms of intake, Profits, Market stake, and Development percentage of Permanent Magnet in these areas, for the duration of the prediction period.
The area-wise division of the international market could span North America [U.S., Canada], Central & South America [Brazil], Europe [Germany], Asia Pacific [India, Japan, China, South Korea], Middle East, and Africa [South Africa]. By the source of geography, the market in the Asia Pacific is estimated to be motivated by the greater demand for rare earth and ferrite permanent magnets by the industries of automotive and electronics.
Furthermore, the speedy industrial development of the Chinese economy has given rise to the growth of the economy such as an industrialized base, leading to a greater demand for magnetic materials in the nation. The increasing demand for luxury cars in industrialized markets together with Italy, France, Germany, Spain, and the UK, is likely to help the demand for ferrite magnets due to the increasing use of the product in automotive manufacturing in diverse types of motors and additional systems. The demand for ferrite magnets for automotive subdivision in Europe is likely to develop by a CAGR of 8.0% above the period of prediction.
The statement revises Trades in terms of intake of Permanent Magnet in the international market; particularly in North America, Europe, Asia Pacific, Central & South America Middle East & Africa. It concentrates on the topmost companies operating in these regions. The market of the permanent magnets is disjointed due to the existence of several small and medium scale companies
Some of the important companies operating in the Permanent Magnet on an international basis are MolycorpMagnequench, Hangzhou Permanent Magnet Group, TDK Corporation, Adams Magnetic Products, Anhui Earth-Panda Advance Magnetic Material, Electron Energy Corporation, Arnold Magnetic Technologies, and Hitachi Metals.
Permanent Magnet Product Outlook (Volume, Kilotons; Revenue, USD Million; 2013 - 2024)
• Rare Earth
Permanent Magnet Application Outlook (Volume, Kilotons; Revenue, USD Million; 2013 - 2024)
• Rare Earth
Regional Outlook (Volume, Kilotons; Revenue, USD Million; 2013 - 2024)
• North America
• the U.S.
• the Asia Pacific
• South Korea
• Central & South America
• Middle East & Africa
• South Africa
Research Support Specialist, USA
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