NEW YORK, Oct. 3, 2016 /PRNewswire/ -- The permanent magnet market is expected to reach USD 30.44 billion by 2024, according to a new report by Grand View Research, Inc. The market is expected to exhibit significant growth owing to increasing use of high performance products as radar arrays, fluid flow meters, door actuators and braking systems in aircraft. In addition, growing adoption of the product in space applications coupled with increasing use of magnetic systems in jets and military helicopters is expected to drive growth. However, volatile prices of the rare-earth metals such as neodymium and samarium are expected to act as a major restraint for the market growth.
The increasing use of ferrite magnetsin electronics industry coupled with low procurement cost of the raw materials required in manufacturing the product is expected to augment the demand over the forecast period. In addition, abundant availability of ferrite magnetshas led to increasing use of such magnetsin low-cost applications such as magneticmotors, loudspeaker, and toys.
Samarium Cobalt (SaCo) permanent magnets are expected to witness substantial growth owing to improved properties such as corrosion resistance, thermal stability and high resistance to demagnetizing effects. As a result, it is increasingly used in manufacturing magnets for use in medical devices, premium consumer electronic products, and sensors.
Further key findings from the report suggest:
The automotive application is expected to witness the highest growth of over 7.0% from 2016 to 2024 owing to increasing use of the product in motors, gearboxes, and alternators. Furthermore, increasing demand for automobiles by the ever growing population is expected to drive the growth of the automotive industry which in turn is expected to augment the demand for permanent magnets.
Medical application is expected accounted for over 11.0% of the revenue share in 2015. Increasing use of the product in MRIs and CT-Scanners owing to improved performance is likely to drive growth. In addition, growing use of permanent magnets for drug positioning, magneto puncture, drug quality evaluation, and blood monitoring systems is expected to drive growth over the forecast period.
Asia Pacific is expected to grow at a CAGR of more than 8.5% from 2016 to 2024, driven by the abundant availability of raw materials in the region. Furthermore, the market will be driven by low labor costs coupled with rapid industrialization in the developing economies such as India and Indonesia.
The permanent magnets industry is highly fragmented, characterized by a large number of small manufacturers located majorly in China. Key players in the market include Hangzhou Permanent Magnets Group, Molycorp Magnequench, Hitachi Metals Ltd., Adams Magnetic Products Co., Molycorp Magnequench, Anhui Earth-Panda Advance Magnetic Material Co. Ltd, and Shin-Etsu Chemical Co. Ltd.
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