NEW YORK, March 30, 2017 /PRNewswire/ -- "Global permanent magnet market projected to register a CAGR of 8.8%"
The global permanent magnet market is projected to reach USD 22.67 billion by 2021, at a CAGR of 8.8% from 2016 to 2021. The growing trend of modernization and electrification to improve efficiency in various applications such as switches, lifts, and sensors is driving the use of permanent magnets globally. The factor restraining the growth of this market is the fluctuating cost of raw materials.
"Neodymium iron boron magnet to be the largest type in the global permanent magnet market"
The market for neodymium iron boron magnet is projected to be the largest segment by type in the global permanent magnet market from 2016 to 2021. Neodymium iron boron magnet is the most widely used permanent magnet because of its enhanced properties such as high heat resistance, coercivity, and remanence. Moreover, the rising demand from the automotive and consumer electronics industries is also fueling the growth of neodymium iron boron magnet segment in the permanent magnet market.
"Consumer electronics to be the largest end-use industry of the permanent magnet market during the forecast period"
Consumer electronics is expected to be the largest end-use industry segment of the global permanent magnet market from 2016 to 2021. The growing demand for consumer electronics products such as printers, fax machines, and scanners is fueling the growth of the permanent magnet market. Moreover, continuing economic development and increasing disposable income levels are also driving the global permanent magnet market in the consumer electronics industry.
"Asia-Pacific to be the largest permanent magnet market during the forecast period"
The Asia-Pacific region is the largest permanent magnet market. Strong economic development and substantial investments in industries such as automotive, consumer electronics, and environment & energy are driving the demand for permanent magnet. With economic contraction and saturation in the European and North American markets, the demand is shifting to the Asia-Pacific region. Moreover, the low cost of production is also propelling the growth of permanent magnets in this region.
Breakdown of profiles of primary interviews for the report
- By Company Type: Tier 1 – 30%, Tier 2 –43%, and Tier 3 – 27%
- By Designation: C Level – 21%, Director Level – 23%, and Others – 56%
- By Region: North America – 37%, Europe – 23%, Asia-Pacific – 26%, and RoW – 14%
Some of the key companies profiled in this report are Hitachi Metals, Ltd. (Japan), Daido Steel Co., Ltd. (Japan), TDK Corporation (Japan), Shin-etsu Chemical Co., Ltd. (Japan), Arnold Magnetic Technologies (U.S.), Lynas Corporation Ltd. (Australia), Electron Energy Corporation (U.S.), Tengam Engineering, Inc. (U.S.), Adams Magnetic Products Co., Inc. (U.S.), and Bunting Magnetics Co. (U.S.), among others.
The report is segmented based on type, end-use industry, and region. The major types covered in this report are neodymium iron boron magnet, ferrite magnet, samarium cobalt magnet, alnico magnet, and others. The end-use industry includes consumer electronics, general industrial, automotive, medical technology, environment & energy, aerospace & defense, and others. The market is also segmented based on regions into Asia-Pacific, Europe, North America, South America, and Middle East & Africa.
This report covers the following studies which will benefit the client:
- Market segmentation based on type, end-use industry, and region
- Market dynamics including drivers, restraints, and opportunities
- Value chain analysis
- Porter's Five Forces Analysis
- Profile of the key players in the global permanent magnet market
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