The global permanent magnet market size is expected to reach USD 38.53 billion by 2024, according to a new report by Grand View Research, Inc. The industry is anticipated to grow, primarily on account of increasing performance efficiency requirements and miniaturization of various automotive parts including sensors and electronic systems.
The growth of the industry is characterized by rising accessibility of quality magnets containing lesser content of hazardous elements such as dysprosium which is likely to drive the demand. The raw materials used for the production of permanent magnets are procured from low cost manufacturers located in China and other mineral rich regions to reduce the production cost.
The sudden shortage of rare earth elements led to the emergence of numerous research methodologies for developing alternatives to these elements. The focus of the research was particularly high in North America and Europe owing to the scarcity of rare earth element deposits in these regions.
The industry is also subject to various technological advancements such as the launch of "Lewis", a fast-track supermagnets manufacture project by the U.S. Department of Energy. The use of advanced technology programs coupled with the infusion of additional capital by the national governments to improve the production process is expected to drive the market growth.
Rare earth magnet is expected to be the fastest-growing segment, in terms of revenue, registering a CAGR of 9.3% from 2015 to 2024 owing to extensive usage of dense as well as bonded magnets in automotive applications
The use of ferrite magnets in automotive application is anticipated to be the fastest growing segment, registering a CAGR of 8.7% on account of its increasing usage in motors for fuel pump, door closing, antenna lift, engine starter and windshield washer
The industry in China is expected to account for a market revenue of USD 14.75 Million by 2024 on account of low magnet price coupled with high consumption by the automotive and industrial applications
The industry is comprised of industry players operating on price differentiation which is expected to drive the demand. Key manufacturers operating in the market lay extensive focus on integration from raw material supply to manufacturing process to reduce production cost
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Grand View Research has segmented the permanent magnets market on the basis of product, application and region.
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
Contact: Sherry James Corporate Sales Specialist, USA Grand View Research, Inc Phone: +1-415-349-0058 Toll Free: 1-888-202-9519 Email: [email protected]