PUNE, India, March 24, 2017 /PRNewswire/ --
The report "Permanent Magnet Market by Type (Neodymium Iron Boron Magnet, Ferrite Magnet, Samarium Cobalt Magnet), End-Use Industry (Consumer Electronics, General Industrial, Automotive, Medical Technology, Environment & Energy) - Global Forecast to 2021", published by MarketsandMarkets, the market is valued at USD 14.90 Billion in 2016 and is projected to grow at a CAGR of 8.8% to reach USD 22.67 Billion by 2021.
Browse 100 market data Tables and 57 Figures spread through 169 Pages and in-depth TOC on "Permanent Magnet Market"
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The permanent magnet market is mainly driven by the increasing demand for efficiency and miniaturization in various applications such as switches, lifts, and sensors and the growing automotive industry in Asia-Pacific. In automobiles, permanent magnet is mainly used in motors, sensors, switches, and actuators, among others.
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Neodymium iron boron magnet segment to register the highest CAGR in the global permanent magnet market between 2016 and 2021
The global Permanent Magnet Market is segmented by type into neodymium iron boron magnet, ferrite magnet, samarium cobalt magnet, alnico magnet, and others. The market for neodymium iron boron magnet is expected to grow at the highest CAGR in the global permanent magnet market from 2016 to 2021. The higher CAGR for neodymium iron boron magnet segment over other types is due to the rising demand from the wind turbines, brushless DC motors, MRI, magnetic separation, and others applications. It offers advantages such as high heat resistance, coercivity, and remanence.
Automotive to be the fastest-growing end-use industry segment in the global permanent magnet market during the forecast period
The automotive industry is projected to be the fastest growing end-use industry segment in the global permanent magnet market during the forecast period mainly due to the rising permanent magnet demand in the electric steering, electric braking, electric throttle actuation, auto-clutch, and gearbox actuation application. The demand for automotive industry is estimated to witness the highest CAGR in the Asia-Pacific region due to the increasing demand for electric and hybrid vehicles in the region. In addition, improving standards of living and increasing disposable income in emerging countries such as India, China, and South Korea are driving the growth of the automotive industry.
South America to be the fastest-growing market for permanent magnet during the forecast period
The South America region permanent magnet market is expected to witness the highest CAGR between 2016 and 2021. Stable economic growth in the South America region, coupled with the rising disposable income, is driving the market for permanent magnet. In addition, increased demand for permanent magnet in key countries such as Brazil and Argentina is also contributing to the growth of the permanent magnet market in the region.
Currently, the global permanent magnet market is led by various market players such as 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.
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