NEW YORK, March 31, 2016 /PRNewswire/ -- This BCC Research report provides an up-to-date analysis of recent developments and current trends in the global permanent magnet market and quantifies the projected impact of both internal and external forces that are affecting the global permanent magnet market today and will affect the market for the next several years. Forecast given for the period 2015 to 2020.
Use this report to:
Gain information about the global consumption of permanent magnets in automotive, industrial, medical and home appliances industries.
Gain information about the current trends within the industry and major end-user industries for the global permanent magnet market.
Analyze the supplier landscape in the field of permanent magnets.
The global permanent magnet market is expected to grow from nearly $13.4 billion in 2015 to roughly $20 billion by 2020, with a compound annual growth rate (CAGR) of 8.4% for the period of 2015-2020.
The neodymium magnet market will grow from $7.0 billion in 2015 to $10.7 billion by 2020 with a CAGR of 9.0% for the period of 2015-2020.
The ferrite magnet market will grow from $5.8 billion in 2015 to $8.6 billion by 2020 with a CAGR of 8.3% for the period of 2015-2020.
The global permanent magnet market has recently been increasing at an average rate of 10% to 15%, due to increased demand from the intermediate as well as end-user industries. To assess the market, permanent magnets have been divided into four major types of magnets: alnico, neodymium, Samarium-cobalt and ferrite/ceramic magnets.
Alnico magnets are alloys, with the presence of elements including aluminum (Al), nickel (Ni) and cobalt (Co) in large amounts. These magnets primarily find their applications in instruments and meters, generators and ignition systems.
Neodymium or neodymium-iron-boron magnets belong to the rare earth family of magnets due to the presence of rare earth elements in these magnets such as neodymium and dysprosium. These magnets are considered the strongest magnets available in the world. Neodymium magnets primarily find their applications in electronic motors, generators, medical devices, sonic equipment and transducers, and other magnetic devices.
Samarium-cobalt magnets also belong to the rare earth family of magnets with the presence of samarium and cobalt as main elements. These magnets possess high magnetic properties, and the ability to operate under very high operating temperatures.
These magnets primarily find their applications in industries such as automobile, marine, medical, and aerospace and defense.
Ferrite magnets are also known as ceramic magnets. These magnets consist of iron oxide in addition to either barium carbonate or strontium as raw materials. In terms of volume, ferrite magnets account for over 85% of the overall permanent magnet market.
These magnets primarily find their applications in sonic equipment, motors, magnetic separators and couplings, and other industrial purposes.
The major growth drivers for the global permanent magnet market include global automotive industry growth; increasing reliance on electronic devices around the world; and increasing applications and demand for industrial purposes such as in renewable energy, healthcare, aerospace and defense, and IT industries.
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