Dublin, Dec. 22, 2016 (GLOBE NEWSWIRE) -- Research and Markets has announced the addition of the "Permanent Rare Earth Magnets Market - Drivers, Opportunities, Trends & Forecasts: 2015-2022" report to their offering.
The global permanent rare earth magnets market is expected to grow at a CAGR of 13.2% during the forecast period to reach $41.41 billion by 2022. Industrial applications segment is expected to maintain global dominance in application segments, whereas China and Japan driven Asia Pacific is expected to increase its dominance in global permanent rare earth magnets market.
Currently, China is the global leader in rare earth oxide supply covering more than 90% of the global market. This has translated to Chinese dominance in rare earth magnets market. After China, Japan is the major market for rare earth magnets. Although a significant portion of products end-up being utilized in developed countries of the US and Western Europe; these products are largely sourced from developing countries in South Asian region. The increasing demand for efficient products across the industries would drive the demand for rare earth magnets with highest growth rate expectations from wind turbine market.
The global supply of rare earth metals is expected to remain stable after WTO intervention and international agreements providing opportunities for sustainable market growth. The international players are also looking for other ways to reduce the dependencies, such as options of heavy rare earth free magnets, but the overall market is expected to remain stable in terms of price during the forecast period.
Some of the prominent players in the global permanent rare earth magnets market are Hitachi Metals, Vacuumschmelze GmBH & Co. KG, Shin-Etsu Rare Earth Magnet and TDK.
Report Scope:
Types
- Neodymium Magnets
- Samarium Magnets
Applications
- Industrial
- Consumer Electronics
- Home Appliances
- Automotive
- Wind Turbines
- Others (such as Medical Equipment, Aerospace)
Companies Mentioned
- Vacuumschmelze Inc
- Seimens AG
- Toyota
- Ford Motor Company
- Honda Motor Co, Ltd
- Hyundai Motor Company
For more information about this report visit http://www.researchandmarkets.com/research/d6jvr7/permanent_rare