New York, NY, May 03, 2019 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Permanent Magnet Market by Type (Neodymium Iron Boron Magnet, Ferrite Magnet, Samarium Cobalt Magnet, Alnico Magnet, and Others) and by End-Use Industry (Industrial, Medical Technology, Aerospace & Defense, Consumer Electronics, Automotive, Environment & Energy, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025”. According to the report, the global permanent magnet market was valued at USD 17.33 billion in 2018 and is expected to reach USD 30.67 billion by 2025, at a CAGR of 8.5% between 2019 and 2025.
Permanent magnets are magnetic materials where the magnetic fields are created by the internal structure of the materials themselves. Permanent magnets are used in various types of motors, such as HVAC, appliances, loudspeakers, etc. The global permanent magnet market is expected to grow rapidly in the future, owing to the growing investments made in aerospace, electronics, and automotive sectors. Additionally, rapid industrialization and swift urbanization in developing countries like Mexico, China, India, and Brazil are also increasing the demand for permanent magnets in the automotive sectors. Permanent magnets are widely used in consumer electronics, such as computers, loudspeakers, etc., which is also projected to propel the permanent magnet market growth globally in the years ahead.
Browse through 71 Tables & 27 Figures spread over 110 Pages and in-depth TOC on “Global Permanent Magnet Market Size, Share and Trends: Forecast, 2018–2025”.
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However, the inconsistent costs of raw materials are likely to hamper the global permanent magnet market growth. Additionally, the growth in R&D spending and technological advancements related to the product are estimated to open new opportunities for permanent magnet market growth over the forecast time period.
The global permanent magnet market is divided on the basis of type and end-user industry. The type segment of the permanent magnet market includes ferrite magnet, alnico magnet, samarium cobalt magnet, neodymium iron boron magnet, and others. Neodymium iron boron magnets are projected to dominate the global permanent magnet market, as these magnets are widely used in consumer electronics. Based on end-user industry, the permanent magnet market includes industrial, medical technology, consumer electronics, environment and energy, automotive, aerospace and defense, and others. The automotive sector is expected to dominate the market in the future, owing to the flourishing global automotive industry. Moreover, the consumer electronics sector is estimated to register the fastest growth rate in the future.
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By region, Asia Pacific dominated the global permanent magnet market in 2018 and is expected to continue its dominance in the upcoming years as well. This can be attributed to rapid industrialization and the region’s flourishing automotive industry.
North America is expected to be the fastest growing region the global permanent magnet market in the years ahead, owing to the growing use of various electronic consumer goods like semiconductors, home appliances, and smartphones. The U.S. dominated the region’s permanent magnet market due to the rising demand for permanent magnets by automotive and medical sectors.
Browse the full “Permanent Magnet Market by Type (Neodymium Iron Boron Magnet, Ferrite Magnet, Samarium Cobalt Magnet, Alnico Magnet, and Others) and by End-Use Industry (Industrial, Medical Technology, Aerospace & Defense, Consumer Electronics, Automotive, Environment & Energy, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025” Report at https://www.zionmarketresearch.com/report/permanent-magnet-market
The European permanent magnet market is projected to grow significantly in the future, due to the increased investments made in the defense and aerospace sector. France, Italy, Germany, and the UK are major contributors to the region’s permanent magnet market, owing to the growing demand for luxury cars in these countries that fuels the demand for ferrite magnets.
In Latin America, the rapid industrialization is driving the automotive industry, which is propelling the region’s permanent magnet market growth. Moreover, the rising demand for various electronic products has increased the application of permanent magnets in the electronics industry, which is also expected to fuel the permanent magnet market over the forecast time period. Additionally, strong economic growth and huge investments in industries like consumer electronics, automotive, and environment, and energy are further escalating this regional market.
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The Middle East and Africa market is expected to record significant growth in the upcoming years owing to the increasing permanent magnet usage in industrial applications.
Some key players of the global permanent magnet market are Hangzhou Group, Daido Steel, Adams Magnetic Products, Shin-Etsu Chemical, Electron Energy Corp., Lynas Corporation, Hitachi Metals, Tengam Engineering, TDK Corporation, Bunting Magnetics, and Arnold Magnetic Technologies.
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This report segments the global permanent magnet market into:
Global Permanent Magnet market: Type Analysis
- Neodymium Iron Boron Magnet
- Ferrite Magnet
- Samarium Cobalt Magnet
- Alnico Magnet
- Others
Global Permanent Magnet market: End-Use Industry Analysis
- Industrial
- Medical Technology
- Aerospace and Defense
- Consumer Electronics
- Automotive
- Environment and Energy
- Others
Global Permanent Magnet market: Regional Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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