Press release
Permanent Magnet Market Statistics By Product 2018-2024 | Hitachi Metals America, Ltd., Adams Magnetic Products, Arnold Magnetic Technologies, TDK, Electron Energy Corporation, VACUUMSCHMELZE
Permanent Magnet Market
Neodymium alloy or NdFeB based products will be a noteworthy product segment in terms of revenue. In volumetric terms, the ferrite products will garner significant share. NdFeB products will witness growth due to increasing demand for light weight and powerful products with good aesthetic features. NdFeB magnets are anticipated to grow with CAGR over 10% up to 2024.
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With global fossil fuel reserve set to deplete in the next 50 to 70 years, energy generation focus is shifting towards the renewable and emission free sources. Wind energy has come up to be a prominent renewable source of energy with a total installed capacity of over 400 gigawatts all around the globe, and more than 200 gigawatts been installed since 2010. Permanent magnet market size in the energy generation sector will increase substantially in the near future as the UN has aimed at 100% emission free energy generation by the end of 2050.
Permanent Magnet Market By Product
• Ferrite magnet
• NdFeB magnet
• SmCo magnet
• AlNiCo magnet
Permanent Magnet Market By Application
• Automotives
• Electronics
• Energy generation
• Others
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Development of low cost manufacturing processes is also likely to propel the permanent magnet market up to 2024. Investments for innovative production lines and development of new materials such as nitride compounds or SmFeN based products influenced by the Concerted European Action on Magnets (CEAM) will have a positive influence throughout the forecast span. R&D on miniature sized products using rare-earth based products will steer the growth.
China has more than 95% of the world rare earth reserve, making Asia Pacific a key manufacturer of rare earth based products with several small and medium level companies. APAC permanent magnet market will also have a remarkable growth, owing to its high production capacity of automobiles, electronic products, as well as wind energy. Asia Pacific has close to 50% of the total share.
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The permanent magnet market competitive landscape is fragmented due to the presence of several small and medium level manufacturing companies. Principal participating companies are Hitachi Metals, TDK Corporation, Hangzhou Group, Adams Magnetic Products, Electron Energy Corp, Arnold Magnetic Technologies, etc
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