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Permanent Magnet Market Trend, Revenue & Regional Analysis 2018-2024 By Top Players - Hitachi Metals America, Ltd., Adams Magnetic Products, Arnold Magnetic Technologies, TDK, Electron Energy Corporation, VACUUMSCHMELZE

Permanent Magnet Market

Permanent Magnet Market

According to a new research report by Global Market Insights, Inc. Permanent Magnet Market is slated to exceed USD 50 billion by the end of 2024. Principal participating companies are Hitachi Metals, TDK Corporation, Hangzhou Group, Adams Magnetic Products, Electron Energy Corp, Arnold Magnetic Technologies, etc.

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.

Request for a sample copy of this report @ https://www.gminsights.com/request-sample/detail/1113

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.

Permanent Magnet Market By Product

• Ferrite magnet
• NdFeB magnet
• SmCo magnet
• AlNiCo magnet

Permanent Magnet Market By Application

• Automotives
• Electronics
• Energy generation
• Others

Make an inquiry for purchasing this report @ https://www.gminsights.com/inquiry-before-buying/1113

High price of rare earth metals used for production, such as neodymium, dysprosium, and samarium, may restrain the permanent magnet market growth. With almost all the rare-earth mines located in China, the import cost shoots up in the European and North American countries. Strict government norms regarding the harms caused by rare-earth metals mining may also hinder the growth.

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.

The products find multiple applications in the automotive sector, making it an important application segment with close to half of the net share. Automotive applications generated revenue above USD 10 billion in 2015. On account of mushrooming wind energy demand and developments of other renewable energy sources, energy generation application will be a rapidly growing application segment with CAGR more than 10% up to 2024.

Browse Complete Report Summary @ https://www.gminsights.com/industry-analysis/permanent-magnet-market

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.

About Global Market Insights:
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

Contact Us:
Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone:1-302-846-7766
Toll Free: 1-888-689-0688
Email: sales@gminsights.com
Web: https://www.gminsights.com

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