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At 10% CAGR, Permanent Magnet Market to Surpass $ 50 Bn by 2024 | Top Players are Hitachi Metals, Adams Magnetic Products, Arnold Magnetic Technologies.
Permanent Magnet Market
Apart from energy generation, permanent magnets find extensive applications in the automotive sector. Permanent magnet market size from automotive applications was more than USD 10 billion in 2015 and is anticipated to exhibit a flourishing CAGR over the years ahead.
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These devices are also used for energy conversion in motors embedded in alternators, speakers, actuators, and sensors. The demand for automobiles and other commercial vehicles is increasing exponentially across the globe, which will result in significant growth of permanent magnet industry.
Considering the regional landscape, North America permanent magnet market collected a revenue about USD 4 billion in 2015 and is anticipated grow at a rate of 9% over the coming years of 2016 to 2024. U.S. automotive sector and wind energy projects will augment the regional industry growth significantly.
Asia Pacific permanent magnet industry size worth over USD 10 billion in 2015, is projected to grow noticeably over the coming timeframe, owing to its surging demand from electronic, wind energy and automobile sectors pertaining to the high growing production capability. India and China will be the major revenue pockets of the regional permanent magnet market.
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China is one of the prominent revenue contributors of the global permanent magnet industry share, as this country has accumulated a major share in several markets such as wind energy generation, electronic products, and automobiles.
As per reliable statistics, China covered more than 25% of the global automotive production in 2015. The region is also involved in the installation of windmills with a capacity of more than 145 GW, which will contribute to the regional permanent magnet market. Furthermore, most of the established industry giants have a major presence in China pertaining to availability of large number of earth metal mines.
They have been investing heavily in R & D activities not only to improve the manufacturing techniques, but also to reduce the overall processing cost. For instance, in 2016, Hitachi Metals Ltd. financed the production of ferrite and NdFeB magnet. Such measures are bound to fuel APAC permanent magnet market.
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The market players will invest heavily in R&D programs to gain more revenue over the coming years. Mergers & acquisitions will be the major business strategy adopted by the industry participants. Adams Magnetic Products Co., Inc., Hitachi Metals, Ltd., Hangzhou Permanent Magnet Group, Arnold Magnetic Technologies Corporation, Electron Energy Corporation, TDK Corporation, Molycorp Magnequench, and Anhui Earth-Panda Advance Magnetic Material Co. Ltd. are some of the notable industry players in the permanent magnet market.
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