Press release
Permanent Magnet Market to phenomenally drive the global landscape over 2024
Permanent Magnet Market
Automotive manufacturing is becoming a lucrative segment due to the extensive usage of magnets for several components like electric window regulators, door locks, speakers and windscreen wipers. Gradual demand for commercial vehicles and cars will fuel permanent magnet industry share considerably.
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In recent years, automotive sector has rapidly shifted its preferences toward vehicle electrification which help in reducing the load on the engine and improves fuel economy and emissions, as well as passenger comfort.
With the introduction of advanced features like power windows, electrically adjustable seats, and other vital accessories, the electric load in vehicles is increasing year by year. This will entail more advanced developments and refinements in magnetic materials and manufacturing technology. Reportedly, automotive sector will account for a revenue of more than USD 25 billion of global permanent market share by 2024.
In June 2019, TDK Corporation, a Japanese multinational electronics company had unveiled expansion of its portfolio of Micronas magnetic sensor with CUR 423x sensors developed for existing measurements in industrial and automotive applications. This technology is currently making way for ground-breaking coreless current-sensing applications. Such advancements would positively impact permanent magnet market outlook.
Growth Drivers are
• Rising automotive market
• Global shift towards sustainable energy generation
• Advancements in manufacturing technologies
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Considering the regional landscape, China holds more than 95% of the rare earth metal reserves globally, making Asia Pacific region the leading source of rare-earth based magnets. APAC permanent magnet industry is projected to grow noticeably over the coming years due to increasing consumption across automobile, electronics and wind energy sectors.
Emerging economies like India and China will be among the foremost revenue pockets for regional magnetic material deployment. Several key players are putting their efforts to make new and better magnets for vehicles for making them safer and convenient to use. Nowadays, magnets are playing a major role in the production line of automotive industry and are extensively used in the locking system and seat belt indicator, which are important safety features.
With the expansion of automotive segment, market players are planning to invest massively in R&D programs to gain more revenue over the forthcoming years. Mergers & acquisitions would also become a major business strategy adopted by various industry participants.
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Hitachi Metals, Adams Magnetic Products, Electron Energy Corp, TDK Corporation, Hangzhou Group, Arnold Magnetic Technologies are some of the notable permanent magnet suppliers worldwide.
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