Comprehensive Study on Permanent Magnets Market 2020 |Top Companies like- Hitachi Metals Ltd., Adams Magnetic Products Co., Arnold Magnetic Technologies, TDK Corporation

The Permanent Magnets Market size was estimated at USD 20 billion in 2015 and is projected to surpass USD 50 billion by the year 2024.

Global permanent magnet market is poised to increase commendably over the coming years owing to increasing investment in automotive developments along with applications like electronics, aerospace, medical, energy generation, among others.

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During the period of 2016-2024, the Permanent Magnets Market is anticipated to expand with a CAGR of 10%.

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.

About 86 million cars were sold in the top 54 markets around the world in 2018, with SUVs being more popular while electric cars sales raised by 75%. During the past few years, electric motor applications have increased exponentially due to the advent of low cost and high-performance electronics with complementary improvement in permanent magnetic materials.

Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:

o Hitachi Metals Ltd.
o Jiangmen Magsource New Material Co. Ltd.
o Adams Magnetic Products Co.
o Arnold Magnetic Technologies
o Anhui Earth-Panda Advance Magnetic Material Co. Ltd.
o Ningbo Yunsheng Co. Ltd.
o Daido Steel Co. Ltd.
o Molycorp Magnequench
o Thomas & Skinner Inc.
o Vacuumschmelze GmbH & Co. KG
o Electron Energy Corporation
o Hangzhou Permanent Magnet Group
o Goudsmit Magnetics Group
o TDK Corporation

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Technological advancements in the automotive sector have compelled manufacturers to produce vehicle control systems that are more sophisticated and help burn less fuel. Neodymium (NdFeB) magnets have become substantial components in automotive electronic technology and have been broadly used in automotive safety and information systems.

Growing developments of lightweight and electrified vehicles will fuel the requirement for neodymium magnetic materials rapidly. In addition, with the introduction of driverless technology, several safety control systems like vehicle collision prediction system, safe driving assistant systems are being developed and used widely, fostering automotive tech expansion and offering lucrative growth platform for global permanent magnet industry share in turn.

In November 2018, an electronics company in Asia had acquired R&D business sector for magnet alloy from a chemicals company Showa Denko. The agreement was aimed to accelerate the development of new, high-performance, and high-quality neodymium magnets, as well as to establish a more resourceful production system for meeting the growing market demand.

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.

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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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