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COVID19 Impact on Permanent Magnet Market Size and Growth Forecast till 2027 | Top Players: Adams Magnetic Products, Arnold Magnetic Technologies, TDK Corporation Americas, Tengam Engineering Inc, Alpha Magnet, Electron Energy Corporation,etc
The global Permanent Magnet Market size is expected to reach USD 34.70 billion by 2026; attributed to their increasing use in the hybrid electric vehicle production. A permanent magnet is an object that possesses magnetic properties even in the absence of a magnetic field. They have two magnetic ends called the north pole and south pole respectively. They are used in different types of motors such as loudspeakers, various appliances, HVAC, and others. A recently published report by Fortune Business Insights titled, “Permanent Magnet Market Size, Share & Industry Analysis, By Type (Neodymium Iron Boron (NdFeB), Ferrite, Samarium Cobalt (SmCo), Aluminum Nickel Cobalt (Alnico), and Others), By Application (Consumer Electronics, Automotive, General Industrial, Medical Devices, Energy, and Others), and Regional Forecast, 2019-2026,” The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. Some industries are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.We are making continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
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Market Driver
Increasing Popularity of Hybrid Vehicles will Add Impetus to Market
Various factors are responsible for the permanent magnet market growth. These include the increasing demand for various electronic devices such as television, laptops, music systems, and smartphones, coupled with the rise in need for more energy for consumption. This, coupled with the growing demand from the automotive sector will also aid in the expansion of the market in the forecast period. Besides this, the advancement in technology and use of neodymium iron boron (NdFeB) for various applications such as domestic appliances and wind turbines, and other electronic equipment such as speakers are likely to bode well for the market in the coming years.
Regional Segmentation:
Asia Pacific to Continue Dominating Market with Increasing Preference Towards Electric Vehicles
In 2018, Asia Pacific earned a revenue of USD 13.82 Billion and emerged dominant with the increasing demand for permanent magnets for various applications such as energy, consumer electronics, and automotive. China emerges as the leading producer attributed to the availability of abundant rare-earth deposits. This, coupled with the rise in popularity of electric vehicles will help Asia Pacific continue dominating the market in the forthcoming years.
On the other side, the market in North America will gain impetus from the rise in demand for consumer electronics such as personal computers, wearable devices, mobile phones, and medical devices. Additionally, the Europe market will rise steadily on account of the rise in demand for hybrid and electric vehicles.
To Gain More Insights into the Permanent magnet market , Browse Summary of the Research Report: https://www.fortunebusinessinsights.com/permanent-magnet-market-102776
Competitive Landscape:
Companies Expanding Base in China to Earn High Revenue
A large portion of permanent magnets is produced in China, thus making this region account for more than 70% of the overall production volume. Owing to this factor, a large number of producers in the market are aiming at expanding their territory in this nation for earning better revenues. Besides this, players are investing massively on resources and development of customized permanent magnet products to suffice to the needs of their consumers.
Industry Developments:
April 2020 – Bunting Magnetics introduced ElectroMax Overband Magnet at Bauma. The company aims at adhering to the needs of customers such as more compact, smaller electro overband, and lighter magnets.
MAY 2020 – Santoku Corporation, the rare earth metal producer was acquired by Hitachi Metals Ltd., for the production of a wholly-owned subsidiary.
List of Companies Covered in the permanent magnet market Report:
• Adams Magnetic Products Co., Inc.
• Arnold Magnetic Technologies Corp.
• TDK Corporation
• Tengam Engineering, Inc.
• Alpha Magnet
• Electron Energy Corporation
• Ningbo Yunsheng Co. Ltd.
• Integrated Magnetics
• Magnequench International, LLC,
• Tridus Magnetics and Assemblies
• Bunting Magnetics Co.
• Anhui Earth-Panda Advance Magnetic Material Co., Ltd.
• Hangzhou Permanent Magnet Group
• Daido Steel Co., Ltd.
• Shin-etsu Chemical Co., Ltd.
• Hitachi Metals, Ltd.
• Other Players
Order A Complete Research Report on permanent magnet market Report: https://www.fortunebusinessinsights.com/checkout-page/102776
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Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.
Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.
At Fortune Business Insights™, we aim at highlighting the most lucrative growth opportunities for our clients. We therefore offer recommendations, making it easier for them to navigate through technological and market-related changes. Our consulting services are designed to help organizations identify hidden opportunities and understand prevailing competitive challenges.
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