Permanent Magnet Market trends for 2016 & industry forecast to 2024

Permanent Magnet Market size is slated to exceed USD 50 billion by the end of 2024; according to a new research report by Global Market Insights, Inc.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. Permanent magnet market size in the energy generation sector will increase substantially in the near future as the UN has aimed at 100% emission free energy generation by the end of 2050.

Global Market Insights has a new study based report titled " Permanent Magnet Market Size By Product (Ferrite, Neodymium [NdFeB], Samarium–Cobalt [SmCo], Aluminum–Nickel–Cobalt [AlNiCo]), By Application (Automotive, Electronics, Energy Generation), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, China, India, Japan, Australia, Indonesia, Malaysia, Brazil, Mexico, South Africa, GCC), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024".

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The report offers all-inclusive analysis of:

1 Market structure
2 Factors restraining market growth
3 Market growth drivers
4 Opportunities and challenges
5 Market estimations and forecast for projected period

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.

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.

The Permanent Magnet Market Report Consists of,

1. Methodology and Scope
2. Executive Summary
3. Permanent Magnet Market Industry Insights

3.1 Industry segmentation
3.2. Industry size, forecast and growth expectations, 2016 - 2024
3.3. Industry ecosystem analysis
3.4. Raw material insights
3.5. Technology insights

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3.6. Regulatory framework
3.7. Industry dynamics
3.8. Key growth opportunities
3.9. Porter's analysis
3.10. Company market share, 2015
3.11. PESTEL analysis
3.14. Regional price trends

4. Permanent Magnet Market Product Insights

Permanent magnet market has been classified, based on the materials used for their production, into ferrite, neodymium alloy (NdFeB), samarium–cobalt alloy (SmCo), and aluminum–nickel–cobalt alloy (AlNiCo). Neodymium alloy based products, also called as neo magnets, was commercialized in 1984 after being developed by Sumitomo and General Motors in 1982. It is a significant product segment with close to two-third of the global share. This segment contributed more than USD 14 billion for the overall permanent magnet market size in 2015 and will grow at a CAGR beyond 10% up to 2024.

Ferrite based products will lose share to neodymium products owing to lower adhesive force per unit of weight and low aesthetic quality. However, they have an extensive application base in conventional products due to lower price and easier availability of raw materials. This segment generated over USD 5 billion in 2015 and will have a healthy growth up to 2024.

5. Permanent Magnet Market Application Insights

In terms of application, global permanent magnet market size has been segmented into automotive, electronics, energy generation, and other applications. Automotive segment had a notable share due to a wide range of application. The product may be used as energy conversion device that finds extensive application in motors used for accessories, sensors, actuators, meters, speakers, alternators, etc. Permanent magnet market size for automotive applications was more than USD 10 billion in 2015 and with rising cars and commercial vehicles demand, it is estimated to have a remarkable growth in the upcoming years.

Energy generation is likely to be a major application driven by a mushrooming wind energy demand in the power sector. This segment is estimated to grow at over 10% CAGR to reach a revenue of USD 6.5 billion by the end of the forecast period.

6. Permanent Magnet Market Regional Insights

Asia Pacific, primarily driven by China, accounted for over USD 10 billion in the global permanent magnet market in 2015. This is on the account of growing production capacities of automobiles, electronic products as well as wind energy. As of 2015, China had a cumulative installed capacity of wind mills of over 145 GW, which was roughly a third of the world total. Possession of around 25 GW of total installed capacity of wind mills and over 4 million passenger cars and commercial vehicle production in India will also support the overall permanent magnet market in the next eight years. Automotive production in China garnered over a 25% of the world production capacity in 2015.

North America recorded around USD 4 billion in 2015 and will gain by over 9% CAGR. The growth will likely be on the account of the U.S. passenger cars and commercial vehicle production crossing 12 million in 2015. U.S. also recorded a cumulative wind energy installation capacity close to 75 GW by 2015 and is expected to grow substantially in the upcoming years.

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7. Competitor Profiles

Permanent magnet market is fragmented owing to the presence of several small and medium scale companies. Key industry participants include Hitachi Metals, Adams Magnetic Products, Arnold Magnetic Technologies, TDK Corporation, Electron Energy Corporation, Hangzhou Permanent Magnet Group, Anhui Earth-Panda Advance Magnetic Material, and Molycorp Magnequench.

About Global Market Insights, Inc.:
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.

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Global Market Insights, Inc.
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This release was published on openPR.