Top Key Players of “Global Permanent Magnet Market” like Adams Magnetic Products Co., Advanced Technology & Materials Co. Ltd. , Arnold Magnetic Technologies at CAGR 9.0% through 2024
By Type (Neodymium Iron Boron Magnet, Ferrite Magnet, Samarium Cobalt Magnet), By Application (Consumer Electronics, General Industrial, Automotive, Medical Technology, Environment & Energy, Aerospace & Defense) – Industry Trends and Forecast to 2024
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Permanent magnet retains its magnetism after being removed from an external magnetic field.They do not require continuous electrical energy to maintain their electric field, due to which PM motors are preferred. The use of permanent magnets reduces the size of motors and improves performance, which can be done using nano composite permanent magnets.There is a growing demand for permanent magnet in consumer electronics, general industrial, automotive, medical technology and environment & energy activity, which is expected to be one of the major drivers of the market over the next seven years.
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The permanent magnet market is segmented on the basis of typeinto neodymium iron boron magnet, ferrite magnet, and samarium cobalt magnet.
On the basis of geography, the permanent magnet market report covers data points for 28 countries across multiple geographies such as North America, South America, Europe, Asia-Pacific and Middle East & Africa. Some of the major countries covered in this report are U.S., Canada, Germany, France, U.K., Netherlands, Switzerland, Turkey, Russia, China, India, South Korea, Japan, Australia, Singapore, Saudi Arabia, South Africa, and Brazil among others.
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Major Market Competitors
Some of the major players in permanent magnet market includeAdams Magnetic Products Co., AT&M (Advanced Technology & Materials Co. Ltd.), Arnold Magnetic Technologies, A To Z Magnet Mfg. Co., Baotou Inst Magnetic New Materials Co. Ltd., Beijing ZhongKe San Huan Hi-Tech Co. Ltd., China Rare Earth Magnet Ltd., Clime Magnet Manufactory Co. Ltd., Daido Steel Co. Ltd., Dexter Magnetic Technologies Inc., EEC (Electron Energy Corp.), Feller Magtech Corp., Fuzhou Ao Magnet Electronic Co. Ltd., Hangzhou Best Magnet Co. Ltd., Hitachi Metals Ltd., HPMG (Hangzhou Permanent Magnet Group), IM (Integrated Magnetics), Longze Magnet Electronic Co. Ltd., MMC Magnetics, Bestway Magnet, Ningbo Co-Star Materials Hi-Tech Co. Ltd., Ningbo Jinke Magnetics Co. Ltd., Ningbo Ketian Magnet Co. Ltd., Newland International Trade Co. Ltd., Ningbo NGYV (Ninggang Permanent Magnetic) Materials Co. Ltd., Ningbo SanhuanMagsound Co. Ltd., Ningbo Songke Magnetic Materials Co. Ltd., Ningbo Vastsky Magnet Co. Ltd., Ningbo Xinfeng Magnet Industry Co. Ltd., Ningbo Yunsheng High-Tech Magnetics Co. Ltd., Ningbo Zhaobao Magnet Co. Ltd., Shenzhen Thinova Co. Ltd., SonalMagnetics, Stanford Magnets, TDK Corp., Thomas And Skinner Inc., Viona Magnetics, Xiamen Everbeen Magnet Electron Co. Ltd., Yantai Shougang Magnetic Materials Inc., Zhejiang Kaiven Magnet Co. Ltd. and many more.
Major Market Drivers:
• Growing automotive industry in Asia-Pacific
• Increasing demand for efficiency & miniaturization
• Initiatives by associations & regulatory bodies to encourage use of permanent magnet
• Fluctuation in raw material costs
• Lack of quality control in developing countries
• High research and development cost
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