Increasing Renewable Energy Demands to Drive Permanent Magnet Market over 2016-2024
Moreover, climatic discussion at UNFCCC’s Cop 21 announced that, by 2050 all power generation should be emission free, which will fuel the requirement of wind energy projects thereby, the surging need of the magnet will drive the permanent magnet market trends notably. Furthermore, rising R&D investment to develop new and superior quality magnetic material is expected to boost the industry demand.
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Energy generation, electronics, automotive are some of the prominent application areas of the permanent magnet market. Energy generation will be the major application segment and will record a CAGR of 10% over the coming seven years. The growth can be attributed to its escalating demand for wind energy projects. The automotive application will become a lucrative segment over the coming years, owing to the extensive usage of magnet for various motor accessories such as alternators, actuators, speakers, sensors, and meters. In addition, increasing demand for commercial vehicles and cars will fuel the global permanent magnet industry share considerably.
Based on the product, permanent magnet market is mainly segmented into Aluminum–Nickel–Cobalt (AlNiCo), Ferrite, Samarium–Cobalt (SmCo), and Neodymium (NdFeB). Neodymium (NdFeB) based permanent magnet industry surpassed a revenue of USD 14 billion in 2015 and will exhibit a lucrative growth rate of over 10% over the coming seven years, owing to the capability of the NdFeB based magnet to generate products with good aesthetic features and light weight.
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Considering the regional landscape, North America permanent magnet market collected a revenue about USD 4 billion in 2015 and is anticipated grow at a rate of 9% over the coming years of 2016 to 2024. U.S. automotive sector and wind energy projects will augment the regional industry growth significantly.
Asia Pacific permanent magnet industry size worth over USD 10 billion in 2015, is projected to grow noticeably over the coming timeframe, owing to its surging demand from electronic, wind energy and automobile sectors pertaining to the high growing production capability. India and China will be the major revenue pockets of the regional permanent magnet market.
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The market players will invest heavily in R&D programs to gain more revenue over the coming years. Mergers & acquisitions will be the major business strategy adopted by the industry participants. Adams Magnetic Products Co., Inc., Hitachi Metals, Ltd., Hangzhou Permanent Magnet Group, Arnold Magnetic Technologies Corporation, Electron Energy Corporation, TDK Corporation, Molycorp Magnequench, and Anhui Earth-Panda Advance Magnetic Material Co. Ltd. are some of the notable industry players in the permanent magnet market.
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