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Industry Insights, Market Size, CAGR, High-Level Analysis: Permanent Magnets MarketThe global permanent magnets market size was valued at USD 20.74 billion in 2019 and is projected to witness a CAGR of 7.5% from 2020 to 2027. Increasing demand for electronics, such as computers, laptops, music systems, televisions, and smart phones is likely to drive the growth. Increasing demand for smart electronic devices owing to changing preferences and rising standards of living and disposable income are expected to boost the consumer electronics market. According to the International Monetary Fund, global sales of smartphones reached nearly 1.5 billion units in 2016. About 40% of global population is expected to own a smartphone by 2021. Increasing demand for smart phones is anticipated to further augment the demand for permanent magnets. In China, the presence of a large number of electronic device manufacturers along with the enhancing television sizes with resolutions such as 4K and 8K for the High Dynamic Range (HDR) quality is anticipated to augment the demand for permanent magnets in the forthcoming years. In September 2019, Xiaomi launched three new 4K televisions with screes size of 43 inches, 55 inches, and 65 inches in China. With ever-increasing concerns regarding environmental pollution caused by fossil fuels, there is a fast-growing demand for electric vehicles and hybrid electric vehicles from automakers, governments, and customers. In 2017, the EV30@30 campaign was launched at the Eighth Clean Energy Ministerial to increase the market share of electric vehicles up to 30% of the total vehicles (excluding two-wheelers) by 2030. The increasing demand for electric vehicles is anticipated to augment growth of the market for permanent magnets during the forecast period. Despite the growing demand, there are few challenges in the market such as substitution in the form of soft magnets and electromagnets. Also, different types of permanent magnets, such as NdFeB, Fe, Alnico, and SmCo can be used in place of each other. Increasing demand for soft magnets and electromagnets owing to their low cost and ease of handling is expected to hamper the growth of the permanent magnets market in the forthcoming years.
Application Insights of Permanent Magnets MarketAutomotive segment is projected to witness a CAGR of 6.5% in terms of revenue from 2020 to 2027. The exponential growth in the electric vehicles market is estimated to provide a lucrative opportunity to the neodymium magnet manufacturers. According to the International Energy Agency (IEA), the global electric vehicle sales is expected to reach 44 million each year by 2030. In the energy segment, the market is driven by the rising demand from the oil and gas industry and renewable energy sources, such as wind energy and solar energy. Oil and gas producers are focusing on energy-intensive technologies such as Electronic Submersible Pumps (ESPs) to enhance efficiency and to reduce power consumption. The electric motors using in the ESPs are manufactured using permanent magnets. The developments in these technologies are anticipated to drive the product demand in near future. Consumer goods and electronics is expected to be the fast growing segment in terms of volume from 2020 to 2027. It accounted for a volume share of 26.9% in 2019, attributed to the increasing disposable incomes and rising standards of living driving the demand for air conditioning cameras, compressors, DVDs, fans, loudspeakers, microphones, mobile phones, and VCRs and camcorders. Industrial applications of permanent magnets include robot motors, robot arms, magnetic couplings, pumps, servo motors, bearings, lifting magnets, sensors in industrial equipment, sheet separator, clamping plates, generators, and other industrial motors. On average, a single robot is estimated to contain over 100 motors. The increasing demand for robots is anticipated to boost the product utilization in motors over the forecast period.
Material Insights of Permanent Magnets MarketFerrite magnets are known as ceramic magnets was the largest material segment accounted for a revenue share of 29.8% in 2019 owing to their increasing use in automotive components such as antenna lift, door closing, engine starter, fuel pump, and windshield wipers. Advantages such as cost-effectiveness, high temperature operations, and resistance to demagnetization make permanent magnets suitable in automotive, appliance, and Heating, Ventilation, and Air Conditioning (HVAC) industries. Neodymium Iron Boron (NdFeB) magnets exhibit low curie temperature, high magnetic field strength and magnetic stability, and are susceptible to oxidation. As a result, they are used in electric motors and power tools. Initiatives by various governments to promote the use of green technologies along with availability of limited substitutes of NdFeB magnets are anticipated to drive the market growth. Samarium cobalt is projected to witness a CAGR of 3.8% in terms of volume from 2020 to 2027 owing to the growing automotive, electronics, aerospace, and military and defense industries. These are not as strong as NdFeB magnets but have various advantages such as are low temperature sensitivity, high temperature coefficiency, and corrosion resistance compared to ferrite and NdFeB magnets.
Regional Insights of Permanent Magnets MarketAsia Pacific held the largest revenue share of 75.2% in 2019. This growth potential can be attributed to the high economic growth, rising disposable income, and subsequent increase in the production of passenger vehicles, electronics, and wind power generators in China, India, Japan, Thailand, and Indonesia. According to the International Organization of Motor Vehicle Manufacturers (OICA), Asia Pacific constituted about 55% of global automotive production in 2018. China is the largest manufacturer of permanent magnets in the world with a production of more than 70% in 2018. Abundant availability of rare earth deposits is a significant factor that has led to dominance of the country, especially in rare earth permanent magnet production. The presence of a large number of electric motor, electric vehicle, electronic component (sensors, microphones, earphones, HDD), and magnetic assembly manufacturers is likely to drive the regional product demand. North American is expected to witness a CAGR of 4.4% in terms of volume from 2020 to 2027 The market in automotive application is expected to be driven by the electric vehicles segment, during the forecast period. In early 2018, Tesla became one of several electric car makers to use motors with neodymium magnets in U.S. Also, rise in the demand and production of electronic goods such as personal computers, medical devices, mobile phones, earbuds, and wearable devices is expected to augment demand for permanent magnets in the forthcoming years. In Europe, Germany is the largest consumer and manufacturer of permanent magnets. The automotive industry is a vital component of Germanys economy. According to German Association of the Automotive Industry or VDA, a German auto-industry trade group, German automakers including Daimler, Volkswagen, and BMW are expected to spend USD 45 billion on electric vehicle technology over the next three years. The aggressive emissions standards set by the European Union in 2018 are propelling auto manufacturers to stimulate the production of electric vehicles.
Market Share Insights of Permanent Magnets MarketAdams Magnetic Products Co.; Hitachi Group; Hangzhou Permanent Magnet Group; Arnold Magnetic Technologies; Molycorp, Inc.; and Shin-Etsu are the major market players. The market is characterized by capacity expansions, joint ventures, and mergers and acquisitions. For instance, in February 2015, Hitachi Metals announced its plans to enter into a joint venture with a magnet manufacturer in China, to supply Neodymium-Iron-Boron magnet for automobile, IT, and home electronics, industrial machinery, medical, environmental, and energy industries.
Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Permanent Magnets Market Research ReportThis report forecasts revenue and volume growth at global, country, and regional levels and provides an analysis of the latest industry trends in each of the sub-segments from 2019 to 2030. For the purpose of this study, this market research report has segmented the global permanent magnets market report on the basis of material, application, and region:
Material Outlook (Volume, Kilotons; Revenue, USD Million, 2019 - 2030)
- Neodymium Iron Boron (NdFeB)
- Aluminum Nickel Cobalt (Alnico)
- Samarium Cobalt (SmCo)
Application Outlook (Volume, Kilotons; Revenue, USD Million, 2019 - 2030)
- Consumer Goods & Electronics
- Aerospace & Defense
Table of Contents Chapter 1 Methodology and Scope 1.1 Market segmentation & scope 1.2 Research assumptions 1.3 Research methodology 1.4 Information procurement 1.5 Information analysis 1.6 Market formulation & data visualization 1.7 Data validation & publishing 1.8 List to Data SourcesChapter 2 Executive Summary 2.1 Permanent magnets market outlook, 2019 2.2 Regional segment outlook, 2019 2.3 Materi | read more...