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Permanent Magnet Market to procure massive returns from commercial vehicles and domestic cars production; Hitachi Metals, Hangzhou Group, Arnold Magnetic Technologies, Electron Energy Corp are leading players

Author : Rahul Varpe | Published Date : 2019-04-10 

Global Market Insights provides a detailed overview of Permanent Magnet market with respect to the pivotal drivers influencing the revenue graph of this business sphere. The current trends of Permanent Magnet market in conjunction with the geographical landscape, demand spectrum, remuneration scale, and growth graph of this vertical have also been included in this report.

Permanent Magnet Market is deeply driving by the energy generation sector. Rapid depletion of fossil fuel reserves around the globe is influencing the use of wind energy sources that are renewable in nature. In the Asia Pacific region, increasing wind energy demand led by China will positively influence the market demand. China, in 2015, registered over 30 GW wind energy installation capacity, which formed roughly 40% of the world share.

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The permanent magnet market is majorly driven by the automobile industry owing to its extensive use due to its properties such as energy conversion, repulsion, attraction, and magnetic field applications to direct, control and shape ion & electron beams in electronic systems. From 2013 to 2015, the global commercial vehicles and domestic cars production witnessed a growth from 87.5 million to over 90.5 million respectively. Increasing per capita disposable income coupled with the gradual development in the economies is likely to surge the automotive industry which in turn will boost the market share in the coming years.

Some of the major players present in the global permanent magnet market include:

  • Adams Magnetic Products
  • Hitachi Metals
  • Hangzhou Group
  • Arnold Magnetic Technologies
  • Electron Energy Corp
  • TDK Corporation

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Based on the product, the permanent magnet market is segmented into four major segments namely, aluminum-nickel-cobalt alloy, samarium-cobalt alloy, neodymium alloy, and ferrite. The neodymium alloy holds a significant of nearly two third of the entire market share. Ferrite is the most cost effective of all and will foresee a market share of around 12 billion in 2024.

Considering applications, the permanent magnet market is bifurcated into three broad categories which include electronics, automotive and power generation. The electronics segment market share is likely to cross USD 10 billion with a growth rate of 10% by the end of the projected timeframe. In terms of volume, the automotive segment will hold a major chunk of share in the global market.

On the basis of region, Asia Pacific, in 2015, held a significant share in the global permanent magnet market led by China due to the increasing electronics and automobile production. The country had a production capacity of windmills installed in excess of 145 GW which is about one third of the world. Registering a growth of 9%, North America accounted for over USD 4 billion in the same year. This growth is likely due to the United States, as in 2015, the commercial vehicles and domestic cars in the country accounted in excess of 12 million. The United States also registered a growing energy installation capacity in excess of 75 GW and is likely to increase in the future.

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About Global Market Insights:

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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About Author

Rahul Varpe

Rahul Varpe

Rahul Varpe currently writes for fractovia. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products online. Apart from being an avid reader, his other hobbies include music and sketching. He can be contacted at- [email protected] | https://twitter.com/varperahul

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