What is Permanent Magnet Market?
Permanent magnets are materials where the magnetic field is generated by the internal structure of the material itself. Permanent magnets are made from ferromagnetic materials like iron. It does not require any power source and usually produces a powerful magnetic field compared to their size. They have a wide variety of applications such as hard drives, motors, cars, generators, televisions, phones, headphones, speakers, transducers, sensors and others.
The market study is being classified by Type (Alnico Magnets, Ceramic or Ferrite Magnets, Neodymium Iron Boron Magnets and Samarium Cobalt Magnets), by Application (Electronic Devices, Medical Devices, Household Equipment, Automobiles and Electricity Generation) and major geographies with country level break-up.
Hangzhou Permanent Magnet Group (China), Adams Magnetic Products (United States), Electron Energy Corp. (United States), Hitachi Metals (Japan), Arnold Magnetic Technologies (United States), TDK Corporation (Japan), Shin-etsu Chemical Co., Ltd. (Japan), Arnold Magnetic Technologies (United States), Electron Energy Corporation (United States) and Tengam Engineering, Inc. (United States) are some of the key players profiled in the study. Additionally, the Manufacturers which are also part of the research are Vacuumschmelze (Germany), Adams Magnetic Products Co., Inc. (United States), Bunting Magnetics Co. (United States) and Lynas Corporation Ltd. (Australia).
Research Analyst at AMA predicts that United States Manufacturers will contribute to the maximum growth of Global Permanent Magnet market throughout the predicted period.
Segment Analysis
Analyst at AMA have segmented the market study of Global Permanent Magnet market by Type, Application and Region.
On the basis of geography, the market of Permanent Magnet has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Drivers
- Significant Growth of Automotive Industry Owing to Rising Population
- Technological Advancement
- Increasing Applications of Permanent Magnet
Market Trend
- Growing Trend of Energy Efficient Motors in All Applications
Restraints
- Fluctuations in the Prices of Rare Earth Metals and Other Such Raw Materials Are Used To Manufacture Permanent Magnets
- Availabilities of Substitutes
Opportunities
- Changing Trend towards Renewable Energy
- Technological Developments in Permanent Magnets
- Growing Demand from End-User Industries
Challenges
- Lack of Quality Control in Developing Countries
- High R&D Investments
On 25th September 2018, AML Superconductivity and Magnetics (AML), the world leader in the development of magnet-based applications, has completed successful development and testing of its permanent magnet manufacturing technology, PM-Wire that is positioned to fundamentally change the way electric motors and generators are designed, manufactured and used across industries worldwide.
Key Target Audience
Electronic industry, Automotive Industry, Medical Industry, Environment & Energy and Aerospace & Defence