Permanent magnets are materials which retain their magnetic properties permanently. In other words, they exhibit magnetic properties even if they are removed from a magnetic field.
The global permanent magnet market touched USD 15.1 billion in 2013. This market is expected to reach USD 22.9 billion in 2018, growing at a CAGR of 8.7%.
This report, Global Permanent Magnets Market 2014-2018, provides a detailed analysis of the market and focuses on the major players, recent developments and key drivers of the permanent magnets market.
Ferrite magnets were the most widely used permanent magnets, accounting for over 80% of the global demand in 2012. Owing to ample availability, low costs and high magnetic property, the demand for ferrite magnets is expected to be substantially high over the forecast period. However, NdFeB magnets are expected to show the fastest growth over the next few years owing to their growing demand in electricity generation. Automotives, on the other hand, proved to be the largest application segment for permanent magnets in 2012. This is mainly because magnets are being increasingly used in automobiles to reduce overall weight of the vehicle by introducing the concept of miniaturization and, thereby, improving efficiency of vehicles.
High demand from current and emerging industries, development, and modernization of infrastructure and increasing demand for efficiency and miniaturization are some of the factors driving the demand for permanent magnets. The growth of the automobile system is expected to be one of the vital factors driving the demand for permanent magnets over the next few years. In addition, growth of the wind-energy generation industry, where magnets are used substantially due to numerous factors such as increasing demand for cheap electricity and rising consumer awareness regarding environment protection, is expected to fuel the growth of the market within the forecast period.
China dominated the permanent magnet market in 2012, followed by Asia Pacific (excluding China) owing to the growth of wind power industry. China is expected to witness the highest growth within the forecast period on account of increasing industrial activities, growth of the energy generation and rise in demand for automobiles. The demand for permanent magnets in China is expected to grow at a CAGR of 9.0% from 2013 to 2019 on account of the above mentioned factors.
The key players in this market include TDK Corp., Hitachi Metals Ltd., Shin-Etsu Chemical Co. Ltd. , Chengdu Galaxy Magnets Co. Ltd., Daido Steel Co. Ltd., JPMF Guangdong Co. Ltd., Ningbo Yunsheng Co. Ltd. and Vacuumschmelze GmbH & Co KG.
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Permanent magnet market, industry reports