The global permanent magnet market size is expected toreach $34.70 billion by 2026 owing to the rising need for energy and the use of
strong magnets for power generation. A permanent magnet is a device that can
retain its magnetic properties despite being in an atmosphere with no magnetic field.
A permanent magnet can also be called a hard magnet due to properties such as
large magnetic moment, and low permeability. Permanent magnets are used in
various kinds of loudspeakers, and other home appliances, and are available in
variety such as ferrite magnets, alloy magnets, bonded magnets, and others.
According to a recently published report by Fortune Business Insights
titled, “Permanent Magnet Market Size, Share & IndustryAnalysis, By Type (Neodymium Iron Boron (NdFeB), Ferrite, Samarium Cobalt
(SmCo), Aluminum Nickel Cobalt (Alnico), and Others), By Application (Consumer
Electronics, Automotive, General Industrial, Medical Devices, Energy, and
Others), and Regional Forecast, 2019-2026,” the market value stoodat $17.85 billion in 2018 and will exhibit a CAGR of 8.7% in the forecast
duration set between 2019 to 2026.
source:
SMMV Manufacturing Plant in Vietnam to Strengthen Portfolio byIncreasing Production Capacity
Shin-Etsu Magnetic Materials Vietnam Co., Ltd. (SMMV) completedconstructing a manufacturing plant for rare earth magnet in Hai Phong Province
of Vietnam in the year 2016 and started operating from June 2017. Rare earth
magnets are used for a variety of applications such as electric and hybrid
automobiles, hard disk drives, and energy-saving air conditioners. The SMMV
aims at multiplying the production capacity by two times up to 2,200 tons of
earth magnet on an annual basis. The magnets produced in this plant will be
shipped t0o end-users after processing them in other plants located in different
nations across Southeast Asia. Such initiatives taken by market vendors are
likely to aid in the expansion of the market in the future years.
Increasing Use of Neodymium Iron Boron Will Add Impetus to Market
The increasing demand for consumer electronics is a majorpermanent magnet market growth. This includes gadgets such as Music systems,
computers, laptops, mobile phones, and others. In addition to this, the
increasing use of neodymium iron boron (NdFeB) with its beneficial properties
such as repulsion, attraction, and energy conversion will also aid in the expansion
of the market in the coming years.
On the negative side, the fluctuating prices of raw materials suchas alloys, and increasing prices of energy may cause major hindrance to the
overall market in the coming years.
Players Aiming at Setting up Bases in China to Gain CompetitiveEdge
China holds an estimate of more than 70% of the market share.Therefore, players are aiming at expanding their geographical base in this
nation and investing heavily in the same for gaining an upper hand on resources
and production while cutting down the export cost. Besides this, vendors are
engaging in mergers and acquisitions, contracts and agreements, joint
partnerships, and other collaborative efforts to attract high revenue to the
market in the forthcoming years.
Significant Industry Developments of Market include:
May 2018 – A consolidated subsidiary of Santoku Corporation wasacquired by Hitachi Metals Ltd. for turning it to a wholly-owned subsidiary to
strengthen the cooperation between companies and accelerate the process of
decision making.
February 2019 – A new research and development facilitywas formed by Arnold Magnetic Technologies at the MGE Innovation Center complex
located in Wisconsin, United States.
Further Report Findings
- Asia Pacific held the dominant permanent magnet market share with a revenue of USD
13.82 Billion in 2018, attributed to increasing demand for consumer
electronics and applications running on energy.
- Based on segmentation by application, the market is dominated by the consumer
electronics segment on account of 36.7% share on account of the demand for
various devices such as smartphones, laptops, speakers, and others.
