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 the
market value stood at $17.85 billion in 2018 and will exhibit a CAGR of 8.7% in
the forecast duration set between 2019 to 2026.
SMMV Manufacturing Plant in Vietnam toStrengthen Portfolio by Increasing Production Capacity
Shin-Etsu Magnetic Materials VietnamCo., Ltd. (SMMV) completed constructing 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.
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Increasing Use of Neodymium Iron BoronWill Add Impetus to Market
The increasing demand for consumerelectronics is a major permanent 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 fluctuatingprices of raw materials such as alloys, and increasing prices of energy may
cause major hindrance to the overall market in the coming years.
