Permanent Magnet Market | Industry Growth, Trends and Forecast Upto 2024
The global permanent magnet market size is expected to reach
USD 38.53 billion by 2024, according to a new report by Grand View Research, Inc.
The industry is anticipated to grow, primarily on account of increasing
performance efficiency requirements and miniaturization of various automotive
parts including sensors and electronic systems.
The growth of the industry is characterized by
rising accessibility of quality magnets containing lesser content of hazardous
elements such as dysprosium which is likely to drive the demand. The raw
materials used for the production of permanent magnets are procured from low
cost manufacturers located in China and other mineral rich regions to reduce
the production cost.
The sudden shortage of rare earth elements led to
the emergence of numerous research methodologies for developing alternatives to
these elements. The focus of the research was particularly high in North
America and Europe owing to the scarcity of rare earth element deposits in
these regions.
The industry is also subject to various
technological advancements such as the launch of “Lewis”, a fast-track
supermagnets manufacture project by the U.S. Department of Energy. The use of
advanced technology programs coupled with the infusion of additional capital by
the national governments to improve the production process is expected to drive
the market growth.
Full
Research Report On Global Permanent Magnet Market By Grand View Research:
www.grandviewresearch.com/industry-analysis/permanent-magnets-industry
www.grandviewresearch.com/industry-analysis/permanent-magnets-industry
Further
key findings from the report suggest:
- Rare earth magnet is expected to be the
fastest-growing segment, in terms of revenue, registering a CAGR of 9.3%
from 2015 to 2024 owing to extensive usage of dense as well as bonded
magnets in automotive applications
- The use of ferrite magnets in automotive application
is anticipated to be the fastest growing segment, registering a CAGR of
8.7% on account of its increasing usage in motors for fuel pump, door
closing, antenna lift, engine starter and windshield washer
- The industry in China is expected to account for
a market revenue of USD 14.75 Million by 2024 on account of low magnet
price coupled with high consumption by the automotive and industrial
applications
- The industry is comprised of industry players
operating on price differentiation which is expected to drive the demand.
Key manufacturers operating in the market lay extensive focus on
integration from raw material supply to manufacturing process to reduce
production cost
Browse
More Reports Of This Category By Grand View Research:
www.grandviewresearch.com/industry/automotive-and-aerospace-interior-materials
www.grandviewresearch.com/industry/automotive-and-aerospace-interior-materials
Grand View Research has segmented the permanent magnets market on the
basis of product, application and region.
Permanent
Magnet Product Outlook (Volume, Kilotons; Revenue, USD Million; 2013 - 2024)
- Ferrite
- Rare
Earth
Permanent
Magnet Application Outlook (Volume, Kilotons; Revenue, USD Million; 2013
- 2024)
- Ferrite
- Automotive
- Electronics
- Industrial
- Energy
- Aerospace
- Medical
- Others
- Rare
Earth
- Automotive
- Electronics
- Industrial
- Energy
- Aerospace
- Medical
- Others
Regional
Outlook (Volume, Kilotons; Revenue, USD Million; 2013 - 2024)
- North
America
- U.S.
- Canada
- Europe
- Germany
- Asia
Pacific
- India
- Japan
- South
Korea
- China
- Central
& South America
- Brazil
- Middle
East & Africa
- South
Africa
Access
Press Release Of This Research Report By Grand View Research:
www.grandviewresearch.com/press-release/global-permanent-magnets-industry
www.grandviewresearch.com/press-release/global-permanent-magnets-industry
About
Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco.
The company provides syndicated research reports, customized research
reports, and consulting services. To help clients make informed business
decisions, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
For More
Information: www.grandviewresearch.com
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