Developments in End-use Industries Boost Global Permanent Magnets Market to US$28.70 Billion by 2019 : TMR
In 2012, the global permanent magnets market was worth US$15.32 billion. Growing at an estimated CAGR of 9.5% from 2013 to 2019, the market’s value at the end of this period will be US$28.70 billion. In terms of volume, the global permanent magnets market is growing at a CAGR of 8.8% from 2013 to 2019. Its volume is set to rise from 650 kilo tons in 2012 to 1,168.7 kilo tons in 2019.
Deeper analysis reveals the leading cause for the global permanent magnets market’s growth to be its huge scope of use being recognized by end-use industries. Most of them belong to sectors that require infrastructure modernization, improved efficiency, compatibility to current and future applications, and miniaturization. From a consumer’s standpoint, growing awareness pertaining to pollution and growing efforts to maintain clean air is also boosting the global permanent magnets market. Another such factor is a growing demand for cheaper electricity.
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Automotive Sector Improves Global Permanent Magnets Market’s Growth Prospects
The global automobile industry is currently booming. It had become the largest segment of the permanent magnets market in terms of applications in 2012. This is because permanent magnets are one of the most commonly used materials in automobiles. This is done to lower the effective weight of a vehicle and consequently increasing its efficiency. A similar scope of applications has been gathered for the global permanent magnets market in HEVs. The combined scope is one of the greater reasons for the market’s growth.
Ferrite Permanent Magnets the Dominant Material Segment
In terms of materials used, the global permanent magnets market is broadly classified into Alnico, SmCO, Neo (or NdFeB), and ferrite. Of these, ferrite magnets were the most favored and have accounted for 81.5% of the total market in 2012. The market shares for NdFeB, SmCO, and Alnico for the same year were 15.4%, 1.4%, and 1.7%, respectively. The prime reasons for the preference of ferrite magnets are their easy availability, low cost of extraction and processing, and high magnetic properties. One segment set to make greater use of permanent magnets is electricity generation, which requires NdFeB magnets. This segment is therefore set to show the fastest growth rate.
China Ranked Biggest Shareholder in Global Permanent Magnets Market
The rapid rate of industrialization in China is largely responsible for the region’s dominance in the global permanent magnets market. The country has witnessed large volumes of permanent magnets used in industries related to power generation and automotive manufacturing. The China permanent magnets market is expected to grow at a CAGR of 9.0% from 2013 to 2019. On the other hand, the Asia Pacific region except for China is set to become the biggest upcoming market within the forecast period of 2013 to 2019. The reasons for the region’s high demand for permanent magnets are similar to China’s, along with strides in the wind power generation industry.
The fact that permanent magnets do not need an electrical field to function has made them a preferable option to electromagnets in fields where high field density is not required. Permanent magnets do not lose their magnetism until heated above their respective Curie temperature, which also makes them usable in heat-producing environments. All in all, the global permanent magnets market is already a strong one and is set to become stronger in the near future.
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