Permanent Magnet Market Latest Technologies, Competitive Landscape, Future Scope & Demand Study

Felton, Calif., USA, Feb. 23, 2021 — /EPR Network/ —

The global Permanent Magnet Market research report provides complete insights on industry scope, trends, regional estimates, key application, competitive landscape and financial performance of prominent players. It also offers ready data-driven answers to several industry-level questions. This study enables numerous opportunities for the market players to invest in research and development.

Market Overview:

The global Permanent Magnet Market is estimated to touch US$ 38.53 billion by the year 2024.With reference to the study statement by Grand View Research Inc., the global permanent magnet market is estimated to develop at a higher CAGR by the completion of the prediction period.

Key Players:

  • Adams Magnetic Products Co
  • Anhui Earth-Panda Advance Magnetic Material Co. Ltd
  • Arnold Magnetic Technologies
  • Daido Steel Co. Ltd
  • Eclipse Magnetics Ltd
  • Electron Energy Corporation
  • Goudsmit Magnetics Group.
  • Hangzhou Permanent Magnet Group
  • Hitachi Metals Ltd.
  • Molycorp Magnequench
  • Ningbo Yunsheng Co. Ltd
  • Ninggang Permanent Magnetic Materials Co. Ltd

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Growth Drivers:

The market of permanent magnet is mostly motivated by the growing demand for effectiveness and miniature size in a number of uses for example sensors, switches, lifts, and the increasing automobile manufacturing in the area of Asia-Pacific.

The division of the global Permanent Magnet market on the source of Type of Application could span Industrialized, Automotive, Electronics. The increasing demand for electronics is estimated to increase the demand for permanent magnets above the period of prediction. But, the arrival of cloud computing, combined with its greater proportion of acceptance is estimated to undesirably influence the market of electronic storage device like DVDs, VCDs, and CDs which is expected to impede the development of industry.

Application Outlook:

  • Ferrite
  • Rare Earth

The subdivision of rare earth magnet is estimated to be the speedily developing subdivision, by means of income. It will record the CAGR of 9.3% during the period of prediction, due to widespread practice of thick along with fused magnets in the application of automobile. The practice of ferrite magnets in the application of automobile is expected to be the speedily developing subdivision. It will record the CAGR of 8.7% because of its growing practice in the motors for windshield wipers, antenna lift, fuel pump, engine starter and door closing.

End Use Outlook:

  • Environment & Energy
  • Automotive
  • Consumer Electronics
  • Medical Technology
  • General Industrial
  • Defense & Aerospace

Regional Outlook:

By the source of geography, the market in Asia Pacific is estimated to be motivated by the greater demand for the rare earth and ferrite permanent magnets by the industries of automotive and electronics. Furthermore, speedy industrial development of the Chinese economy has given rise to in the growth of the economy such as an industrialized base, heading to a greater demand for magnetic materials in the nation. The increasing demand for luxury cars in industrialized markets together with the Italy, France, Germany, Spain and UK, is likely to help the demand for ferrite magnets due to increasing use of the product in the automotive manufacturing in diverse types of motors and additional systems. The demand for ferrite magnets for automotive subdivision in Europe is likely to develop by a CAGR of 8.0% above the period of prediction.

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