The global permanent magnet market size is expected to reach $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 Industry Analysis, 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 stood at $17.85 billion in 2018 and will exhibit a CAGR of 8.7% in the forecast duration set between 2019 to 2026.
Browse Complete Report Summary:
SMMV Manufacturing Plant in Vietnam to Strengthen Portfolio by Increasing Production Capacity
Shin-Etsu Magnetic Materials Vietnam Co., 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.
Increasing Use of Neodymium Iron Boron Will Add Impetus to Market
The increasing demand for consumer electronics 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 fluctuating prices of raw materials such as 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 Competitive Edge
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 was acquired 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 facility was formed by Arnold Magnetic Technologies at the MGE Innovation Center complex located in Wisconsin, United States.
List of Notable Market Manufacturers are:
- Hangzhou Permanent Magnet Group
- Electron Energy Corporation
- Anhui Earth-Panda Advance Magnetic Material Co., Ltd.
- TDK Corporation
- Tengam Engineering, Inc.
- Daido Steel Co., Ltd.
- Bunting Magnetics Co.
- Arnold Magnetic Technologies Corp.
- Alpha Magnet
- Shin-etsu Chemical Co., Ltd.
- Tridus Magnetics and Assemblies
- Adams Magnetic Products Co., Inc.
- Ningbo Yunsheng Co. Ltd.
- Hitachi Metals, Ltd.
- Integrated Magnetics
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.