The global permanent magnet market reached $15.1 billion in 2013. This market is expected to reach $22.9 billion in 2018 increasing at a compound annual growth rate (CAGR) of 8.7%.
(PRWEB) January 09, 2014
According to a new technical market research report Permanent Magnets: Technologies and Global Markets, from BCC Research (http://www.bccresearch.com), the global market for permanent magnets was valued at $13.9 billion in 2012 and is expected to increase to $ 15.1 billion in 2013. BCC Research projects the market to grow to $22.9 billion by 2018, and register a five-year compound annual growth rate of 8.7% from 2013 to 2018.
Robust growth has been seen in the demand for permanent magnets during the last decade, and it is expected to grow at a considerable rate due to increasing industrial applications such as electric power steering and engines, wind turbines and consumer electronics. Of the four permanent magnet types (NdFeB, SmCo, AlNiCo, and Ferrite/ceramic ) available on the global market today, NdFeB type magnets account for approximately 98% of the total global permanent magnet demand, and this will continue to be the fastest-growing segment, with an average growth of 10% annually through 2017. In terms of the volume of magnets produced, ferrite magnets constitute roughly 90% of global production, with NdFeB magnets constituting 7% to 8%. Demand for NdFeB magnets will be primarily seen from the Asia-Pacific region and the United States
China has recently emerged as the world’s largest producer of all types of permanent magnets, with particularly high control over rare earth permanent magnets. The global permanent magnet industry has received a considerable amount of attention in recent years, in large part due to the export restrictions placed by China on its key raw materials: rare earths. Increasingly stringent Chinese trade regulations and rising global demand from the automotive, green energy, and electronic industries is expected to shape significant growth in this market for the foreseeable future.
This new technical market research report from BCC Research provides an in-depth view on the dynamics of the global market for permanent magnets, industrial products made from a magnetized material that is capable of emitting magnetic energy continuously without any external impetus. It focuses on production, sales, applications, processes, cost structure, patents, rare earth price forecast, and supplier profiles. Forecasts are provided for each of these parameters wherever applicable through to 2018. The study provides the most recent and relevant information required to understand the nuances of the global permanent magnet industry, which would help current consumers, investors, and both Chinese and non-Chinese producers, among others to better understand their positions in terms of procurement, markets and anticipated future trends for effective strategy management.
The study is intended for a broad range of industry players, including direct consumers, distributors, suppliers, and investors who are interested in entering into any field from automotive to electronics in which permanent magnets play critical roles. These include: original equipment manufacturers and system integrators who use magnets as crucial parts of their products or systems; companies involved in the production or usage of high-power electric motors; medical device manufacturing companies; especially those involved in the production of magnetic resonance imaging devices; and distributors of permanent magnets located in key markets such as the U.S., Japan and Europe.