Global Market Insights, Inc. adds a new Permanent Magnet Market Research Report for forecast period that shows the growth of the market is rising at a steady CAGR over 2024. Permanent Magnet Market size is slated to exceed USD 50 billion by the end of 2024. With global fossil fuel reserve set to deplete in the next 50 to 70 years, energy generation focus is shifting towards the renewable and emission free sources.
Wind energy has come up to be a prominent renewable source of energy with a total installed capacity of over 400 gigawatts all around the globe, and more than 200 gigawatts been installed since 2010. Permanent magnet market size in the energy generation sector will increase substantially in the near future as the UN has aimed at 100% emission free energy generation by the end of 2050.
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Flourishing automotive industry was a major reason for growth in 2015. The products are extensively used for energy conversion in accessory motors, sensing devices, actuators, loudspeakers, meters, alternators, etc. Automotive production has witnessed a steady rise in the past five years from 80 million units in 2011 to around 91 million units in 2015 owing to increasing GDP and enhanced lifestyle of people throughout the world. Growing application of light weight and strong products in the personal cars and other commercial vehicles production will influence the permanent magnet market positively.
Development of low cost manufacturing processes is also likely to propel the permanent magnet market up to 2024. Investments for innovative production lines and development of new materials such as nitride compounds or SmFeN based products influenced by the Concerted European Action on Magnets (CEAM) will have a positive influence throughout the forecast span. R&D on miniature sized products using rare-earth based products will steer the growth.
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U.S. produced more than 12 million units of commercial vehicles and passenger cars in 2015. North America permanent magnet market, having had a revenue of USD 4 billion in 2015, will register an annual growth rate of more than 9% over the coming years of 2016 to 2024. U.S. will be a key revenue contributor. In fact, the U.S. had implemented wind energy power generation plants of capacity around 75 GW in 2015 and will expand the installation capacity over the years ahead, which will stimulate regional permanent magnet market.
China is one of the prominent revenue contributors of the global permanent magnet industry share, as this country has accumulated a major share in several markets such as wind energy generation, electronic products, and automobiles. As per reliable statistics, China covered more than 25% of the global automotive production in 2015. The region is also involved in the installation of windmills with a capacity of more than 145 GW, which will contribute to the regional permanent magnet market.
Furthermore, most of the established industry giants have a major presence in China pertaining to availability of large number of earth metal mines. They have been investing heavily in R & D activities not only to improve the manufacturing techniques, but also to reduce the overall processing cost. For instance, in 2016, Hitachi Metals Ltd. financed the production of ferrite and NdFeB magnet. Such measures are bound to fuel APAC permanent magnet market.
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Industry players are involved in strategic mergers and acquisitions to sustain their market position. Product differentiation is another vital growth strategy adopted by market players to attract more customers. The key participants in permanent magnet market are Adams Magnetic Products, Hitachi Metals, Ltd., TDK Corporation, Hangzhou Permanent Magnet Group, Arnold Magnetic Technologies, Anhui Earth-Panda Advance Magnetic Material Co., Ltd, and Electron Energy Corporation.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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