Permanent Magnet Market is set to grow at 10%+ CAGR during 2018-2024
SELBYVILLE, Del., Aug. 23, 2018 /PRNewswire-iReach/ -- Permanent magnet market is majorly driven by the automobile industry owing to its extensive use due to its properties such as energy conversion, repulsion, attraction, and magnetic field applications to direct, control and shape ion & electron beams in electronic systems. From 2013 to 2015, the global commercial vehicles and domestic cars production witnessed a growth from 87.5 million to over 90.5 million respectively. Increasing per capita disposable income coupled with the gradual development in the economies is likely to surge the automotive industry which in turn will boost the permanent magnet market share in the coming years.
According to a new growth analysis report by Global Market Insights, Inc., "Permanent Magnet Market will collect a revenue of over USD 50 billion by 2024 with an annual growth rate of more than 10% over the period of 2016 to 2024."
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Another factor deeply driving the permanent magnet market is the energy generation sector. Rapid depletion of fossil fuel reserves around the globe is influencing the use of wind energy sources that are renewable in nature. In the Asia Pacific region, increasing wind energy demand led by China will positively influence the permanent magnet market demand. China, in 2015, registered over 30 GW wind energy installation capacity, which formed roughly 40% of the world share.
Limitations in the availability of raw materials due to volatile and high prices paired with the huge installation costs are likely to hinder the global permanent magnet market growth in the coming years. Moreover, stringent government regulations regarding the rare-earth metal mining harms is likely to slow down the market growth.
Based on the product, the permanent magnet market is segmented into four major segments namely, aluminum-nickel-cobalt alloy, samarium-cobalt alloy, neodymium alloy, and ferrite. The neodymium alloy holds a significant of nearly two third of the entire market share. Ferrite is the most cost effective of all and will foresee a market share of around 12 billion in 2024.
Buy this industry insights spread across 127 pages with 146 market data tables & 14 figures & charts from the report, "Permanent Magnet Market Size By Product (Ferrite, Neodymium [NdFeB], Samarium-Cobalt [SmCo], Aluminum-Nickel-Cobalt [AlNiCo]), By Application (Automotive, Electronics, Energy Generation), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, China, India, Japan, Australia, Indonesia, Malaysia, Brazil, Mexico, South Africa, GCC), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2016 - 2024" in detail along with the table of contents:
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Considering applications, the permanent magnet market is bifurcated into three broad categories which include electronics, automotive and power generation. The electronics segment market share is likely to cross USD 10 billion with a growth rate of 10% by the end of the projected timeframe. In terms of volume, the automotive segment will hold a major chunk of share in the global permanent magnet market.
On the basis of region, Asia Pacific, in 2015, held a significant share in the global permanent magnet market led by China due to the increasing electronics and automobile production. The country had a production capacity of windmills installed in excess of 145 GW which is about one third of the world. Registering a growth of 9%, North America permanent magnet market accounted for over USD 4 billion in the same year. This growth is likely due to the United States, as in 2015, the commercial vehicles and domestic cars in the country accounted in excess of 12 million. The United States also registered a growing energy installation capacity in excess of 75 GW and is likely to increase in the future.
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Partial Chapters of the Table of Contents:
Chapter 2 Executive Summary
2.1 Permanent magnets market 360-degree synopsis, 2013 - 2024
2.1.1 Business trends
2.1.2 Product trends
2.1.3 Application trends
2.1.4 Regional trends
Chapter 3 Permanent Magnets Industry Insights
3.1 Permanent magnets Industry Segmentation
3.2 Industry Size and forecast, 2013 - 2024
3.3 Industry ecosystem analysis
3.3.1 Vendor matrix
3.3.2 Distributor matrix
3.4 Permanent magnets Industry Impact forces
3.4.1 Growth drivers of permanent magnet market
3.4.1.1 Rising automotive market
3.4.1.2 Global shift towards sustainable energy generation
3.4.1.3 Advancements in manufacturing technologies
3.4.2 Industry pitfalls and challenges
3.4.2.1 High price and limited availability of raw materials
3.4.2.2 Hazards caused by rare earth metals
3.5 Permanent magnet market growth potential analysis
3.6 Regulatory trends
3.6.1 U.S.
3.6.2 Europe
3.6.3 China
3.7 Porter's analysis
3.8 Company market share analysis, 2015
3.7.1 Strategic landscape
3.9 PESTEL analysis
3.10 Regional price trends
3.10.1 Cost structure analysis
3.10.2 Raw material trends
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About Global Market Insights
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.
Media Contact: Jignesh Thakkar, Global Market Insights, Inc., +13028467766, sales@gminsights.com
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SOURCE Global Market Insights, Inc.
