Permanent Magnet Market From Automotive Sector to Cross USD 25 Billion in 2024: GMI
SELBYVILLE , Delaware, Aug. 16, 2019 /PRNewswire/ -- Global Market Insights, Inc., announces a research report on 'Permanent Magnets Market Trends & Forecasts to 2024'. The report covers an extensive summary of the product, application, regional, and competitive landscapes.
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Permanent magnets market size is expected to witness exceptional growth over the forthcoming years owing to the widespread use of permanent or rare earth magnets in diverse applications ranging from military jets to consumer electronics. Considering the wide-ranging applicability, rare earth magnets are witnessing exponential demand.
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One instance that has underlined the growing importance of rare earth permanent magnets is the recent announcement by U.S. President Donald Trump in which he told the Pentagon to find novel means of procuring rare earth magnets.
Apparently, United States does not have enough capacity to produce samarium cobalt permanent magnets. China on the other hand has a stockpile of rare earth magnets that can withstand high temperatures and resist corrosion. But the ongoing trade between the two nations has created fears that China may stop rare earth magnet export to the U.S.
The presidential order goes a long way to emphasize the importance of rare earth magnets and growth potential of permanent magnets market in the coming years.
Permanent magnets are used in speciality motors, to build weapons, military jets, smart bombs, guided missiles and a vast range of consumer electronics. The use of permanent magnets in automotive and wind energy industries will also add impetus to permanent magnets market growth.
Global capacity expansion of wind power generation has added considerable boost to permanent magnets industry revenue share as permanent magnets are a critical component in wind turbine alternators. As the world veers towards the use cleaner energy sources replacing the use of less environmentally friendly sources, wind energy industry is slated to gain growth which will in turn spur growth for permanent magnets market.
Technological advancements are leading turbine component manufacturers to produce wind turbine alternators that are more fuel efficient and demand lower maintenance. Permanent magnet hybrid alternators are much more efficient when compared to conventional induction alternators.
Increasing power output, ease of manufacturing, reducing the weight of components and increasing component reliability are among the various challenges faced by wind turbine manufacturers. effective use of advanced alternators can help in resolving many of these, leading to increased demand witnessed by permanent magnets market.
According to statistics published by World Wind Energy Association (WWEA) the combined capacity of wind turbines installed across the globe by the end of 2018 amounted to 597 GW. Robust growth in wind power generation has been observed in Asian and African countries.
Browse key industry insights spread across 127 pages with 146 market data tables & 14 figures & charts from the report, "Permanent Magnet Market Share & Forecast - 2024" in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/permanent-magnet-market
Arguably the largest wind power market, China, has been recorded to have installed an additional capacity of 21 GW in 2018 and has become the first nation boasting of an installed wind power capacity of over 200 GW. China continues to hold the position of being world's wind power leader, with an aggregate wind capacity of 217 GW. Wind turbines use between 400 and 500kgs of the permanent magnets per megawatt. Such statistics necessarily support the prediction of strong growth for APAC permanent magnets market.
The automotive industry is yet another major consumer of permanent magnets. Neodymium magnets segment of permanent magnets market is expected to garner significant revenue share from the widespread use of neodymium magnets in automotive safety and information systems, energy transmission systems, electronic control units, electronic control unit etc.
Estimates claim NdFeB permanent magnets market size to register a CAGR of 10% over 2016-2024.
With the development of new energy vehicles and driverless technology, various safety control systems, like collision prediction system and safe driving assistant system, will be developed and widely used. The global automotive electronics industry has ushered in a golden period of development with the manufacture of lightweight, smart and electrified vehicles, increasing the demand for magnetic materials.
With increasing production of vehicles that are not only smarter and connected but the next generation of automobiles, where self-driving and zero emission are dominant features, the automotive industry is anticipated to witness continuous growth, adding impetus to permanent magnets market share.
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Significantly, China holds a massive share or the world's reserves of rare earth magnets, a fact that can have serious implications for the global permanent magnets industry in case China plans to weaponize its rare earth magnet export in the ongoing trade war with the U.S.
What does this report offer?
This permanent magnets market report covers a detailed analysis of every segment of the market including product, application, company profiles and regions. The report provides insights on permanent magnets industry with respect to the myriad parameters such as competitive landscape, global trends, and growth drivers impacting the industry outlook and market segmentation.
The report claims that the product segment of permanent magnets market is subdivided into Neodymium, Samarium-cobalt and AlNiCo. The important factors provided in the report pertaining to the product segment include the projection of the revenue amassed by each of the subsegments by the end of the forecast period.
A detailed analysis of the companies operating in permanent magnets market is included in the research report. Regionally, permanent magnets market report is segmented into North America, Europe, Asia Pacific, Latin America, Middle East and Africa. Each region is further discussed on the basis of countrywide market distribution, presence of industry players, consumer base, and other aspects.
In terms of the application, permanent magnets market is divided into automotive, electronics, energy generation and others. The application segmentation elaborates on a collection of industry scope and leading driving factors.
The permanent magnets industry report also discusses in detail the market share anticipated to be held by each subsegment, currently and by the end of forecast timeframe. The numerous trends defining the growth graph of the application spectrum have been discussed in the study.
The permanent magnets market report covers a collection of significant parameters that would help stakeholders in the process of decision-making. The research report also contains vital information such as industry drivers, SWOT analysis etc.
The document also consists of an executive summary, industry ecosystem analysis, summary of industry insights, market segmentation and global trends. Regulatory landscape pertaining to the industry and competitive spectrum are also elaborated along with business tactics instilled by the industry players.
Browse Complete Table of Contents of the Report @ https://www.gminsights.com/toc/detail/permanent-magnet-market
Partial Chapters from Table of Contents of the Report:
Chapter 3 Permanent Magnets Industry Insights
3.1 Permanent magnets market segmentation
3.2 ermanent magnets market size and growth prospects, 2013 - 2024
3.3 Industry ecosystem analysis
3.3.1 Vendor matrix
3.3.2 Distributor matrix
3.4 Permanent magnets market dynamics
3.4.1 Growth drivers
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 Key growth opportunities
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
Chapter 4 Permanent Magnets Product Insights
4.1 Permanent magnets market share by product, 2015 & 2024
4.2 Ferrite
4.2.1 Global market estimates and forecast, 2013 - 2024
4.2.2 Global market estimates and forecast, by region, 2013 - 2024
4.3 Neodymium (NdFeB)
4.3.1 Global market estimates and forecast, 2013 - 2024
4.3.2 Global market estimates and forecast, by region, 2013 - 2024
4.4 Samarium-cobalt (SmCo)
4.4.1 Global market estimates and forecast, 2013 - 2024
4.4.2 Global market estimates and forecast, by region, 2013 - 2024
4.5 AlNiCo
4.5.1 Global market estimates and forecast, 2013 - 2024
4.5.2 Global market estimates and forecast, by region, 2013 - 2024
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.
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