JULY 12,2022/IndustryNewsGlobal/ — The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Permanent Magnets Market.
The report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
The Permanent magnets market offers a good growth opportunity and is likely to grow with >6% CAGR during the forecast period of 2020 to 2025.
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Ferrite magnet is a low magnetic energy product and suitable for low temperature applications. It alone accounted for more than 70% of the global permanent magnets market (on volume basis) serving most of the major applications, such as stator in the wind energy, engine and battery components in the automotive industry. It has lower price than other magnet types (Alnico, NdFeB, and SmCo).
NdFeB is likely to experience the fastest growth in the next five years, driven mainly by consumer electronics, standard automotive applications, and electric and hybrid vehicles. NdFeB is preferred in the engine components, battery components, moving car parts, HDD of consumer electronics and other integral systems. China and Japan together produce more than 95% of the global NdFeB supply.
Automotive industry is expected to remain the largest consumer of the permanent magnets during the forecast period. It accounted for 55% of the global permanent magnets market in 2015. Permanent magnets are used in engine components, battery components, moving car parts, and other integral systems. Energy segment is expected to witness the fastest growth in the next five years driven by demand of renewable energy across globe. All the major countries have set renewable energy targets and are continuously pushing harder to meet the renewable energy targets.
Asia-Pacific occupied three forth of the global permanent magnets market in 2015. It is expected to remain the largest market for the permanent magnets during the forecast period. China is the leading producer as well as consumer of the permanent magnets worldwide.
Features of the Report
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
The Permanent Magnets Market analysis report discusses the following heads in great detail:
- Market structure: Overview, industry life cycle analysis, supply chain analysis
- COVID-19 Impact Assessment
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
- Market trend and forecast analysis
- Market segment trend and forecast
- Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
- Attractive market segments and associated growth opportunities
- Emerging trends
- Strategic growth opportunities for the existing and new players
- Key success factors
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