The global permanent magnet market size is expected to reach $34.70 billion by 2026 owing to the rising need for energy and the use of strong magnets for power generation. Permanent magnets are used in various kinds of loudspeakers, and other home appliances, and are available in variety such as ferrite magnets, alloy magnets, bonded magnets, and others. According to a recently published report by Fortune Business Insights, the market value stood at $17.85 billion in 2018 and will exhibit a CAGR of 8.7% in the forecast duration set between 2019 to 2026.
Source:
https://www.fortunebusinessinsights.com/permanent-magnet-market-102776
Increasing Use of Neodymium Iron Boron Will Add Impetus to Market
The increasing demand for consumer electronics is a major permanent magnet market growth. This includes gadgets such as Music systems, computers, laptops, mobile phones, and others. In addition to this, the increasing use of neodymium iron boron (NdFeB) with its beneficial properties such as repulsion, attraction, and energy conversion will also aid in the expansion of the market in the coming years.
On the negative side, the fluctuating prices of raw materials such as alloys, and increasing prices of energy may cause major hindrance to the overall market in the coming years.
Players Aiming at Setting up Bases in China to Gain Competitive Edge
China holds an estimate of more than 70% of the market share. Therefore, players are aiming at expanding their geographical base in this nation and investing heavily in the same for gaining an upper hand on resources and production while cutting down the export cost. Besides this, vendors are engaging in mergers and acquisitions, contracts and agreements, joint partnerships, and other collaborative efforts to attract high revenue to the market in the forthcoming years.
Significant Industry Developments of Market include:
May 2018 – A consolidated subsidiary of Santoku Corporation was acquired by Hitachi Metals Ltd. for turning it to a wholly-owned subsidiary to strengthen the cooperation between companies and accelerate the process of decision making.
February 2019
– A new research and development facility was formed by Arnold Magnetic Technologies at the MGE Innovation Center complex located in Wisconsin