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Permanent Magnets Market | Covid-19 Impact Analysis
Permanent Magnets Market is Segmented by Material Type (Ferrite, NdFeb, SmCo, and Alnico), by End-Use Industry (Aerospace & Defense, Automotive, Consumer Electronics, Energy, Industrial, Medical, and Others), by Sales Channel (Direct Sales and Distributors), by Region (North America, Europe, Asia-Pacific, and Rest of the World)
Covid-19 has impacted the market dynamics, competition, and global supply chains. The revenues have gone down in 2020 and may resume an uptrend gradually from 2021. Companies optimizing their operation and strategy will sustain and beat the competition.
Note: The summary below might not have included insights on covid impact since we have large number of reports.
The global permanent magnets market offers a good growth opportunity and is likely to grow with >6% CAGR during the forecast period of 2020 to 2025. Increasing automotive production and increasing use of permanent magnets in the consumer electronics, such as HDD, CD, and DVD applications are the key drivers of the global permanent magnets market. Another prime driver for the future growth is the growing renewable energy (wind turbines and solar photovoltaic) and increasing production of the electric & hybrid vehicles.
The global permanent magnets market is likely to witness significant changes in the coming years. New sources of supply are scheduled to be developed across the globe. China, which is the major producer of permanent magnets worldwide, is witnessing consolidation by state owned enterprises. China owns the largest reserves of the permanent magnets worldwide and is a low cost producer of the permanent magnets. China will continue to remain the largest producer during the forecast period.
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.
There is presence of small to large scale producers of the permanent magnets in China and worldwide. The key permanent magnet manufacturers are Molycorp Magnequench, Hangzhou Permanent Magnet Group, Shin-Etsu Chemical Co. Ltd, Anhui Earth-Panda Advance Magnetic Material Co. Ltd, Adams Magnetic Products Co., and Hitachi Metals Ltd.
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Trend & Forecast Period
North America, Europe, Asia-Pacific, Rest of the World
>6% CAGR during 2020-2025
Figures & Tables
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The market is segmented in the following ways:
Permanent Magnets Market Size, Share & Forecast by Material Type:
Permanent Magnets Market Size, Share & Forecast by End-Use Industry Type:
Permanent Magnets Market Size, Share & Forecast by Sales Channel Type:
Permanent Magnets Market Size, Share & Forecast by Region:
This report, from Stratview Research, studies the global permanent magnets market over the period 2014 to 2025. The report provides detailed insights on the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
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Driven by the factors like Increasing automotive production and increasing use of permanent magnets in the consumer electronics, the permanent magnets market is expected to witness an impressive growth of >6% CAGR during the forecast period of 2020 to 2025.
Molycorp Magnequench, Hangzhou Permanent Magnet Group, Shin-Etsu Chemical Co. Ltd, Anhui Earth-Panda Advance Magnetic Material Co. Ltd, Adams Magnetic Products Co., and Hitachi Metals Ltd. are among the key players in the Permanent Magnets Market.
Asia-Pacific is expected to remain the largest market for permanent magnets during the forecast period of 2020-25.
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