The global permanent magnets market has a number of small manufacturers and a few medium sized manufacturers. The market is predominantly led by Chinese manufacturers. The industry faces scarcity of manufacturers as only a few companies worldwide are offering ferrite or alnico magnets. Many of the players in the permanent magnets market are signing long term contracts with buyers so as to enable a buffer from fluctuating magnet prices. As a result of this, customers have limited number of options from which they can buy products that meet their requirements. However, players such as Hitachi Metals and Shin-Etsu are among those rare few players that offer permanent magnets for a majority of end-user segments. Some of the other players that have been profiled in a report published by Transparency Market Research are Adams Magnetic Products Co., Dexter Magnetic Technologies, Inc., Arnold Magnetic Technologies, Molycorp Inc., Vacuumschmelze, and Tengam Engineering Inc.
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According to the report, the global permanent magnets market is expected to be worth US$28.70 bn by 2019. By application, the market is segmented into electronic, medical devices, household equipment, electricity generation, and automobiles. By geography, China dominates the permanent magnet market with its highest shares. On account of increasing industrial activities, rising growth of the energy generation and demand for automobiles, China continues to lead the global permanent magnet market today. It is expected to grow at a CAGR of 9.0% from 2013 to 2019. However, Asia Pacific (excluding China) is the next upcoming market in the given forecast due to its on-going activities in the growth of wind power industry.
Modernization of Infrastructure to Drive Demand
Given the huge potential of permanent magnet market, it attracts various industries due to its low cost and other physical properties. Some of the factors driving the demand for permanent magnets are coming from modernization of infrastructure, current & emerging applications, development, and increasing demand for efficiency & miniaturization. The use of these magnets is substantially seen in the wind energy generation industry. Numerous factors such as, rising consumer awareness regarding environment protection, demand for clean air, and increasing demand for cheap electricity is expected to boost the growth of the market within the forecast period. The demand for permanent magnets in the energy generation is expected to be 90.5 kilo tons by 2019.
Increasing demand for rare earth metals such as Neodymium and Dysprosium owing to superior properties such as improved saturation magnetization has led to widespread use in small-sized products with higher magnetic strength and increased pull force. In addition, increasing rare earth mining activities in China and Australia has expected to result in an abundance of raw materials, thus promoting growth over the forecast period.
High Cost due to Limited Raw Material Sources to Hamper Market
On the other hand, high cost of these motors due to limited raw material sources of magnets and complex construction circuitries for some applications limits the use of these motors across various applications. Market players are launching highly efficient and low power consuming devices, to meet the rising demands of consumers. The market is witnessing growing trend of energy efficient motors in all applications
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This information is based on the findings of a report published by Transparency Market Research titled “Permanent Magnets Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019.”
The global permanent magnets market is segmented as follows:
Permanent Magnets Market: Product Segment Analysis
Permanent Magnets Market: Application Analysis
- Energy generation
- Others (Including laboratories, household applications, etc.)
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