Global magnet market is anticipated to grow at a higher CAGR in the forecast period. Market drivers such as rising need for permanent magnets for medical devices for disease inspection and effective drug diagnosis are expected to boost the market demand. Based on type, the magnet market is segmented into iron boron, ferrite magnet, samarium cobalt magnet and alnico magnet.
Neodymium iron boron magnet is expected to rise at a higher CAGR in the forecast period owing to its characteristics. Neodymium magnets are known for super strength and rare earth magnets. Commercially, the magnet market witness extensive and versatile usage in multiple industries and hence the international market is anticipated to rise at a higher CAGR in the forecast period.
Magnet market is driven by factors such as rising demand for neodymium and dysprosium owing to enhanced properties such as magnetization in small-size products with higher magnetic strength and enlarged pull force. Additionally, rising adoption of low-costs manufacturing techniques such as powder method and hydrogen decrepitating is expected to enhance the demand in the forecast period.
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Magnet market is segmented into automotive, electronics, medical, aerospace, energy and industrial, based on end-use. Electronics segment is anticipated to grow at a higher CAGR during the forecast period owing to rising demand for smartphones, electrodynamic speakers and sensors. Also, a significant reduction in size of the product is anticipated to drive the product in small size electronic devices.
Based on application, the magnet industry is segmented into automotive and electrical. Automotive segment is anticipated to grow at a higher CAGR during the forecast period owing to rising permanent magnet demand in the electric braking, electric steering, electric throttle actuation, auto-clutch, and gearbox actuation. The demand for automotive is generally high in the APAC region owing to rising demand for electric & hybrid vehicles. Also, factors such as growth in disposable income in countries such as India, China and South Korea are expected to boost the magnet industry.
Magnet market geographically spans North America, Latin America, Asia-Pacific, Europe, Middle-East and Africa. Latin America is anticipated to rise at a higher CAGR during the forecast period owing to stable economic growth in this region. Factors such as rising demand for permanent magnet, growth in disposable income is anticipated to propel the market growth during the forecast period.
The key players in the magnet market include Hitachi Metals Ltd, Daido Steel Co Ltd, TDK Corporation, Shin-etsu Chemical Co Ltd, Lynas Corporation Ltd, Arnold Magnetic Technologies Inc, Electron Energy Corporation, Tengam Engineering, Bunting Magnetics, and Adams Magnetic Products Co Inc.
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