Research and Markets has announced the addition of the “Concise Analysis of the International Permanent Magnet Market – Trends & Forecast To 2018” report to their offering.
The permanent magnet market is witnessing very high growth on account of rising demand for efficiency and increased electrification in all facets of life. The demand for permanent magnets is growing, especially from the automotive and wind energy sectors. It is increasingly used for electric power steering, electric vehicles, and hybrid vehicles. The wind turbine market is another major growth area for permanent magnet. China is a dominant player in the rare earth permanent magnet.
Permanent magnet are made of diverse materials that range from ferrite to rare earth elements. NdFeB permanent magnet, due to their wide areas of applications and numerous advantages, are used in most of the industries. Hence they dominated the market. Presently, China has the monopoly in the supply of rare earth minerals that are necessary to produce rare earth magnets. It has huge reserves of rare earth minerals that account for 23 percent of the world’s total rare earth reserves.
China produces a vast quantity of two primarily important rare earth minerals required to produce , dysprosium (production share of 99 percent) and neodymium (production share of 95 percent). The Chinese government is taking strategic steps to maintain its leading position as a supplier of rare earth minerals as well as to secure rare earth reserves for its own internal consumption.
For more information visit http://www.researchandmarkets.com/research/mh549q/permanent_magnet.