Global Magnet Market Report – Industry Trends, Magnet Types, Major Markets Manufacturing and Applications

Research and Markets has announced the addition of the “Global Magnet Market: Industry Trends, Magnet Types, Major Markets Manufacturing and Applications”report to their offering.

Permanent magnets are the basis of an ever increasing number of devices of modern life. They are found in or used in making almost every modern convenience today, from air-conditioners and washing machines to speakers in mobile phones and electric motors in hybrid cars.

There are currently four main types of permanent magnets – NdFeB, SmCo, AlNiCo, and Ferrite. NdFeB and SmCo are rare earth magnets that find applications in motors, telephones, automobiles, credit cards, monitors, audio systems, imaging systems, etc. Ferrite and AlNiCo magnets are brittle, non-corrosive and cheaper than rare earth magnets. These are mostly used in household products, speakers, MRI machines, DC motors, magnetic holders and lifters, magnetic assemblies and tools, etc. As ferrite magnets require cheaper raw materials and have low manufacturing costs, they are currently dominating the global permanent magnets industry.

The global magnet market currently represents a multi-billion dollar industry. Well-diversified and growing industrial applications coupled by the fact that they have limited alternatives are driving the current demand of NdFeB magnets. SmCo magnets, on the other hand, are gaining acceptance due to an increasing spending on defense and aerospace products. Governments across various countries are also promoting green technologies in order to decrease the carbon emissions which in turn is also expected to boost the global demand of rare earth magnets in the coming years. We expect, the overall demand of permanent magnets to grow at a CAGR of around 8 percent during the forecast period.

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