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Grand View Research, Inc: Global Permanent Magnets Market Expected to Reach USD 31.18 Billion by 2020

Grand View Research, Inc: Global Permanent Magnets Market Expected to Reach USD 31.18 Billion by 2020

 The global market for permanent magnets is expected to reach USD 31.18 billion by 2020, according to a new study by Grand View Research, Inc. Growth of global automobile industry is expected to be a key driving factor for permanent magnets market over the forecast period. Permanent magnets are widely used for numerous applications in automobile industry. Various components such as motors, alternators and gearbox require permanent magnets for their mechanism. Grand View Research further observes that the shift in trend towards developing renewable energy generation including solar and wind energy is also expected to drive the market for permanent magnets. Permanent magnets are used in the stator of the wind turbine which is responsible for producing AC electricity.

Ferrite magnets dominated the global market, accounting for over 80% of total volumes in 2012. However, in terms of revenue, ferrite magnets accounted for just over 20% of the total revenue for the same year. Ferrite magnets are relatively cheaper than other permanent magnets such as NdFeB magnets, SmCO and Alnico magnets and hence account for a relatively smaller revenue share in the overall market. NdFeB is expected to be the fastest growing product segment, at an estimated CAGR of 9.4% from 2013 to 2020. Growing awareness regarding the benefits offered by NdFeB over other magnets in high performance automotive applications is expected to drive its demand over the forecast period.

To request a sample copy or view summary of this report, click the link :
http://www.grandviewresearch.com/industry-analysis/permanent-magnets-industry

Further Key findings from the study suggest:

  • Global permanent magnets demand is expected to reach 1,262.6 kilo tons by 2020 growing at a CAGR of 8.6% from 2013 to 2020
  • Automotive industry emerged as the leading application market for permanent magnets and accounted for approximately half of the total consumption in 2012. However, the shift in trend towards adoption of renewable energy including wind energy has helped energy generation to become the most attractive market for permanent magnets. Energy generation is expected to be the fastest growing application market for permanent market at an estimated CAGR of 9% from 2013 to 2020.


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