Permanent magnets are materials where a magnetic field is generated by the internal structure of material itself. Permanent magnet does not require continuous supply of electrical energy to maintain its magnetic field. Strength of permanent magnet is depending upon the material used at the time of manufacturing. Permanent magnets are commonly used in automotive applications such as hybrid and electric vehicles.
High investment in research and development activities for developing new and high-performance magnetic materials is expected to drive growth of the global permanent magnet market over the forecast period.
The global permanent magnet market report has been segmented on the basis of product, application, and region. On the basis of product, the market is segmented into Ferrite Magnet, Neo (NdFeB), SmCO (Samarium Cobalt Magnet), and Alnico.
On the basis of application, the market is segmented into automotive, electronics, energy generation, and others (medical technology, aerospace and defense). Automotive application segment expected to account for highest CAGR, owing to increasing adoption of permanent magnet in wide range of applications. Electronics application segment expected to account for second-highest CAGR, owing to rising demand for electronics all over the globe.
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Based on the region the target market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in Asia Pacific is expected to register highest CAGR in terms of revenue, owing to rapidly developing automotive industries and increasing demand for permanent magnet in medical imaging in developing countries such as India and China in the region. The market in North America is expected to account for the second-highest share in terms of revenue over the forecast period, owing to advanced products development, rising individual awareness, and rising production in automotive sector which uses permanent magnet in various countries in this region.
Key players operating in the global permanent magnet market include Hitachi Metals, Ltd., Adams Magnetic Products Co, Inc., Arnold Magnetic Technologies Corp., TDK Corporation, Electron Energy Corporation, Hangzhou Permanent Magnet Group Co Ltd., Earth-Panda Advanced Magnetic Material Co, Ltd., Magnequench, Inc., VACUUMSCHMELZE GmbH & Co. KG, and Dexter Magnetic Technologies, Inc.