MCP-1488: MAGNETS AND MAGNETIC MATERIALS – A GLOBAL STRATEGIC BUSINESS REPORT
February 7, 2017 – Strong R&D Investments in Modeling & Design of High-Speed Permanent Magnet Machines to Drive Global Demand for Magnets and Magnetic Materials, According to a New Report by Global Industry Analysts, Inc.
GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size and demand forecasts on the global Magnets and Magnetic Materials market. The global market for Soft Magnetic Materials and Permanent Magnets is forecast to reach US$25.7 Billion and US$21.6 billion respectively by 2022, driven by the marked shift in electrical engineering towards permanent magnet synchronous motors (PMSM) supported by its numerous benefits over conventional AC induction motors.
Escalating energy prices, and growing need to reduce energy consumption of motors, generators, and power tools are resulting in increased use of permanent magnets since unlike conventional technologies these magnets eliminate the need for power to create magnetic fields. Expanding applications of permanent magnet AC machines and technology developments in basic design topologies, coupled with innovation in permanent magnet drive controls are revolutionizing the use of magnets and magnetic materials in electric machine design, automotive propulsion systems, wind and renewable power generation, high-performance motion control, elevators and cranes, HVAC equipment, and white goods and power appliances. The growing prominence of sensorless control or conversely elimination of electromechanical position sensors to amplify energy efficiency is benefiting demand for sensorless permanent magnet AC synchronous motors. From traction applications in electric vehicles (EVs) to its use in industrial equipment, PMSM is increasingly being replaced with induction traction motors thus offering ample opportunities for growth in the magnets and magnetic materials market. In addition to established applications in electric motors, generators, and hydraulic equipment, permanent magnets are also finding increasing use in portable consumer electronics such as microphones, headphones, acoustic pick-ups, and loudspeakers, among others.
Magnets are typically made from alloys of rare earth elements such as lanthanide, scandium and yttrium. China, with its abundant rare earth reserves and resources, has emerged as the world’s leading magnetic and magnetic materials manufacturer. Over 80% of the world’s rare earth resources are located in China. The country’s ability to influence prices by restricting imports is raising concerns. Battling China’s unchallenged monopoly in this space are the United States, EU and Japan. With China now under legal obligation to reform its rare earth production policies, supply concerns will ease and bring down market prices, encourage long-term supply agreements and add stability to the rare earth market. Despite this long-term outlook, several events continue to cloud the sentiment. For instance, the 2014 bankruptcy of Molycorp, America’s only rare earth mining company notwithstanding the resuscitation aid offered by Lexon Insurance Co in 2016, was a setback in the battle against China’s dominance.
As stated by the new market research report on Magnets and Magnetic Materials, Asia-Pacific ranks as the largest market worldwide. Demand for Magnetic Materials in the region is forecast to grow at the fastest CAGR of 9.1% over the analysis period, while for permanent magnets the region ranks as the second fastest growing market with a 6.6% CAGR. The growth in the region is led by factors such as growing R&D investments in the development of advanced magnetic materials; rising standards of living, disposable incomes, and the resulting increase in per capita car ownership and robust vehicle production; rapidly digitalizing lifestyles of the affluent base of middle class population and the ensuing demand for new generation smartphones loaded with multiple sensors such as accelerometers, temperature sensors, magnetic field sensors, pressure sensors, all of which integrate magnetic materials as their core sensor element.
Major players in the market include Advanced Technology & Materials Co. Ltd., Hitachi Metals Ltd., JFE Ferrite Corporation, Ningbo Ketian Magnet Co. Ltd., BGRIMM Magnetic Materials & Technology Co. Ltd., Neo Performance Materials, TDK Corp., Thomas & Skinner Inc., ThyssenKrupp Electrical Steel, Tridus Magnetics and Assemblies, Hengdian Group DMEGC Magnetics Co. Ltd., Hoosier Magnetics Inc., Magnetics Inc., Master Magnetics Inc., and Beijing Jingci Magnetism Technology Co., among others.
The research report titled “Magnets and Magnetic Materials: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, mergers, acquisitions and other strategic industry activities of global companies. The report provides market estimates and projections for all major geographic markets such as the USA, Canada, Japan, Europe, Asia-Pacific, Latin America, and Rest of World. Soft Magnetic Materials are analyzed by two major segments that include Soft Ferrite and Electrical Steel, while permanent magnets are analyzed by segments such as Alnico Magnets, Hard Ferrite Magnets, Samarium Cobalt Magnets, and NdFeB Magnets.
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