WiseGuyReports.Com Publish a New Market Research Report On –“ Permanent Rare Earth Magnets Industry Global Production Analysis, Demand By Regions, Segments And Applications 2019-2022”.
Permanent Rare Earth Magnets Industry 2019
Description:-
Permanent magnets are the ones that possess the capability of retaining the magnetic properties even in the non-existence of an inductive field. The permanent rare earth magnets are based on the two rare earth elements, namely samarium and neodymium. The permanent rare earth magnets are the strongest magnets available in the market.
The two categories of permanent rare earth magnets include NdFeB magnets and SmCo magnets. The NdFeB magnets find its application in the power tools, electric motors, and other products that need strong permanent magnets. The NdFeB magnets have the best magnetic stability as well as the magnetic field strength. The SmCo magnets are used in the aerospace and defense sectors. The SmCo magnets are highly resistant to oxidation but have a weaker magnetic field strength. The industrial applicability of the rare earth magnets is driving the global market.
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Key Players
Some of the prominent players in the global permanent rare earth magnets market are Hitachi Metals, Vacuumschmelze GmBH & Co. KG, Shin-Etsu Rare Earth Magnet and TDK.
Market Drivers
The increase in the demand for consumer goods and the growing automotive industry are the key drivers of the global permanent rare earth magnets market. The growing demand for electricity due to the ever-increasing population and rapid industrialization are other significant factors boosting the growth of the market. The rise in demand for efficient products in the different industries is driving the market of permanent rare earth magnet. The initiatives of the governments are further expected to drive the global permanent rare earth magnets market.
The difficulty in the purification and refining process and the high costs involved is a barrier to the growth of the global market. The volatility pricing of the rare earth elements is another factor that can hamper the growth of the permanent rare earth magnets market.
Market Segmentation
The global permanent rare earth magnets market is segmented based on type, application, and regions.
Depending on the type, the market includes samarium magnets and neodymium magnets. The neodymium magnets have wider applications than the samarium magnets.
Based on the application, the permanent rare earth magnets market is bifurcated into industrial, home appliances, consumer electronics, wind turbines, automotive, and other applications. The wind turbine segment is expected to witness the highest growth over the forecast period.
Regional Outlook
Based on the regional segmentation, the global market includes the Asia Pacific region, North America region, Europe region, and other important regions. China is the market leader in the global permanent rare earth magnets market. Japan is also a significant market of rare earth magnets.
The global market of permanent rare earth magnets is estimated to grow by a CAGR of 13.2% over the forecast period.
The prominent players of the global market include Hitachi Metals, Shin-Etsu Rare Earth Magnet, Arnold Magnetic Technologies, VacuumschmelzeGmBH& Co., and TDK Corporation.
Industry Trends
The advancement in the different industrial sectors will increase the demand for permanent rare earth magnets. The superiority of the magnets functionally as well as aesthetically fuels its demand in the global market. The evolution of energy-saving household appliances, energy vehicles, and favorable government policies towards green technologies will boost the market shortly.
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