Permanent Magnets are defined as magnets which retain their magnetic properties even after the absence of a magnetizing force such as inducing field or current. They have small permeability, large magnetic moments, and are the stable to external magnetic fields. Permanent magnets are also known as hard magnets. Permanent magnets internal structure generates the magnetic field and converts electrical energy to mechanical energy and vice versa. Permanent magnet includes alloy magnets, bonded magnets, and ferrite magnets which are used in various types of motors, appliances, HVAC, and loudspeakers.
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The rise in the use of permanent magnets for hybrid electric vehicles will propel the global permanent magnets market growth over the forecast period. These vehicles contain both an internal combustion engine and electric motor. It is also used in several components like door locks, speakers, windscreen wipers, and electric window regulators. Hence the gradually rising demand for hybrid electric vehicles will support the growth of automotive industry, thereby propelling the permanent magnet market growth. Furthermore, the increase in demand for consumer electronics considered as a driving factor which expected to drive the market growth. The growing demand for consumer electronics will raise the demand for permanent magnets in the market. They provide various benefits such as music systems, computers, laptops, televisions, and smart phones. The growing consumer preferences & advancements in technology have propelled the demand for consumer electronics, which will create growth opportunities for permanent magnets market during this forecast period.
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The increase in energy costs & fluctuations in the availability of raw materials such as alloys of rare-earth elements create variations in the quality of magnets & their prices. These factors are anticipated to hamper the global permanent magnets market growth.
Market Key Players
Some of the key players of global permanent magnets market are Hitachi Metals, Ltd, TDK Corporation, Daido Steel Co., Ltd., Shin-Etsu Chemical, Arnold Magnetic Technologies, Lynas Corporation Ltd., Electron Energy Corporation, Adams Magnetic Products Co., Inc., Tengam Engineering, Inc., and Bunting Magnetics Co.etc.
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