Permanent magnet is the one which
retains its magnetism property after being removed from the proximity or
contact of a magnetic force. Demand for permanent magnets observed tremendous
growth in the last decade due to its ‘retain magnetization’ property and
increasing industrial applications in sectors including automobile and
electronic devices. After the recession of 2009, the global permanent magnet
market has observed robust growth and is expected to grow at a considerable
rate. Bonded magnets hold the largest share in terms of shipment followed by
ceramic magnets. Asia-Pacific represents one of the fastest growing markets due
to industrialization growth and good economic conditions.
Permanent magnets have numerous
industrial applications in consumer electronics, automotives, medical,
commercial motors and generators, meters and gauges etc. Based on raw materials
used for manufacturing permanent magnets, the global market is segmented into
ferrite, Samarium Cobalt (Smco), Neodymium Iron Boron (NdFeB), aluminum, nickel
and cobalt (Alnico). Geographically, the permanent magnet market is segmented
into Europe, North America, Asia-Pacific, and Rest of the World (RoW).
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The growing demand for Electric Power
Steering (EPS) cars is one of the major factors which will drive the demand for
this market. Some other driving factors include growth in demand for consumer
electronics and technological advancements. However, the increasing prices of
raw materials such as rare earth will limit the growth of this market.
Some of the leading companies in the
permanent magnet market include Daido Steel,
Chengdu Galaxy Magnets, Hengdian
Group, DMEGC Magnetics, Hitachi Metals, JPMF Guangdong, Shin-Etsu Chemical,
Ningbo Yunsheng High-tech Magnetics, TDK, Taiyuan Twin-Tower Aluminum Oxide,
Yantai Zhenghai Magnetic Material, Vacuumschmelze etc.
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