Permanent Rare Earth Magnets Market is Expected to Grow at a CAGR of 13.2% During the Forecast Period to Reach $41.41 Billion by 2022
Bangalore, India, April 19, 2017 (Newswire.com) - With its recently published study "Permanent Rare Earth Magnets Market: Drivers, Opportunities, Trends, & Forecast: 2015-2022", Infoholic forecasts that the global permanent rare earth magnets market will continue to witness high growth owing to an increased global demand for reducing the power dependencies with more energy efficient products and increasing installations of wind power capacities across geographies.
The permanent rare earth magnets installed products are not only helping us in reducing the power consumption across industries but also being utilized in the renewable power capacity installations of wind turbines. Government initiatives across geographies have resulted in huge investments in application areas providing high demand potential for rare earth magnets. This pattern is expected to continue during the forecast period 2016-2022 to increase permanent rare earth magnets market, growing at a CAGR of 13.2%.
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Industrial motors segment is contributing the most towards the permanent rare earth magnets market and is the largest segment in demand. This trend is expected to continue during the forecast period as well. However, the market demand from wind turbine segment is expected to grow with the highest growth rate during the forecast period 2016-2022.
Presently, the high cost of rare earth elements has limited their magnets markets' potential applications when compared to other permanent magnets such as ferrite and alnico magnets. However, the increasing investment in research and development is expected to reduce the dependencies on heavier rare earth metals, resulting in the price decline and higher market demand potential across application sectors.
"The permanent rare earth magnets are the strongest available magnets, enabling high magnetic strength even with smaller volume and weight. This has been helping the market growth across applications. But, the raw materials availability is limited and more than 90% of mining activities are in China. Added by the availability of cheap labor and illegal mining has been causing manufacturing companies to shift to China to reap benefits. In the longer run, when other countries would start mining activities, with probably higher market prices of metals, we will see market dynamics changing," said Ankur Kalra, Research Manager, Chemicals and Materials.
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Key insights of the report
Global permanent rare earth magnets market has been analyzed based on types
Global permanent rare earth magnets market has been analyzed based on application areas
Others (such as Medical Equipment, Aerospace)
Source: Infoholic Research LLP
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