Global permanent magnets market to go up

Permanent magnets are materials which retain their magnetic properties permanently. In other words, they exhibit magnetic properties even if they are removed from a magnetic field. Permanent magnets can be broadly classified into rare earth, ferrite, aluminum-nickel-cobalt (Alnico), and other magnets. The rare earth magnets can be further subdivided into neodymium-iron-boron (NdFeB) and samarium-cobalt (SmCo) magnets. Permanent magnets are used in a wide range of applications including household equipment, electronic and medical devices, power generation devices, and automobiles.

The report, the Global Permanent Magnets Market 2014-2018, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers North America, Europe, and the APAC region; it also covers the Global Permanent Magnets market landscape and its growth prospects in the coming years. The report also includes a discussion of the key vendors operating in this market.

The Global Permanent Magnets market is focusing on developing innovative and modified permanent magnets to meet the requirements of end-users. The key manufacturers are developing permanent magnets with high energy density (power density > 4 Kw/L), high power (specific power >1.4 Kw/Kg), high efficiency (efficiency >94 percent), high temperature tolerance (150-200 degree Celsius), and long lifetime (15 years). These innovations and modifications are much needed to reduce the overall operational costs. The main reason for such innovations is price instability and supply shortage.

According to the report, one of the main factors is the increasing need for permanent magnets for existing and emerging industrial applications. The demand for permanent magnets is expected to increase with the increasing growth of industries such as Medical Technology, Automotive, Aerospace and Defense, Consumer Electronics, and Energy.

Further, the report states that one of the main challenges in this market is the volatility in the cost of raw materials. Shortage in the supply of raw materials such as neodymium, praseodymium, and dysprosium is the main reason for cost fluctuation.