January 5, 2017 at 13.10

Magnet Industry Insights

Permanent magnet market size was valued at USD 13.02 billion in 2015. Growing demand for permanent magnets mainly for medical devices use for disease detection, and effective drug targeting is expected to augment the demand.

In addition, growing requests for rare earth magnets in magnetic therapy products and devices used for separating red and white blood cells are expected. These products such as Neodymium and Dysprosium owing to superior properties such as improved saturation magnetization have led to widespread use in small-sized products with higher magnetic strength and increased pull force. Moreover, increasing rare earth mining activities in China and Australia has expected to result in an abundance of raw materials, thus promoting growth over the forecast period.

Finally, the adoption of low-costs manufacturing techniques such as powder method and hydrogen decrepitation is expected to increase the demand over the forecast period.