Magnets Industry Insights
The following contains a snippet of the Global Permanent Magnet Industry Insights Report, which can be found here Full report
Permanent magnets 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 products in magnetic therapy 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.
The growing demand for electronics is expected to boost the permanent magnets demand over the forecast period. However, the emergence of cloud computing coupled with its high adoption rates is expected to adversely impact the electronic storage device market such as CDs, VCDs, and DVDs which is likely to limit the industry growth
Rare earth is extensively used in military defense technologies, space programs, and aviation industry with a profound use in the U.S. space shuttle program. In addition, promethium finds use in the atomic batteries manufactured for spacecraft and guided missile systems which is likely to boost the demand over the forecast period.
Finally, the adoption of low-costs manufacturing techniques such as powder method and hydrogen decapitation is expected to increase the demand over the forecast period.
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