Permanent Magnetic Materials Market by 2022 Analysis, Growth Driver, Regions

The ****** permanent magnetic materials market is expected to witness high growth in forthcoming period. The market is on a striking growth curve because of increasing applications in high-ranking aircraft industry and space exploration activity. Thus, radar arrays, fluid flow meters, door actuators and braking systems in aircraft use these selective permanent magnetic materials. Spaceships and space shuttles put to good use the diverse uses of permanent magnetic devices and without losing direction permanent magnets are being used in military helicopters and magnetic systems in jets.

Restraints to the permanent magnetic materials market includes the dynamic pricing exhibited by cherished rare-earth raw materials neodymium and samarium. The growth factors for permanent magnet materials market involve the demand for permanent magnets in oil and gas, power, metals and mining and chemicals constituting growth in Asia Pacific.

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The ferrite rods in use in electronics industry with low cost of obtaining raw materials in their manufacture of ferrite rods are slated to propel its demand over forecast period. The abundance of ferrite magnets has led to its use in loudspeakers, magnetic motors and toys. Neodymium magnets are used in automobiles and with major strength of auto mobile makers situated in Germany, Neodymium magnets will bolster growth in the region.

Samarium Cobalt is a permanent magnet that is expected to witness good growth in medical devices, consumer electronics products and sensors. The automotive application is about to witness large growth in motors, gearboxes and alternators. There is a very waxing need by consumers for automobiles in automotive industry and in turn this credits growth to permanent magnets industry.

Medical application oversees the growth of products by use in MRI and CT scanners. Permanent magnets are henceforth used in magneto puncture, drug quality evaluation and blood monitoring systems and succinctly drive growth for permanent magnets markets over the forecast period. Asia Pacific is driving growth in permanent magnet market because of wide availability of raw materials in the region and low labor costs fuel additional growth in the market.

Segmentation of permanent magnetic materials market by material includes Aluminum Nickel Cobalt, ferrite Samarium Cobalt, Neodymium Iron Boron. By application, permanent magnetic materials market includes automotive, electronics, industrial, and energy, aerospace and medical. By geographical regions, segmentation of permanent magnetic materials industry includes North America, Europe, Asia Pacific, MEA and Latin America. The fragmented nature of market that is clustered with large many players operating in a small market place. The key players in the permanent magnetic materials markets include Hangzhou permanent Market Group, Molycorp Magnaquench, Hitachi Metals Limited, Adams Magnetic Products Ltd and Shin-Etsu Chemical Ltd.

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