October 03, 2017
WELLESLEY, Mass., Oct. 3, 2017 – Fueled by global expansion in the auto industry as well as demands for electronics, renewable energy, healthcare, aerospace, IT and defense industries, the worldwide magnet and magnet materials market is expected to see solid growth through 2022, according to a report by BCC Research. Demand for magnets is led by their use in electric motors, where the total market is estimated to reach $16.1 billion by 2022.
Although injured by the recent economic downfall, a recovery is underway and growth is likely to continue because of increased usage of magnetic circuit components in industrial equipment and devices, according to the report Magnets and Magnet Materials: Global Markets.
The magnets industry had sustained growth from its inception in the ‘40s until just the last decade, when the recession and other structural changes impacted most consumer industries,” said Aneesh Kumar, BCC Research analyst. “Despite this setback in the market, a recovery is underway and growth will continue because of increased use of magnetic circuit components in industrial equipment and devices.”
Major players in the magnet market in North America include Adams Magnetic Products, Arnold Magnetic Technologies, Stanford Magnets and Viona Magnetic. In the Asia-Pacific region, key leaders include Advanced Technology and Materials, China Rare Earth Magnet, Daido Steel Co. and Hitachi Metals.
Burgeoning Auto Industry Helping to Drive the Market
Permanent magnets are critical in the auto industry—they are found in starter motors, door lock motors, speakers, sensors, window and wiper motors, and elsewhere. Global automobile production jumped 4.5% in 2016 compared to the year before, with strong sales in particular coming from China, India and Japan. Magnets are particularly critical to hybrid and electric vehicles, with the market for plug-in hybrids expected to see especially strong growth.
Editors/reporters requesting analyst interviews should contact firstname.lastname@example.org.
Magnets and Magnet Materials: Global Markets( AVM055B )
Data and analysis extracted from this press release must be accompanied by a statement identifying BCC Research LLC as the source and publisher. For media inquiries, email email@example.com or visit www.bccresearch.com/media to request access to our library of market research.