WELLESLEY, Mass. , Oct. 03, 2017 (GLOBE NEWSWIRE) -- 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.
Research Highlights
- Globally, temporary magnets will lead the market. Market division between temporary and permanent magnets should remain the same between 2017 and 2022, with temporary magnets making up a majority of the market.
- Market segmentation of magnets by application is expected to remain largely unchanged between 2017 and 2022.
- The largest end-user of magnets is the auto industry, where the global market is estimated to reach $17.1 billion by 2022, with a CAGR of 8.4%. The auto industry is followed in size by the electronics and electrical industry.
"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 Kevin Fitzgerald, BCC Research editorial director. “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 steven.cumming@bccresearch.com.
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.