Permanent magnets are produced from magnetized material that forms its own constant magnetic field, and are also ferromagnetic or ferromagnetic. These involve alloys, cobalt, iron and nickel of rare elements as well as naturally occurring minerals like lodestone. Unlike electromagnets, Permanent magnets do not lose their magnetic property unless they are heated above Curie temperature. Changing trend towards renewable energy has impacted the overall growth of permanent magnets market.
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Furthermore, the requirement for wind power generation has been extensively increasing owing to its certain factors such as economy and efficiency. Additionally, augmenting awareness regarding natural resources depletion like forests and coal has played a vital role in growth of permanent magnets market. Although, variable prices of raw material comprising Dysprosium (Dy), Neodymium and boron is anticipated to inhibit the industry growth over the coming years for certain wind generation and automotive applications. Several large scale manufactures had to replace NdFeB magnets with ferrite magnets basically due to prices which considerably affected several small scale and medium scale companies and resulted in shut down.
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Alnico, ferrite and Neo are the major products of permanent magnets market. Ferrite magnets led the worldwide market contributing over 80% of the total market volume in 2012 and led the industry. Moreover, ferrite magnets are relatively cheaper than other permanent magnets like SmCO, Alnico and NdFeB magnets. Rising awareness for NdFeB magnets and benefits offered by these magnets in automotive applications impact the industry positively. Alnico and SmCO contributed over 8% of the overall industry revenue in 2012. Furthermore, SmCo market is projected to cross over USD 1 billion by 2020 at an approximate CAGR of 8% from 2013 to 2020.
Major applications of permanent magnets are Automotive Electronics, automotives and energy generation along with the other applications. Automotive segment contributed over 50% of the total market revenue in 2012. China led the overall market for permanent magnets and accounted over 65% of the total volume consumed in 2012. Rising wind and automotive energy generation markets in the region on account of flexible regulations is anticipated to be the major driver for permanent magnets market. Furthermore, North America contributed for over 6% of the overall market volume in 2012 and is projected to expand at an approximate CAGR of 7.5% from 2014 to 2020.
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