The global market for Magnets and Magnetic Materials is forecast to reach $23.3 billion and $28.2 billion respectively by 2024, driven by the marked shift in electrical engineering towards permanent magnet synchronous motors (PMSM) supported by its numerous benefits over conventional AC induction motors.
Escalating energy prices, and growing need to reduce energy consumption of motors, generators, and power tools are resulting in increased use of permanent magnets since unlike conventional technologies these magnets eliminate the need for power to create magnetic fields. Expanding applications of permanent magnet AC machines and technology developments in basic design topologies, coupled with innovation in permanent magnet drive controls are revolutionizing the use of magnets and magnetic materials in electric machine design, automotive propulsion systems, wind and renewable power generation, high-performance motion control, elevators and cranes, HVAC equipment, and white goods and power appliances. The growing prominence of sensorless control or conversely elimination of electromechanical position sensors to amplify energy efficiency is benefiting demand for sensorless permanent magnet AC synchronous motors. From traction applications in electric vehicles (EVs) to its use in industrial equipment, PMSM is increasingly being replaced with induction traction motors thus offering ample opportunities for growth in the magnets and magnetic materials market. In addition to established applications in electric motors, generators, and hydraulic equipment, permanent magnets are also finding increasing use in portable consumer electronics such as microphones, headphones, acoustic pick-ups, and loudspeakers, among others.
The research report titled ” Global Magnets and Magnetic Materials Market Analysis: 2018-2024″ announced by GMR Analytics, provides a comprehensive review of trends, issues, and strategic industry activities of major companies worldwide. The report provides market estimates and projections for geographic markets such as the United States, Canada, Japan, Europe (France, Germany, Italy, UK, Spain and Rest of Europe), Asia-Pacific (China, India and Rest of Asia-Pacific), Middle East & Africa and Latin America (Brazil, Mexico and Rest of Latin America).