Permanent Magnet Market Analysis And Segment Forecasts To 2024
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Permanent Magnet Market Analysis And Segment Forecasts To 2024 The permanent magnet market is expected to reach USD 30.44 billion by 2024, according to a new report by Grand View Research, Inc. The market is expected to exhibit significant growth owing to increasing use of high performance products as radar arrays, fluid flow meters, door actuators and braking systems in aircraft. In addition, growing adoption of the product in space applications coupled with increasing use of magnetic systems in jets and military helicopters is expected to drive growth. However, volatile prices of the rare-earth metals such as neodymium and samarium are expected to act as a major restraint for the market growth. Browse the report: http://www.orbisresearch.com/reports/index/permanent-magnet-marketanalysis-by-material-aluminum-nickel-cobalt-alnico-ferrite-samarium-cobalt-saco-neodymiumiron-boron-ndfeb-by-application-automotive-electronics-industrial-energy-aerospace-medicaland-segment-forecasts-to-2024 The increasing use of ferrite magnetsin electronics industry coupled with low procurement cost of the raw materials required in manufacturing the product is expected to augment the demand over the forecast period. In addition, abundant availability of ferrite magnetshas led to increasing use of such magnetsin low-cost applications such as magneticmotors, loudspeaker, and toys.
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Permanent Magnet Market Analysis And Segment Forecasts To 2024 Asia Pacific is expected to grow at a CAGR of more than 8.5% from 2016 to 2024, driven by the abundant availability of raw materials in the region. Furthermore, the market will be driven by low labor costs coupled with rapid industrialization in the developing economies such as India and Indonesia. Request a sample of the report: http://www.orbisresearch.com/contacts/request-sample/111368 The permanent magnets industry is highly fragmented, characterized by a large number of small manufacturers located majorly in China. Key players in the market include Hangzhou Permanent Magnets Group, Molycorp Magnequench, Hitachi Metals Ltd., Adams Magnetic Products Co., Molycorp Magnequench, Anhui Earth-Panda Advance Magnetic Material Co. Ltd, and Shin-Etsu Chemical Co. Ltd.
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