In a recent study published by QY Research, titled “Global Rare Earth Magnet Market Insights, Forecast to 2026,” offers an in-depth analysis of the market. The research analyzes the market status, share, growth rate, future trends, market drivers, opportunities and challenges, risks and entry barriers, sales channels, distributors, and Porter's five forces analysis.
In 2018, the global rare earth magnet valuation was US$7212.13 mn from US$5573.78 mn in 2014, and it will reach 10596.21 mn US$ in 2026, rising at CAGR of 6.04% between 2019 and 2026.
Global Rare Earth Magnet Market: Drivers
Rare earth magnets are durable, light weight, and small in size, which makes them easier to use in machinery. These magnets have their own magnetic fields and do not get demagnetized unless heated at Curie’s temperature. Rare earth magnets are alloy of elements such as neodymium, dysprosium, and samarium. The increase in technological developments in aerospace industry, automobiles industry, electronics, electricity production, wind energy generation, and other industries have increased the demand for permanent magnets. These magnets are used in day to day products, using permanent magnets ensures longevity. Hence there have been a rising market for the rare earth magnets.
Global Rare Earth Magnet Market: Segment Analysis
The global rare earth magnet market is segmented on the basis of type and application. The type includes rare-earth sintered magnet, rare-earth bonded magnet, and others. The application is divided into automotive, aerospace and defense, power generation, consumer goods and electronics, industrial machinery, and other.
Global Rare Earth Magnet Market: Geographical Outlook
The rare earth magnet market is divided into North America, Asia Pacific, Europe, Russia, and the Middle East and Africa. The market share for the production and consumption of rare earth magnets is distributed among different countries. China is the largest, permanent magnet producer in Asia Pacific. The United States after China has the largest market for rare earth magnets. Apart from these two producers, countries such as Korea, Southeast Asia, Europe, and others also account a significant share in the rare earth magnet market.
Global Rare Earth Magnet Market: Key Players
The leading manufacturers in rare earth market are Hitachi Metals Group, Shin-Etsu, TDK, VAC, Beijing Zhong Ke San Huan Hi-Tech, Yunsheng Company, YSM, JL MAG, ZHmag, Jingci Material Science, AT&M, NBJJ, Innuovo Magnetics, SGM, Galaxy Magnetic, Zhejiang Zhongyuan Magnetic, Earth- Panda, Magsuper, Daido Electronics and Pinghu Geor Chi Electronics.
Global Rare Earth Magnet Market: Competitive Landscape
Strategies such as new technologies, mergers and acquisitions, and joint ventures are expected to help the companies to boost their market share. The rise in automotive industry is expected to positively affect the market. Industries producing machineries will be moving towards new product development. Along with China, which dominates the market for rare earth magnets, other countries are also expected to show steady growth.
Recently, Lynas which is an Australian company, tied up Blue Line, a company in Texas for a new heavy metal separation facility in the U.S. for extraction of raw materials required for rare earth magnets. This facility is expected to open by 2021. America, Australia, and Japan are expanding in order to take over Asia-Pacific rare earth magnet market.
Full Report Overview@ https://www.qyresearch.com/index/detail/1220721/global-rare-earth-magnet-market