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Global Permanent Magnets Market Estimated to Reach 17.4 Billion USD in 2027 - QYResearch Report

Author: QYResearch  |   Published Date: 2021-07-28   |   Views: 49



Permanent Magnets major include the rare earth permanent magnet and Ferrite Magnets

The rare earth permanent magnet material refers to an alloy formed of rare earth metal and a transition metal. This permanent magnet material made by a certain process is extremely magnetic and can be maintained for a long time. Rare earth magnets have been developed for four generations. The first and second generations are RE-Co permanent magnets, ie Co-based permanent magnets: the first generation as type 5 SmCo alloys (SmCo5) and the second generation as Rare-earth Sintered Magnet7 SmCo alloys (Sm2Co17). Since Sm reserve is scare, Co And Ni is also a valuable strategic metal, the first two generations of rare earth permanent magnets have not been widely used,their major market are only for the high-end military area. The third and fourth generation rare earth permanent magnets are RE-FE-B permanent magnets. It is the third generation - NdFeB alloy (Nd2Fe14B), also the most widely used rare earth permanent magnet; the fourth generation is Sm-Fe-N alloy. (Sm2Fe17N3), but Sm-Fe-N alloy has not yet entered the stage of commercial production.

Hard Ferrite Magnets are also called Ceramic Magnets. There are mainly two types of Hard Ferrite Magnets, Barium ferrite (BaO.6Fe2O3) and Strontium ferrite (SrO.6Fe2O3). Compared with other permanent magnets, sintered ferrite magnet is cheap. It is most suitable for most sensitive, but need not very high performance applicaitons. As this is a non-metal magnets, it is the ideal magnets for applications that require non-rusty magnets in humit envirument.  

Sintered ferrite (ceramic) magnets are also available in forms of isotropic and an-isotropic. The magnetic properties of isotropic ferrite are the same in all directions, therefore they can be magnetized in any pole arrangements. An-isotropic Hard Ferrite Magnets, on the other hand, can only be magnetized in the direction they are oriented during production, but they have much higher magnetic strength than isptropic ones.

 

The global Permanent Magnets market was valued at US$ 11050.73 million in 2020 and it will reach US$ 17437.92 million by the end of 2027, growing at a CAGR of 6.95% during 2022-2027. The ferrite magnets presently demonstrate the more broadly utilized permanent magnets around the world. The foremost raw materials utilized to making the ferrite magnets are relatively economical compared to the most several other types of the permanent magnets. The global Hard Ferrite Magnets market was valued at US$ 3061.15 million in 2020 and it will reach US$ 3799.58 million by the end of 2027, growing at a CAGR of 3.15% during 2022-2027. The rare earth permanent magnet material refers to an alloy formed of rare earth metal and a transition metal. NdFeB is the third generation of Magnet that takes more than 98% of world demand. The global rare earth permanent magnet market was valued at US$ 7989.58 million in 2020 and it will reach US$ 13638.33 million by the end of 2027, growing at a CAGR of 8.17% during 2022-2027.

The technical barriers of Permanent Magnets are relatively low. The manufacturing bases concentrate in China and Japan; some of the key players dominating this market are Hitachi Metals Group, Shin-Etsu, TDK, Beijing Zhong Ke San Huan Hi-Tech, Yunsheng Company, etc.. Foreign countries rely on China's sintered NdFeB permanent magnet materials to a very high degree. Therefore, the Japan market is mainly supplied by local companies such as Hitachi Metals, TDK and Shin-Etsu Chemical, international market competition outside of Japan is mainly among Chinese companies.

 

Read More Information: https://www.qyresearch.com/index/detail/3283157/global-permanent-magnets-market

 

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