Permanent Magnet Market growth outlook with industry review and forecast 2019-2024

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Permanent Magnet Market Trends Research and
Projections for 2019 - 2024
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Global Market Scenario of Permanent Magnet
Industry

• Global Market Insights, Inc., projects that
  global permanent magnet market size will be worth
  more than USD 50 billion a year by 2024.
• Global permanent magnet market is poised to
  increase commendably over the coming years owing
  to increasing investment in automotive
  developments along with applications like
  electronics, aerospace, medical, energy
  generation, among others.
• Automotive manufacturing is becoming a lucrative
  segment due to the extensive usage of magnets for
  several components like electric window
  regulators, door locks, speakers and windscreen
  wipers. Gradual demand for commercial vehicles
  and cars will fuel permanent magnet industry
  share considerably.
• About 86 million cars were sold in the top 54
  markets around the world in 2018, with SUVs being
  more popular while electric cars sales raised by
  75. During the past few years, electric motor
  applications have increased exponentially due to
  the advent of low cost and high-performance
  electronics with complementary improvement in
  permanent magnetic materials.

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Continue-

• Rising RD investments to develop new and higher
  quality magnetic material is anticipated to boost
  the industry demand. Few key factors impacting
  the scope of Asia Pacific permanent magnet
  industry over the forthcoming years have been
  expounded below
• In recent years, automotive sector has rapidly
  shifted its preferences toward vehicle
  electrification which help in reducing the load
  on the engine and improves fuel economy and
  emissions, as well as passenger comfort.
• With the introduction of advanced features like
  power windows, electrically adjustable seats, and
  other vital accessories, the electric load in
  vehicles is increasing year by year. This will
  entail more advanced developments and refinements
  in magnetic materials and manufacturing
  technology. Reportedly, automotive sector will
  account for a revenue of more than USD 25 billion
  of global permanent market share by 2024.

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360 Industry Analysis

• Considering the regional landscape, China holds
  more than 95 of the rare earth metal reserves
  globally, making Asia Pacific region the leading
  source of rare-earth based magnets. APAC
  permanent magnet industry is projected to grow
  noticeably over the coming years due to
  increasing consumption across automobile,
  electronics and wind energy sectors.
• Emerging economies like India and China will be
  among the foremost revenue pockets for regional
  magnetic material deployment. Several key players
  are putting their efforts to make new and better
  magnets for vehicles for making them safer and
  convenient to use. Nowadays, magnets are playing
  a major role in the production line of automotive
  industry and are extensively used in the locking
  system and seat belt indicator, which are
  important safety features.
•  

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• Competitive Analysis
• Hitachi Metals, Adams Magnetic Products, Electron
  Energy Corp, TDK Corporation, Hangzhou Group,
  Arnold Magnetic Technologies are some of the
  notable permanent magnet suppliers worldwide.

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