Magnets are made of materials that demonstrate the properties of magnetism to attract iron-containing objects like nickel. There are two poles in these materials, namely the north and the south pole. The global magnet market can be classified into three key groups based on the source of magnetism:
- Permanent magnets
- Temporary magnets
The rising establishment and popularity of renewable energy power plants such as wind farms, which are considered to be one of the major application sectors for the magnets industry, will drive the growth of the global magnet market (Source: SpendEdge Procurement Report on the Global Magnet Market). This report from SpendEdge gives in-depth insights into the global magnet market’s overview, top magnet suppliers, and much more.
Magnet Market Overview
Of all the types of magnets, permanent magnets have the highest demand. The magnet market is expected to grow rapidly due to the factors like the rising demand from hybrid and electric car manufacturers. In addition, this segment is expected to witness growth during the forecast period owing to their increasing application in the production of devices like relays, loudspeakers, MRI machines, and actuators. This would subsequently result in the impressive growth of the magnet suppliers. Magnets are also used in components like steering, braking systems, transmission and entertainment devices such as radios and speakers. The growth in the demand of the end users will also lead to the significant demand for magnets and magnet suppliers during the forecast period. According to our report, APAC is going to witness a rise in regional shares by 2022 due to the rising production of customer electronics products. Also, since the magnet market will witness the highest growth in APAC, the market across developed regions will be adversely affected.
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