The GMI Research asserts that the Permanent Magnet Market will boom over the forecast period. The accelerating penetration of smartphones, internet, and the accelerating demand for consumer electronics product will pave the way for the market growth.
Permanent Magnet Market Dynamics
The accelerating level of disposable income, ongoing economic expansion, and the blooming industries are the driving forces of the global permanent market. Also, the surging demand for permanent magnets in extensive industries, including medical technology, consumer electronics, automotive, environment & energy, general industrial, and aerospace & defense, will fuel the market demand. The rising demand for permanent magnets in the production of wind generators, automotive vehicles, medical instruments and aerospace automotive, where higher-performance in acute conditions is driving the market growth. Besides this, the augmenting demand for permanent magnet in consumer electronic sector because of the remarkable features, such as, cost-efficiency, higher magnetic balance, and lighter weight will further support the Permanent Magnets Market Size.
The usage of permanent magnets in batteries, internal combustion engines, and electric motor, in the establishment of hybrid electric vehicles, and the increasing inclination of the government to encourage the adoption of energy effective vehicles will offer huge growth opportunities for the market. However, the excessive cost of raw material for exceptional earth magnets is projected to hinder the growth of the permanent magnets market. Further, the widespread outburst of the coronavirus crisis will hinder the Global Permanent Magnets Market Share.
Process Segment Drivers
Asia-Pacific region is projected to seize the larger share in the permanent magnet market during the forecast period. This is because of the surge in disposable incomes, the exacerbating demand for consumer electronic items, such as, computers, tablets, mobile phones, and smart home appliances. Additionally, as per the Permanent Magnet Market Analysis, the rising emphasis on the research, development, and production of sophisticated automotive and energy instruments in India, Japan, China, and South Korea have supplemented the market growth.
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