Rare earth magnets are strong permanent magnets which
are made from the alloys of rare earth elements. Whereas, the term “rare earth”
can be misrepresentative, as these metals are not predominantly rare or
precious, they are about as abundant as tin or lead. Moreover, these are the
strongest magnets available and are used in the electronic components to rise
efficiency with the deduction in volume and weight. The permanent rare earth
magnets are also used in wind turbines to upsurge the efficiency. Hence, the
rare earth magnets are not only growing the efficiency of electronic products
across, but are also growing the efficiency of the turbines to yield more
energy production. Additionally, the key players of this market have a
significant role in leading the fastest market growth during the forecasted
period as they are adopting strategies and policies which enhance the usage of
permanent rare earth magnet.
According to the report analysis, ‘Permanent
Rare Earth Magnets Market- Drivers, Opportunities, Trends & Forecasts:
2015-2022’ it is stated
that there are several key players which are recently functioning in this
market across the globe for dominating the handsome amount of share by doing
attractive developments in the techniques of doing work with the innovated
technologies includes Vacuumschmelze Inc, Seimens AG, Toyota, Ford Motor
Company, Honda Motor Co, Ltd, Hyundai Motor Company and several others.
Moreover, the significant development in the product increase the demand for
permanent rare earth magnets which further increase the market growth in the coming
years more effectively.
However, the
superior cost associated with refining and processing of rare earth metals has
concluded in developed charges for rare earth magnets, restraining the
application sectors to premium products. Recently, China dominates the supply
and demand market across the globe for permanent rare earth magnets due to the
high control over raw material supply, illegal mining, increased domestic
availability, and cheap labor cost. Additionally, the market has so many growth
drivers which lead the market growth more effectively across the globe such as
growing requirement for the efficiency and performance with the smaller volume,
decreased Chinese supply control and several others.
Whereas, with
the growth the drivers, attractive applications and significant usage of the
permanent rare earth magnets the market is having some restraints which hamper
the market growth enormously such as illegal mining in China distorting level
playing field, price fluctuation because of the controlled supply and political
issues and several others. Meanwhile, the key players of this market are
working on the developments by folding up their sleeves which result some
effective opportunities for removing the restraints and attaining the handsome
amount of share includes high growth in EV/HEV and wind turbines, innovation
which reducing the dependencies on heavier rare earths and several others.
Therefore, with the significant working of the key players and high amount of
investment by the new investors it is expected that in the near future the
market of permanent rare earth magnets will increase more effectively over the
recent few years.
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Ken Research
Ankur Gupta, Head Marketing & Communications
Sales@kenresearch.com
+91-9015378249
Ken Research
Ankur Gupta, Head Marketing & Communications
Sales@kenresearch.com
+91-9015378249
