Increased Demand for Permanents Magnets from Automotive Industry is Expected to Drive the Market
Permanent magnets are the type of magnets that retain their magnetic strength even after the removal of the external magnetizing force. Permanent magnets are mainly categorized into neodymium iron boron magnets, ferrite magnets, samarium cobalt magnets, alnico magnets, and others (which include flexible magnets, injection-molded magnets, and compression-molded magnets). The end-use industries of permanent magnets are broadly categorized into consumer electronics, general industrial, automotive, medical technology, environment & energy, aerospace & defense, and others (military, household, water turbine, and thin-film coating equipment). The global Permanent magnet market is expected to grow from USD 34.4 billion in 2021 to USD 54.1 billion by 2026, at a CAGR of 9.5% during the forecast period.
Companies operating in the permanent magnet market have strengthened their position by adopting expansions, acquisitions, joint ventures, etc. from 2016-2021. Hitachi Metals, Ltd. (Japan), TDK Corporation (Japan), Shin-Etsu Chemical Co., Ltd. (Japan), Yantai Shougang Magnetic Materials Inc. (China), and Arnold Magnetic Technologies (US) are the key players in the FRP rebar market.
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Hitachi Metals, Ltd. is a Japan-based subsidiary of Hitachi Ltd. It is among the leading producers of specialty steel and metal products, including industrial machinery, magnetic and electronic materials and parts, and aluminum castings and wheels. Hitachi Metals, Ltd. caters to various industries, including automobile, aerospace, nuclear, and computer. It operates through five business segments: wires, cables, and related products; high-grade metal products and materials; magnetic materials and applications; high-grade functional components and equipment; and others. Its magnetic materials and applications segment carries out the production and marketing of magnets, soft magnetic materials, and applied devices. The company operates in the US, Germany, Singapore, Thailand, China, Hong Kong, and other countries.
TDK Corp. important player in the FRP Rebar market. TDK Corp. is a Japanese multinational electronics company that manufactures electronic materials, electronic components, and recording and data-storage media. The company was founded by Kenzo Saito on December 7, 1935, and is headquartered in Tokyo, Japan. The net sales for FY 2020 were USD 2,058.6 million. The company engages in the manufacture, distribution, and sale of electronic components.
Related Reports:
Permanent Magnet Market by Type (Neodymium Iron Boron Magnet, Ferrite Magnet, Samarium Cobalt Magnet), End-Use Industry (Consumer Electronics, General Industrial, Automotive, Medical Technology, Environment & Energy), and Region - Global Forecast to 2026
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