Press Release

According to the latest report by IMARC Group titled, “Magnet Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the market is expected to grow at a CAGR of around 6% during the forecast period.

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Magnets are materials that produce a magnetic field to attract metals such as iron, cobalt and nickel. They are heat and corrosion resistant, exhibit high physical strength and available in various sizes and shapes. Owing to their unique properties, magnets are widely utilized in compasses, speedometers, generators, transformers, electric motors and alarms. They are also used in computers for storing data and trains for faster traveling. Besides this, they also find applications in the healthcare and payment card industries around the world.

Magnets are widely used in the automobile industry for manufacturing electric steering, throttle and gearbox actuator, brakes and auto-clutch, to reduce dependency on fuel and enhance engine power. This, in confluence with the growing automotive industry across the globe, is driving the global magnet market growth. In addition, they are employed in the healthcare, aerospace and defense and robotics industries, which is further catalyzing the demand for magnets. Besides, manufacturers are investing in research and development (R&D) activities and introducing technological advancements to expand the applications of magnets worldwide.

Explore full report with table of contents:

Key Market Segmentation:

Breakup by Magnet Type:

  • Ferrite
  • Neodymium Iron Boron (NdFeB)
  • Aluminium Nickel Cobalt (AlNiCo)
  • Samarium Cobalt (SmCo)

Breakup by Application:

  • Computer Hard Disk Drives (HDD), CD, DVD
  • Hybrid Electric Vehicles
  • Electric Bicycles
  • Heating, Ventilating and Air Conditioners (HVAC)
  • Wind Turbines
  • Other Applications

Breakup by Region:

  • China
  • Japan
  • USA
  • Europe
  • Other Regions

Competitive Landscape

The report has also examined the competitive landscape of global magnet market.

Key highlights of the report:

  • Market Performance
  • Market Outlook
  • Porter’s Five Forces Analysis
  • Market Drivers and Success Factors
  • SWOT Analysis
  • Value Chain
  • Competitive Structure
  • Profiles of Key Players

Browse Related Report

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This post was originally published on Stock Markets News

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IMARC Group is a leading market research company that provides market and business research intelligence across the globe. We partner with clients in all regions and industry verticals to identify their highest-value opportunities, address their most critical challenges, and transform their businesses. We make an effort to fulfill specific and niche requirements of the industry while balancing the quantum of quality with stipulated time and trace major trends at both the domestic and global levels. The information products and services provided by IMARC cover major technological, scientific and economic developments in industrial, pharmaceutical and high technology organizations.