The global market for permanent magnets is anticipated to be worth USD 39.67 billion by 2027, advancing at a healthy revenue-based CAGR of 7.5 through the forecast period.
Ferrite magnets are used on a large scale in various day-to-day use items such as electrical and electronic devices, earbuds, laptops and smartphones, along with transformers and inductors, which has resulted in great demand for the product in the market. With the global market for earphones and headphones expected to be worth USD 15.8 billion by 2025, the use of ferrite magnets during the production will only increase further.
Neodymium magnets are globally the strongest commercially available magnets, and offer unmatched magnetism and demagnetization resistance, when compared to ferrite and alnico magnets. They find heavy usage in manufacture of electrical motors, with medical science and renewable energy industries also relying on their superior strength to manufacture products.
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The International Renewable Energy Association (IRENA) stated that the wind energy capacity installation touched 563,726 megawatts in 2018. Wind turbines in the past 10–15 years have been upgraded to utilize PMG (permanent magnet generators) systems, thus eliminating the requirement of gearboxes. Permanent magnets are used as they require low maintenance, while also being cost-efficient and reliable.
The magnets used in generators have approximately 30% of neodymium by weight, with the remaining composed of low-cost ferrous materials. The EU’s Joint Research Centre stated that 23% of the turbines made use of permanent-magnet synchronous generators in 2015. This number is expected to become 41% in 2020 and 72% in 2030.
Asia Pacific is expected to show healthy growth in the permanent magnets market, led by India and China. India has seen an influx of major manufacturers such as GE, Siemens and Toshiba in the industrial motors, generators and consumer electronics space, which provides vast opportunities for permanent magnet manufacturers in this region to compete with each other.
Besides Asia Pacific, Europe is also expected to witness appreciable growth, with the region witnessing high demand for electric vehicles due to stringent government regulations. Electric vehicles require permanent magnets in varying amounts, from 40–50 grams in entertainment and HVAC systems, to as much as 3,800–4,200 gram in the form of neodymium, in batteries of these vehicles. As a result, growth in number of EVs will definitely see a growing market for permanent magnets in this region in coming years.
Arnold Magnetic Technologies opened a research and development center in Madison, Wisconsin, in March 2019. The new center would allow the company to offer rapid prototyping of permanent magnet, thin metals, electromagnets, and a number of engineered assemblies.
TU Graz (Graz University of Technology) from Austria collaborated with the University of Vienna, the Friedrich-Alexander Universität Erlangen-Nürnberg (FAU) and Joanneum Research, and came up with super magnets made from laser-based 3D printing, in January 2020. The structure of the super magnet was made using a magnetic powder material and a laser-based AM process. The team is exploring ways to 3D print different types of magnets such as iron and cobalt (Fe-Co).
Makinex came out with a new generator in its compact three-phase power generation family, with the introduction of a new 23kW 480V model, in February 2020. The generator is said to be the smallest 3-phase 480V generator in this class in the world.
