Magnetics Business & Technology - Summer 2017 - 19

INDUSTRY NEWS
transmit power throughout the US. More than half of the world's
refined copper passes through an SCR system. Its wire plays a key
role in the manufacturing of other products such as electrical motors, automotive wiring harnesses, and insect screening.
Sumitomo Electric Industries has the expertise in copper wire
production. The company introduced numerous products to ease
the electricity production and distribution. While working on the
copper wires, the company achieved a breakthrough in superconducting wires and superconductor wires.
SuperPower, a subsidiary of Furukawa Electric, uses core capabilities in cryogenics and magnetics materials to enable the development of electric power components through the second-generation
high temperature superconducting (2G HTS) technology.

Permanent Magnet Market Size to Surpass $50
Billion by 2024

Permanent Magnet Market size is slated to exceed $50 billion
by the end of 2024; according to a new research report by Global
Market Insights, Inc. With global fossil fuel reserve set to deplete in
the next 50 to 70 years, energy generation focus is shifting towards
the renewable and emission free sources. Wind energy has come up
to be a prominent renewable source of energy with a total installed
capacity of over 400 gigawatts all around the globe, and more than
200 gigawatts been installed since 2010. Permanent magnet market
size in the energy generation sector will increase substantially in
the near future as the UN has aimed at 100 percent emission free
energy generation by the end of 2050.
Flourishing automotive industry was a major reason for growth
in 2015. The products are extensively used for energy conver-

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Continued from Editor's Choice on Page 5
According to a new report by Expert Market Research, the
global permanent magnets market reached a consumption value
of US$ 16,808 Million in 2016 and is further expected to reach
$23,979 Million by 2022. Over the past several years, the demand
for permanent magnets has accelerated as usage of energy-efficient technology and devices has been on a rise. Some of the other
factors that have further added to the market growth include its
expanding applications, focus on reduction of carbon footprint,
advancements in information and communication technology and
infrastructural developments in emerging markets.
The end-uses of permanent magnets include Data Storage Devices (HDD, CD, DVD), Hybrid Electric Vehicles, Electric Bicycles,
Heating, Ventilating and Air Conditioners (HVAC), Wind Turbines
and Others. In 2016, Data Storage Devices represented the largest
end-use segment with the majority of the market share.
Region-wise, China dominated the market with a share of more
than two-third of the total global production in 2016. It was followed by Japan, United States and Europe and Others.
Being fragmented in nature, the global permanent magnets market is surrounded by a number of players, namely, Advanced Technology & Materials Co. Ltd, Beijing Zhong Ke San Huan High-Tech
Co. Ltd, BGRIMM Magnetic Materials & Technology Co. Ltd., Adams
Magnetic Products Corporation, Arnold Magnetic Technologies
Corporation, Bunting Magnetics Corporation, Jiashan Pengcheng
Magnets Co. Ltd, Hitachi Metals America Ltd., Magnetics, Inc. and
Master Magnetics, Inc.

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