Magnetics Business & Technology - January/February 2021 - 27

INDUSTRY NEWS
tive, electronics, aerospace, and military and defense industries. These are not as strong as NdFeB magnets but
have various advantages such as are low temperature
sensitivity, high temperature coefficiency, and corrosion
resistance compared to ferrite and NdFeB magnets.

Regional variations

Asia Pacific held the largest revenue share of 75.2% in
2019. Its growth potential can be attributed to the high
economic growth, rising disposable income, and subsequent increase in the production of passenger vehicles,
electronics, and wind power generators in China, India,
Japan, Thailand and Indonesia. According to the International Organization of Motor Vehicle Manufacturers,
Asia Pacific constituted about 55% of global automotive
production in 2018.

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China is the largest manufacturer of permanent magnets
in the world with a production of more than 70% in 2018.
Abundant availability of rare earth deposits is a significant factor that has led to its dominance, especially in
rare earth permanent magnet production. The presence
of a large number of electric motor, electric vehicle, electronic component and magnetic assembly manufacturers
is likely to drive the regional product demand.
North America is expected to witness a CAGR of 4.4% in
terms of volume from 2020 to 2027 The market in automotive application is expected to be driven by the electric
vehicles segment. Also, rise in the demand and production of electronic goods such as personal computers,
medical devices, mobile phones, earbuds, and wearable
devices is expected to augment demand for permanent
magnets in the forthcoming years.
In Europe, Germany is the largest consumer and manufacturer of permanent magnets. The automotive industry
is a vital component of Germany's economy. According to German Association of the Automotive Industry,
German automakers including Daimler, Volkswagen,
and BMW are expected to spend $45 billion on electric
vehicle technology over the next three years. The aggressive emissions standards set by the European Union
in 2018 are propelling auto manufacturers to stimulate
the production of electric vehicles.
Companies covered in the report include Adams
Magnetic Products Co.; Arnold Magnetic Technologies;
Earth-Panda Advance Magnetic Material Co., Ltd; Daido
Steel Co., Ltd.; Eclipse Magnetics Ltd.; Electron Energy
Corporation; Goudsmit Magnetics Group; Hangzhou Permanent Magnet Group; Hitachi; Magnequench; Ningbo
Yunsheng Co., Ltd.; Ninggang Permanent Magnetic
Materials Co., Ltd.; Shin-Etsu Chemical Co., Ltd.; TDK
Corporation; Thomas & Skinner, Inc.; Vacuumschmelze
GMBH & Co. Kg; Ugimag Korea Co., Ltd.; Union Materials; Pacific Metals Co., Ltd.

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Grand View Research is an India & U.S. based market
research and consulting company, headquartered in San
Francisco. See www.grandviewresearch.com.

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January/February 2021 * Magnetics Business & Technology

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Magnetics Business & Technology - January/February 2021

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