Global Alnico Magnets Market to Expand with Advancements in Electronic Manufacturing

The global alnico magnets market has been expanding at a stellar pace, majorly due to advancements in the domain of electric manufacturing. The splendid properties of alnico magnets are behind the swift rate of growth within the global market. Moreover, the composition of alnico magnets gives them a mark of superiority over other magnetic items. Hence, the global alnico magnets market is poised to attract voluminous revenues in the years to follow. Furthermore, research related to magnetic pull has also created a plethora of opportunities for market growth. Alnico magnets are permanent magnets that are composed of nickel, cobalt, and aluminium. The global alnico magnets market is projected to attract voluminous revenues in the years to follow.

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This blog by TMR Research on the global alnico magnets market enunciates key dynamics pertaining to market growth.

  1. Growth of Electronics and Semiconductors Industry

The cumulative demand within the global alnico magnets market has been rising on account of advancements in the field of electronics and semiconductors. The total value of the semiconductors industry has increased which has led to greater use of alnico magnets during the manufacturing process. Furthermore, alnico magnets are used in several types of electronics which is also a key consideration for market growth.

2. Growth of Asia Pacific Market

On the basis of geography, the global alnico magnets market can be segmented into North America, Latin America, the Middle East and Africa, Europe, and Asia Pacific. The alnico magnets market in Asia Pacific is expanding alongside advancements in the domain of electronic manufacturing in India.

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In this market, the competition is likely to highly intensify with the increase in the number of players. Moreover, most players are pouring extensive money into the market in order usher in strong technological growth. It is certain that bright days lie ahead for the market.

Alnico Magnets Market – Higher Competition Amongst Players 2017 – 2025

Global Alnico Magnets Market: Snapshot

The global market for alnico magnets is predicted to grow at a substantial pace over the next few years, due to the rising number of applications across diverse industries. As alnico magnets are considered as one of the best options for permanent magnets, they are being used extensively in the automotive industry across the globe. The prominent players operating in the global alnico magnets market are making notable efforts to offer innovations and advancements to the product in order to expand their application base in the next few years.

The increasing demand for alnico magnets from medical devices, automobiles, household equipment, electronic products, electricity generation, and other sectors is projected to encourage the growth of the global alnico magnets market throughout the forecast period. In addition to this, the rising awareness among consumers regarding the use of alnico magnets in accordance with the rising environmental concerns is predicted to generate several growth opportunities for the key players operating in the alnico magnets market across the globe.

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The rapid development of the manufacturing sector in China is expected to result in a promising growth of the alnico magnets market in this nation. Moreover, the flourishing automotive sector in several emerging nations in Asia Pacific is projected to encourage the growth of the alnico magnets in the next few years. Furthermore, the rising level of competition among the leading players in terms of product portfolio, innovations, and technological developments is projected to contribute towards the overall development of the overall market in the coming few years.

Global Alnico Magnets Market: Overview 

Alnico refers to a family of iron alloys that primarily contain aluminum, nickel, and cobalt in addition to iron. Alnico magnets are ferromagnetic and are suitable to make permanent magnets. Permanent magnets retain magnetic properties even in the absence of an external magnetic field. Alnico magnets are used across a range of applications such as household equipment, electricity generation, automobiles, and electronic and medical devices among others.

Alnico magnets are utilized in temperature sensitive applications such as MR-based electronic and automotive sensors and Hall Effect. They were considered the strongest permanent magnets until the introduction of rare earth magnets and are used across a range of applications.

The report assesses vital market indicators such as market drivers, market challenges, and trends in the historic years based on which their behavior is analyzed for the 2017-2025 period. The report presents a detailed assessment of technological developments and competitive landscape that will impact the development of the global alnico magnets market until the end of the forecast period in 2025.

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Global Alnico Magnets Market: Drivers and Restraints

The incessant development of the automotive industry due to the increasing population and technological advancements is favoring the growth of the alnico magnets market. Alnico magnets are extensively used in the automotive industry across a range of applications such as economy and pollution control. Components such as alternators, motors, and gearbox require alnico magnets to carry out their mechanism. Alnico magnets are utilized in battery components, moving car parts, engine components, and other integral systems.

In addition, alnico magnets are one of the most vital components in electric motors and are used in exhaust gas recirculation (EGR) systems that help reduce NOx emissions. Most automotive engines and electric motors use alnico magnets as they are highly coercive in nature. Moreover, alnico magnets are used in the stator of the wind turbine for producing AC electricity.

The rising environmental concerns and depleting conventional sources of energy have led to the increasing use of renewable energy sources such as wind energy and solar energy. This has favored the growth of the global alnico magnets market. Furthermore, hybrid electric vehicles are expected to present new growth opportunities to the global alnico magnets market during the forecast period.

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Global Alnico Magnets Market: Regional Outlook 

China displayed the highest demand for alnico magnets in 2013 and held a major share of the global market. The flourishing automotive industry due to the increasing population and economic growth is favoring the growth of the alnico magnets industry in China. Asia Pacific (excluding China) stood as the second largest region in the global alnico magnets market in the same year due to the growth of the wind power industry. However, North America and regions contributed thinly to the global alnico magnets due to the non-availability of rare earth elements.

Major Companies Mentioned in Report

Some of the leading players in the global alnico magnets market are Adams Magnetic Products Co, Dexter Magnetic Technologies Inc., Hitachi Metals Ltd., Molycorp Inc., Shin-Etsu Chemicals Co. Ltd., Vacuumschmelze GmbH & Co., Arnold Magnetic Technologies, Electron Energy Corporation, Lynas Corporation Ltd., OM Group, and Tengam Engineering Inc. among others.

Global Alnico Magnets Market Filliped by Expanding Renewable Energy Industry

San Francisco, California, August 09, 2017: A recently added report by Transparency Market Research, titled, “Alnico Magnets Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017–2025,” sheds light on important aspects of the market such as its size, competitive dynamics, and growth prospects.

The report finds that the global alnico magnets market will likely expand at a healthy clip in the next couple of years on the back of increasing number of applications across different industries. This is because alnico magnets are considered as one of the best kinds of permanent magnets. Alnico magnets are seeing swift uptake in automobiles, medical devices, household equipment, electricity generation, electronic products, etc. In the automotive industry, for example, alnico magnets are extensively used in different applications such as economy and pollution control. Automotive parts such as motors, alternators, and gearbox need alnico magnets to conduct their mechanism. Alnico magnets are used in engine components, battery components, moving car parts, and other integral systems.

Further, awareness among consumers about the different applications of alnico magnets in accordance with the rising environmental concerns is also slated to open up new avenues of growth in the market.

The increasing concerns over environment and fast disappearing conventional sources of energy have resulted in a focus on renewable energy sources such as solar energy and wind energy. This has also catalyzed growth in the global alnico magnet market. In addition, hybrid electric vehicles are predicted to present new growth opportunities in the global alnico magnets market in the next couple of years.

Geographically, the key segments of the global alnico magnets market are Asia Pacific, North America, Latin America, Europe, and the Middle East and Africa. Among them, Asia Pacific is a leading market and is primarily powered by China, which generates maximum demand for alnico magnets. The growth in the wind power industry is mainly responsible for the stellar market growth in the region. North America, on the other hand, has had limited contribution to the global alnico magnets on account of the non-availability of rare earth elements.

Savvy companies operating in the global alnico magnets market are seen focusing on product innovations and advancements to augment their application base in the next few years. Some of the prominent names in the global alnico magnets market are Arnold Magnetic Technologies, Adams Magnetic Products Co, Hitachi Metals Ltd., Molycorp Inc., Electron Energy Corporation, Shin-Etsu Chemicals Co. Ltd., Dexter Magnetic Technologies Inc., Tengam Engineering Inc., Vacuumschmelze GmbH & Co., Lynas Corporation Ltd., and OM Group.

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