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.