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(AsiaNewsWire.Net, November 12, 2019 ) Market Outlook:-
Neodymium Iron Boron (NdFeB) Magnets are rare earth permanent magnets which are manufactured using alloys of neodymium-iron-boron to form a crystalline structure.
NdFeB magnets are the most durable and most affordable permanent magnets commercially available. They possess enhanced properties like high oxidation resistance, high magnetic field strength, and magnetic stability. They are used in a wide range of applications such as hard disk drives, magnetic fasteners, electric motors, power tools, and others.
Rapid Industrialization and urbanization, government regulations on using environmentally friendly materials, the rise in demand for NdFeB magnets from the automotive industry, and rising sales of Electric Vehicles are the major factors responsible for driving the growth of the global Neodymium Iron Boron (NdFeB) magnets market.
Change in monetary and social conditions set apart by a significant increase in manufacturing and urbanization indicate the growing rate of industrialization among the countries of the world. According to the International Yearbook of Industrial Statistics 2018 released by United Nations Industrial Development Organizations (UNIDO), the world manufacturing value added (MVA) rose by 3.5% in 2017, the highest rate in the last seven years.
United Nations Department of economic and social affairs reveals that about 55% of the world’s population resides in urban areas and this figure is expected to reach 68% by 2050. This high growth rate of Industrialization in many countries of the world is one of the primary factors contributing to the growth of the global Neodymium Iron Boron (NdFeB) magnets market.
However, fluctuation of raw material prices and the availability of substitutes for Neodymium Iron Boron (NdFeB) magnets are the crucial factors hampering the growth of the global Neodymium Iron Boron (NdFeB) magnets market.
The Neodymium Iron Boron (NdFeB) Magnet Market has been segmented by type, end-user, and geography.
Based on the end-user, the market is segmented as the automotive industry, aerospace industry, electrical and electronics industry, power generation, biomedical industry, and others.
The automotive industry and the power generation industry are the dominant segments of the global Neodymium Iron Boron (NdFeB) magnet markets owing to the rising global automotive sales and demand for generation of energy from renewable sources such as wind energy. According to the Association of Motor Vehicles Manufacturers (OICA), 96.8 million vehicles were sold globally in 2017 compared to 93.9 million and 89.7 million in 2016 and 2015 witnessing a growth rate of 3.08% in 2017 and 4.6% in 2016 respectively.
Moreover, according to the World Wind Energy Association (WWEA), the overall capacity of all the wind turbines installed worldwide by the end of 2017 reached 539,291 Mega Watts compared to 51,402 Mega Watts in 2016 accounting a growth rate of 10.8% and covering more than 5% of the global electricity demand. Owing to these reasons, the automotive and power generation sectors are anticipated to dominate the global Neodymium Iron Boron (NdFeB) magnets market in the future.
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Geographically, the market is generally divided into North America, Europe, South America, Asia-Pacific and the rest of the world.
The Asia Pacific is the dominant segment of the global Neodymium Iron Boron (NdFeB) magnet market owing to the presence of a large number of players in the Asia Pacific region coupled with high rates of industrialization and rising automotive sales in countries like China, Japan, South Korea, and India.
Moreover, according to the United Nations Industrial Development Organization (UNIDO), the manufacturing output of China rose by 6.4% in 2018, the highest in any country in the world. India’s manufacturing output grew by 5.3%, and Indonesia’s production increased by 4.6%. China and India rank 1st and 5th respectively in the list of countries with high industrial outputs.
Furthermore, according to the International Organization of motor vehicles manufacturers (OICA), out of the 96.8 million vehicles sold globally, more than 48 million cars were sold in the Asia Pacific region with China alone accounting for more than 29 million car sales followed by 5.2 million in Japan and 4 million in India. The number of cars sold in the Asia Pacific region in 2016 was 4.69 million compared to 4.34 million in 2015. Owing to these reasons, the Asia Pacific region is anticipated to dominate the global Neodymium Iron Boron (NdFeB) magnet market.
Some of the major players in this market incorporate competitive strategies like mergers and acquisitions to retain their market competitiveness.
For instance, in April 2018, TDK subsidiary EPCOS acquired a major stake of 50.2% in Relyon Plasma GmbH focusing in joint development and marketing of innovative techniques concentrating on applications in consumer, industrial, medical and automotive electronics segments.
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