Permanent Magnets major include the rare earth permanent magnet and Ferrite Magnets.
The rare earth permanent magnet material refers to an alloy formed of rare earth metal and a transition metal. This permanent magnet material made by a certain process is extremely magnetic and can be maintained for a long time. Rare earth magnets have been developed for four generations. The first and second generations are RE-Co permanent magnets, ie Co-based permanent magnets: the first generation as type 5 SmCo alloys (SmCo5) and the second generation as Rare-earth Sintered Magnet7 SmCo alloys (Sm2Co17). Since Sm reserve is scare, Co And Ni is also a valuable strategic metal, the first two generations of rare earth permanent magnets have not been widely used,their major market are only for the high-end military area. The third and fourth generation rare earth permanent magnets are RE-FE-B permanent magnets. It is the third generation – NdFeB alloy (Nd2Fe14B), also the most widely used rare earth permanent magnet; the fourth generation is Sm-Fe-N alloy. (Sm2Fe17N3), but Sm-Fe-N alloy has not yet entered the stage of commercial production.
Ferrite Magnets are also called Ceramic Magnets. There are mainly two types of Ferrite Magnets, Barium ferrite (BaO.6Fe2O3) and Strontium ferrite (SrO.6Fe2O3). Compared with other permanent magnets, sintered ferrite magnet is cheap. It is most suitable for most sensitive, but need not very high performance applicaitons. As this is a non-metal magnets, it is the ideal magnets for applications that require non-rusty magnets in humit envirument.
Sintered ferrite (ceramic) magnets are also available in forms of isotropic and an-isotropic. The magnetic properties of isotropic ferrite are the same in all directions, therefore they can be magnetized in any pole arrangements. An-isotropic Ferrite Magnets, on the other hand, can only be magnetized in the direction they are oriented during production, but they have much higher magnetic strength than isptropic ones.
The most common hard ferrites are:
Strontium ferrite, SrFeO (SrO·6FeO), used in small electric motors, micro-wave devices, recording media, magneto-optic media, telecommunication and electronic industry.
Barium ferrite, BaFeO (BaO·6FeO), a common material for permanent magnet applications. Barium ferrites are robust ceramics that are generally stable to moisture and corrosion-resistant. They are used in e.g. loudspeaker magnets and as a medium for magnetic recording, e.g. on magnetic stripe cards. Cobalt ferrite, CoFeO (CoO·FeO), used in some media for magnetic recording.
According to the new market research report “Permanent Magnets- Global Market Share and Ranking, Overall Sales and Demand Forecast 2024-2030”, published by QYResearch, the global Permanent Magnets market size is projected to grow from USD 11.65 billion in 2023 to USD 17.44 billion by 2029, at a CAGR of 7.0% during the forecast period.
- Global Permanent Magnets MarketSize(US$ Million), 2018-2029
Source: QYResearch, “Permanent Magnets- Global Market Share and Ranking, Overall Sales and Demand Forecast 2024-2030”
- Global Permanent Magnets Top19 Players Rankingand Market Share (Ranking is based on the revenue of 2022, continually updated)
Source: QYResearch, “Permanent Magnets- Global Market Share and Ranking, Overall Sales and Demand Forecast 2024-2030”
This report profiles key players of Permanent Magnets such as Hitachi Metals, Beijing Zhong Ke San, Huan Hi-Tech, TDK, JL MAG Rare-Earth , Yunsheng Company.
In 2022, the global top five Permanent Magnets players account for 24.1% of market share in terms of revenue. Above figure shows the key players ranked by revenue in Permanent Magnets.
In terms of product application, Electro-Acoustic Products is the largest application, hold a share of 26.69%.
Market Drivers:
Rare earth reserves and industrial foundation: Permanent magnet materials require the use of large amounts of rare earth elements, such as neodymium, iron, boron, etc., and the reserves of these elements are limited globally. Therefore, rare earth reserves and industrial foundation are one of the key factors in the development of permanent magnet materials. Countries and regions with rich rare earth resources will have an advantage in the permanent magnet material industry.
Technological innovation: With the continuous advancement of science and technology, the technology of permanent magnet materials is also constantly innovating. The application of new materials, new processes and new technologies has improved the performance of permanent magnet materials. For example, by improving the preparation process and using new rare earth elements, the magnetic properties, corrosion resistance and stability of permanent magnet materials can be improved.
Restraint:
Temperature coefficient: The magnetic properties of permanent magnet materials are very sensitive to temperature, and changes in temperature may cause demagnetization of permanent magnet materials. Especially for some permanent magnet materials with higher temperature coefficients, their magnetic properties may be significantly reduced, which limits their application range.
Chemical stability: Permanent magnet materials may suffer from performance degradation in some extreme chemical environments. For example, NdFeB permanent magnet material is mainly composed of Nd, Fe and B elements. These elements react chemically with acidic, alkaline and oxidizing substances, which may destroy the internal structure of the permanent magnet material, resulting in a decrease in magnetic performance.
Opportunity:
Development of emerging industries: With the rapid development of new energy vehicles, wind power, robots and other emerging industries, the demand for permanent magnet materials is also growing. The development of these emerging industries provides a broad market space and new application areas for permanent magnet materials, and provides important opportunities for the development of the permanent magnet materials industry.
Technological innovation and product upgrading: Technological innovation and product upgrading of permanent magnet materials are important driving forces for the development of the industry. With the application of new materials, new processes and new technologies, the performance and quality of permanent magnet materials have been continuously improved, further broadening their application fields. Technological innovation and product upgrades help improve the added value and market competitiveness of permanent magnet materials, and bring new opportunities for industry development.
Environmental protection and sustainable development: With the continuous improvement of environmental awareness and the requirements of sustainable development, the demand for environmentally friendly permanent magnet materials continues to increase. Environmentally friendly permanent magnet materials have the advantages of high efficiency, energy saving, and environmental protection, meet the requirements of sustainable development, and have broad market prospects. At the same time, environmental protection and sustainable development also provide new development opportunities for the permanent magnet material industry.
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