DUBLIN, November 7, 2016 /PRNewswire/ -- Research and Markets has announced the addition of the "Permanent Rare Earth Magnets Market - Drivers, Opportunities, Trends & Forecasts: 2015-2022" report to their offering.
The global permanent rare earth magnets market is expected to grow at a CAGR of 13.2% during the forecast period 2016-2022 to reach $41.41 billion by 2022. The global permanent rare earth magnets market has been analyzed based on two major types - neodymium magnets and samarium magnets. Based on applications areas, the market has been studied for five major segments - industrial, consumer electronics, home appliances, automotive, wind turbines and others. Industrial application segment is expected to contribute maximum towards the growth of the global permanent rare earth magnets market during the forecast period, while Asia Pacific would extend its global lead in market dominance. The permanent rare earth magnets are the strongest magnets available and are utilized in the electronic components to increase efficiency with reduction in volume and weight. These magnets are also utilized in wind turbines to increase the efficiency. Thus, rare earth magnets are not only increasing the efficiency of electronic products around, but also increasing the efficiency of the turbines to yield more energy production. However, the high cost associated with refining and processing of rare earth metals has resulted in higher charges for rare earth magnets, limiting the application sectors to premium products. China currently dominates the global supply and demand market for permanent rare earth magnets because of high control over raw material supply, illegal mining, increased domestic availability, and cheap labor cost. The study covers and analyzes the Global Permanent Rare Earth Magnets market, bringing out the complete key insights of the industry. The report aims to provide an opportunity for players to understand the latest trends, current market scenario, government initiatives, and technologies related to the market. In addition, helps the venture capitalist in understanding the companies better and take informed decisions.