Application Insight Consumer goods and elect […]
Consumer goods and electronic applications accounted for the largest revenue share in 2019, exceeding 26.0%. Increased investment in smart phones, notebook computers and home electronic equipment is expected to increase product demand during the forecast period. For example, Samsung announced an investment of US$500 million to build a factory in India. The increase in smart phone production will ultimately drive market growth.
Due to its extraordinary performance, the use of permanent magnets in various products is rapidly increasing.
Automobiles are another important part of the market, and due to electric vehicles, it is expected to grow steadily in the coming years. Motors with permanent magnets (such as neodymium magnets) tend to provide better induction, save energy, be lighter, and produce more power. For example, Nissan LEAF uses permanent magnets to save 20% of energy. It is expected that in the near future, government initiatives and regulations regarding the adoption and production of electric vehicles will increase, thereby increasing product demand.
The energy industry is another market segment with promising market prospects in the next few years. For example, due to the added benefits, such as reduced weight of power generation components, thereby improving efficiency and reducing installation costs, wind turbines have proven that permanent magnets are superior to electromagnets. This is a positive sign that the field will flourish in the coming years.
In 2019, ferrite accounted for the largest share, exceeding 80.0%. Unlike rare earth magnets, ferrite magnets are obtained from iron ore, which can be obtained in large quantities from the earth's crust. In addition, they provide corrosion resistance and low-cost high coercivity, making them ideal for high-temperature motors.
Factors such as amazing features, abundant availability and low cost are driving research activities to find ways to increase the consumption of ferrite magnets.