The latest market research report by Technavio on the global alnico magnets market predicts a CAGR of around 10% during the period 2018-2022.
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Technavio has published a new market research report on the global alnico magnets market 2018-2022 under their chemicals and materials library. (Graphic: Business Wire)
The report segments the global alnico magnets market based on application such as electronics, automotive, aerospace, wind energy, medical devices and others. The report also provides an analysis of the market based on geographic regions such as the Americas, APAC, and EMEA. It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Here are some key findings of the global alnico magnets market, according to Technavio chemicals and materials researchers:
- Growing demand from electronics industry: a major market driver
- In 2017, the electronics segment dominated the market by occupying close to 26% share
- APAC dominated the global alnico magnets market with 54% share in 2017
- Arnold Magnetic Technologies Adams Magnetic Products Stanford Magnets Master Magnetics Eneflux-Armtek Magnetics Hitachi Metals are the participants in the market
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Growing demand from electronics industry: a major market driver
Growing demand from electronics industry is one of the major factors driving the global alnico magnets market. Alnico magnets are used in electronics such as electric motors, electric guitar pickups, microphones, sensors, loudspeakers, magnetron tubes, cow magnets, refrigerator, air-conditioner, televisions, computer disk, cellphone, circuit boards, video equipment, microwave ovens, metal separators, pumps, and fans. They have stronger fields and corrosion-resistance. Due to these properties, alnico magnets are preferred in the electronics industry.
According to a senior analyst at Technavio for metals and minerals research, “A major demand from the electronics industry is due to the emergence and adaptation of new devices and the access to credit in developing countries. Innovations resulting in rapid technological changes in electronic products are major drivers of market growth.”
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Segmentation by application
The global alnico magnets market is mainly driven due to the use of alnico magnets in diverse applications. Electronics is its major application segment. This is mainly because of its specific properties such as high coercivity and strong magnetic field. Innovation has led to the use of complex devices, which demand alnico magnets.
APAC: largest alnico magnets market
Technavio researchers anticipate high growth for the global alnico magnets market in APAC with China and India as the key contributing markets. The demand for alnico magnets in China is driven by the increase in demand from the automotive, aerospace, electronics, wind energy, and medical devices segments. India, with its prosperous domestic market, will provide potential opportunities for the growth of the electronics industry. With increasing consumption, the use of alnico magnets in the electronics industry will contribute toward the growth of the global alnico magnets market.
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