Permanent magnets: world demand is forecast to rise 7.3% annually through 2019

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NdFeB magnets by Alga Magneti
NdFeB magnets by Alga Magneti
NdFeB magnets by Alga Magneti

A recent study conducted by Freedonia (company operating in the market research) shows that worldwide demand for permanent magnets, which totaled 11 billion dollar in 2014, is forecast to climb 7.3 percent annually through 2019 to 16.2 billion dollar. In volume terms, world magnet sales will expand 4 percent per year. “Market gains – explains Freedonia – will be driven by increases in durable goods output as economic conditions improve and the overall number of applications for magnets rises. The elimination of rare earth export quotas and taxes by the Chinese government in 2015 will also support growth, by helping to ensure that adequate raw material supplies are available on a global basis and by further easing pricing pressures following a period during which neodymium and samarium cobalt magnet costs unexpectedly spiked”. According to Freedonia’s research, the Asia/Pacific region is the largest regional market for magnets, with China that is the largest national market.