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The report finds that the global alnico magnets market will likely expand at a healthy clip in the next couple of years on the back of increasing number of applications across different industries. This is because alnico magnets are considered as one of the best kinds of permanent magnets. Alnico magnets are seeing swift uptake in automobiles, medical devices, household equipment, electricity generation, electronic products, etc. In the automotive industry, for example, alnico magnets are extensively used in different applications such as economy and pollution control. Automotive parts such as motors, alternators, and gearbox need alnico magnets to conduct their mechanism. Alnico magnets are used in engine components, battery components, moving car parts, and other integral systems.
Further, awareness among consumers about the different applications of alnico magnets in accordance with the rising environmental concerns is also slated to open up new avenues of growth in the market.
The increasing concerns over environment and fast disappearing conventional sources of energy have resulted in a focus on renewable energy sources such as solar energy and wind energy. This has also catalyzed growth in the global alnico magnet market. In addition, hybrid electric vehicles are predicted to present new growth opportunities in the global alnico magnets market in the next couple of years.
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Geographically, the key segments of the global alnico magnets market are Asia Pacific, North America, Latin America, Europe, and the Middle East and Africa. Among them, Asia Pacific is a leading market and is primarily powered by China, which generates maximum demand for alnico magnets. The growth in the wind power industry is mainly responsible for the stellar market growth in the region. North America, on the other hand, has had limited contribution to the global alnico magnets on account of the non-availability of rare earth elements.
Savvy companies operating in the global alnico magnets market are seen focusing on product innovations and advancements to augment their application base in the next few years. Some of the prominent names in the global alnico magnets market are Arnold Magnetic Technologies, Adams Magnetic Products Co, Hitachi Metals Ltd., Molycorp Inc., Electron Energy Corporation, Shin-Etsu Chemicals Co. Ltd., Dexter Magnetic Technologies Inc., Tengam Engineering Inc., Vacuumschmelze GmbH & Co., Lynas Corporation Ltd., and OM Group.
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