Permanent Magnets Market Size to Witness Significant Growth During 2019 to 2029
Verfasser: ashwani_kailiya on Tuesday, 5 May 2020The global permanent magnets market will expand at an 8.5% CAGR during 2019 – 2029, as projected by a new Fact.MR report. Key players in the permanent magnets market are eying profitable opportunities through electronics applications such as music systems, laptops, and smart phones, to appeal to a wider demographic of consumers.
“Innovation and development of end-use applications including automotive, water pumps, and medical instruments will provide manufacturers an essential competitive edge,” says the Fact.MR report.
Permanent Magnets Market: Key Findings
Automotive applications of permanent magnets will account for an impressive 10.7% CAGR through 2029, driven by adoption of electric vehicles.
The neodymium iron boron permanent magnets segment is a key contributor towards market growth.
Medical instruments with permanent magnets will display strong growth.
Asia Pacific will remain a leading market through 2029, and will also grow 2.4X.
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Permanent Magnets Market: Key Driving Factors