NEW YORK, Aug. 26, 2022 /PRNewswire/ — The “Alnico Magnets Market – Forecast and Analysis 2022-2026″ report has been added to Technavio’s offering. With ISO 9001:2015 certification, Technavio is proudly partnering with more than 100 Fortune 500 companies for over 16 years. The alnico magnets market share is expected to increase to USD 434.71 million from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 8.26%. Technavio categorizes the alnico magnets market as a part of the global diversified metals and mining market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the alnico magnets market during the forecast period.
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Alnico Magnets Market – Key Market Dynamics
- Market Driver – The growing demand from the electronics industry is one of the key drivers fueling the alnico magnets market growth. Alnico magnets are widely used in electronics such as electric motorselectric guitar pickups, and others. Features such as stronger fields and corrosion resistance make alnico magnets compatible with electronic devices. Supporting macroeconomic factors such as an increase in disposable income, improving lifestyle, and ease in credit facilities has led to rising consumption of electronics in developing countries such as India and ASEAN countries. Major demand from the electronics industry is due to the emergence and adaptation of new devices and the access to credit in developing countries. For instance, Indiawith its prosperous domestic market, will provide potential opportunities for the growth of the electronics industry. Thus, with increasing consumption, the use of alnico magnets in the electronics industry will contribute to the growth of the global alnico magnets market during the forecast period.
- Market Challenges – Volatility in prices of raw materials is one of the challenges limiting the alnico magnets’ market growth. In recent years, uncertain costs in the commodities market have put financial pressure on the producers. After the global economic crisis, the costs of metals have been fluctuating, which is affecting the cost of raw materials. Although a large portion of the global economy has shown a positive outlook, the price of raw materials is yet to stabilize as many vendors do not have the adaptability to respond to market volatility rapidly. Aluminum, nickel, and copper are the basic raw materials required to produce alnico magnets. However, the global Fluctuation of the prices of these metals has impacted the cost of the final product. Thus, the volatility in prices of raw materials is hindering the growth of the alnico magnets market.
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Alnico Magnets Market -Segmentation Analysis
The alnico magnets market report is segmented by Application (Electronic, automotive, aerospace, wind energy, and others) and Geography (APAC, North America, Europe, South Americaand the Middle East and Africa).
- Regional Highlights – 43% of the market’s growth will originate from APAC during the forecast period. China, Japanand India are the key markets for alnico magnets in APAC. Market growth in this region will be slower than the growth of the market in other regions.
- Revenue Generating Segment –The alnico magnets market share growth by the electronic segment will be significant during the forecast period. Alnico magnets are used in the electronic motors of various appliances such as air conditioners and televisions.
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Alnico Magnets Market – Vendor Analysis
The alnico magnets market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
- Adams Magnetic Products
- Alga Magneti Srl
- Arnold Magnetic Technologies Corp.
- Bunting Magnetics Europe LTD.
- DATOYO MAGNETICS CO. Ltd.
- DEXTER MAGNETIC TECHNOLOGIES
- Dura Magnetics Inc.
- DURA MAGNETS PVT. LTD.
- Electron Energy Corp.
- Eneflux-Armtek Magnetics Inc.
- Goudsmit Magnetics Groep BV
- Hitachi Ltd.
- IBS Magnet
- Integrated Technologies Group
- Magdev Ltd.
- Magnaworks Technology Inc.
- Master Magnetics Inc.
- Permanent Magnets Ltd.
- Stanford Magnets
- Storch Magnetics
- To gain access to more vendor profiles with their key offerings available with Technavio, Click Here
The competitive scenario provided in the Alnico Magnets Market report analyzes, evaluates, and positions companies based on various performance indicators. Some of the factors considered for this analysis include the financial performance of companies over the past few years, growth strategies, product innovations, new product launches, investments, growth in market share , etc. Don’t wait, Make a strategic approach & boost your business goals with our Alnico Magnets Market Forecast Report – Buy Now!
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Alnico Magnets Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2021 |
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Forecast period |
2022-2026 |
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Growth momentum & CAGR |
Accelerate at a CAGR of about 8.26% |
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