Alnico magnets are made of the alloys of aluminum, nickel, and cobalt. They exhibit high magnetic strength, exceptional stability over a high temperature range, higher flux density, and high energy, which drives demand in high temperature applications such as automotive, aerospace and military sensors, MRI scanners, electric motors, and so on.
The alnico magnet market in the Middle East and Africa is witnessing high growth on an account of increasing applications, especially in the automotive and consumer electronics industries. This market was valued at $1,252.28 thoudand in 2013 and is expected to reach $12,326.14 by 2019.
The report, ‘Middle East and Africa Alnico Magnets Market’, analyzes the market by application in seven major areas: consumer electronics, general industrial, automotive, medical technology, environment & energy, aerospace & defense, and others. All these applications experienced a positive growth till 2013 and this growth is expected to continue in upcoming years. With a market value of $306 thoudand, consumer electronics holds a majority of the share in the market in the Middle East and Africa. The aerospace & defense and automotive markets have been witnessing the maximum growth due to increased usage of alnico magnets in electric power systems and motors in automotive sectors, and military weapons and aircraft in the aerospace & defense industry. The automotive market was valued at $244.8 thousand in 2013 and is estimated to grow at a tremendous rate during the period under consideration.
This report covers market trends in key countries, namely, Saudi Arabia, UAE, Nigeria, Kuwait, Qatar, and others. Saudi Arabia is the dominant country with regards to the consumption of alnico magnets in the region. Kuwait’s market is estimated to experience high growth during the forecasted period. The Saudi Arabian government has initiated several development plans that will boost the consumption of alnico magnets in the country. In the same line, other gulf countries that include Qatar, UAE, and Kuwait will also invest in their infrastructure; this will help the market to grow in the region.
This report estimates the market size of the Middle Eastern and African alnico magnet market both, in terms of volume and revenue. It focuses on a detailed study of the market based on its applications in different countries. Further, as a part of qualitative analysis, the research report provides a comprehensive review of important drivers, restraints, opportunities, and key issues in the market. The report also provides an extensive competitive landscape of companies operating in this market. It includes the company profiles of and competitive strategies adopted by various market players including Hitachi, Shin-Etsu Chemical Co., Ltd., Lynas Corporation, Ltd., Molycorp Chemicals and Oxides, Hangzhou Permanent Magnet Group, Ningbo Yunsheng High-tech Magnetics Co., Ltd., Daido Steel Co., Ltd., and JPMF Guangdong Co. Ltd.
Report Customization Options
Along with market data, you can also customize MMM offerings that are in keeping with your company’s specific needs. Customize your report on the market for alnico magnets in the Middle East and Africa to get an insight into all-inclusive industry standards and a deep-dive analysis of the following considerations:
- Market volume (application wise and country wise)
- Competitive landscape which gives a detailed comparison of the portfolio of each company mapped at regional and country level
- Analysis of primary raw materials (aluminum, nickel, cobalt) used to manufacture alnico magnets
- Top five market strategies adopted by major market players
- Detailed analysis and profiling of additional market players (up to 5)
- Detailed analysis of ongoing research & development activities of permanent magnets
- Scale analysis
- Comparison of different countries with the global market
- New technology trends
- New product developments
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Asia-Pacific Permanent Magnet
The Asia-Pacific permanent magnet market was valued at $9.75 billion in 2012 and is projected to reach $15.80 billion by 2018, growing at a CAGR of 8.8% between 2013 and 2018. This market is mainly driven by the growing demand for permanent magnets due to rising demand for miniaturization together with advancement in technology.
North America Permanent Magnet
North America’s permanent magnet market was valued at $850.0 million in 2012 and is expected to reach $1,500 million by 2018, growing at a CAGR of 8.4% from 2013 to 2018. The market is majorly driven by the budding demand for permanent magnets, which is primarily due to an increase in the demand for advanced materials in existing and emerging applications.
Europe Permanent Magnet
The European permanent magnet market was valued at $700.0 million in 2012 and is expected to reach $1,100.0 million by 2018, growing at a CAGR of 6.6% from 2013 to 2018. This market is experiencing significant growth mainly driven by an increase in the demand for advanced materials in existing and emerging applications.
Middle East and Africa Permanent Magnet
Middle East and Africa’s permanent magnet market was valued at $130.0 million in 2012 and is estimated to reach $220.0 million by 2018, growing at a CAGR of 8.0% from 2013 to 2018. This market is experiencing high growth mainly driven by the development initiatives of various countries such as Saudi Arabia, which will boost the permanent magnet consumption in the region.
Latin America Permanent Magnet
Latin America’s permanent magnet market was valued at $80.0 million in 2012 and is estimated to reach $180.0 million by 2018, growing at a CAGR of 12.5% from 2013 to 2018. This market is experiencing high growth mainly driven by the development initiatives of various countries, which will boost the permanent magnet consumption in the region.