The magnets are widely used in various industries like electronic industries, chemical industries, mining industries, food processing industries etc. The magnetic industry market is very big and its demand is growing year by year.
In 2005 the global market of magnet was around $7.6 billion. The market for permanent magnet is expected to grow 7.8% per year, from $8.1 billion currently to $11.8 billion in 2011. The most rapid growth is expected in China, Indonesia, Russia, Mexico, Taiwan, India, and Malaysia
Due to rapid industrialization in the developing world, the demand of magnet is increasing every year. Year 2006 saw a rapid growth in magnet industry. The maximum consumption of magnets took place in the big industries. Other major consumers were Instrumentation and consumer electronics. The consumption of magnets in various industries can be represented in a chart in a following way:
Market Share of Different Magnets Magnets are vital to various electrical, electronics, automobile and small appliance industries. The magnets which is demanded highly in the market is ceramic hard ferrite magnet followed by bonded ferrites. The other magnet which has good demand in the market is neodymium-iron-boron magnet. Nowadays, injection molded magnets, metallic magnets and bonded magnets are also registering faster growth.