Magnet Rings Market Size, Share & Industry Analysis, By Form (Radial, Axial, Diametrical, Others), By Type (Neodymium Iron Boron, Ferrite, Samarium Cobalt, Aluminum Nickel Cobalt (Alnico) Magnet, Others), By Application (Electronics, Automotives, Telecommunications, Others) and regional Forecast, 2024-2032
KEY INDUSTRY INSIGHTS
Magnet ring is a flat thin circular-based magnet with a hole through the center. The radial, axial, and diametrical are the forms of magnet ring. The magnet rings are made of neodymium iron boron, ferrite, samarium cobalt, and aluminum nickel cobalt magnet. Additionally, the rings are mainly utilized when a mechanical attachment method is required to secure the magnet. It possesses good magnetic strength and resistant to corrosion. The magnet rings find its application in electronics, automotive, and telecommunications industries. Also, in order to identify the magnetic levitation, the magnet rings are utilized in science experiments.
The increasing demand for the magnet rings in the automotive industry is likely to flourish magnet rings market growth during the forecast period. In the automotive industry, the magnet rings are used in the hall sensor magnet. Also, the neodymium iron boron magnetic ring is utilized in the high-grade air conditioner motor. The introduction of the hybrid electric vehicle contains both an internal combustion engine and an electric motor, which further surge the demand for magnet rings in the automotive parts. Hence, rising product demand will help to fuel the growth of the magnet rings market.
However, unforeseen fluctuations in raw material prices, rising energy costs, and unexpected obstacles are creating it challenging for the producers to deliver quality products at lower prices. Hence, this is anticipated to hamper the market growth.
Key Market Driver -
Rising use of magnet rings in the automotive industry to drive the market growth
Key Market Restraint -
Fluctuation in the prices of magnet rings to restrict the market growth
Market Segmentation:
Based on form, the magnet rings market is segmented into radial, axial, diametrical, and others. Based on type, the market is segmented into neodymium iron boron, ferrite, samarium cobalt, aluminum nickel cobalt magnet, and others. Based on application, the market is segmented into electronics, automotives, telecommunications, and others. From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Key Players Covered:
The key players in the magnet rings market includes National Imports LLC dba Magcraft, supermagnete, magnets4you, FIRST4MAGNETS, HUTCHINSON, Temper Corporation, Magnic Innovations GmbH & CO KG, SIKO GmbH, SparkFun Electronics, K&J Magnetics, Inc., Phoenix America, and Magnet Expert.
Key Insights
- Key Emerging Trends – For Major Countries
- Key Developments: Mergers, Acquisition, Partnership, etc.
- Latest Technological Advancement
- Insights on Regulatory Scenarios
- Porters Five Forces Analysis
Regional Analysis:
Asia Pacific is anticipated to witness sustainable growth in the magnet rings during the forecast period. The growth is attributed to the rising product demand in the automotive industry. Also, the rising adoption of the product in the hybrid vehicles will further fuel the market growth in this region. The rising demand for magnet rings in the electronics application will fuel the market growth in Europe. In North America, the US is the leading contributor, the growth is due to rising demand for neodymium iron boron, ferrite magnet rings in the telecommunication. The Middle East & Africa is anticipated to witness significant growth, owing to the rising adoption of radial and axial based magnet rings in the electronic application.
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Segmentation
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- Ongoing
- 2023
- 2019-2022
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