7. Development and future prospects
The future prospects for permanent magnets are very bright in a number of industrial sectors. The growth of the automotive market, coupled with the increase in the number of magnets per vehicle, continues to drive the market for permanent magnets (mainly ferrites) up by 5 to 10% a year. The market for loudspeakers (also mainly ferrites) continues to grow. These two sectors account for considerable tonnages of magnets, and their market, although not very innovative, should continue to grow over the next few years.
Other more innovative and fast-growing sectors, such as aeronautics, energy (wind power) and video, require magnets with multiple properties, of different types, but increasingly from the rare earth family. Worldwide production of Nd-Fe-B magnets tripled between 1992 and 2002, and is now growing by over 15% a year. Although they face stiff competition from...
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Development and future prospects
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Economic data
1. Worldwide production
The permanent magnet market was estimated at US$4.4 billion in 1998, over US$5 billion in 2000 and US$8 billion in 2007. It should continue to grow, reaching US$11 billion in 2010.
With their modest magnetic performance but low cost, ferrites remain the magnet family that dominates the world market, both in terms of tonnage (90%) and sales (around half of the global...
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