The global market for permanent magnets is expected to reach USD 31.18 billion by 2020, according to a new study by Grand View Research, Inc. Growth of global automobile industry is expected to be a key driving factor for permanent magnets market over the forecast period. Permanent magnets are widely used for numerous applications in automobile industry. Various components such as motors, alternators and gearbox require permanent magnets for their mechanism. Grand View Research further observes that the shift in trend towards developing renewable energy generation including solar and wind energy is also expected to drive the market for permanent magnets. Permanent magnets are used in the stator of the wind turbine which is responsible for producing AC electricity.
http://www.grandviewresearch.com/industry-analysis/permanent-magnets-industry
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