Freedonia In The News
Article Title: World Demand for Magnets to Exceed US$16 Billion in 2019
Publication: China Chemical Reporter, 11/17/2015
Freedonia Study: World Magnets (3328)
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On November 17, 2015, Freedonia announced global demand for permanent magnets is forecast to climb 7.3% annually through 2019 to US$16.2 billion. In volume terms, world magnet sales will expand 4.6% per year to 1.2 million metric tons. Gains will be driven by increases in durable goods output as economic conditions improve and the overall number of applications for magnets rises. The elimination of rare earth export quotas and taxes by the Chinese government in 2015 will also support growth by helping to ensure that adequate raw material supplies are available on a global basis and by further easing pricing pressures following a period during which neodymium and samarium cobalt magnet costs unexpectedly spiked. These and other trends are presented in World Magnets, a new study from The Freedonia Group, Inc., a Cleveland-based industry research firm.
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