The global permanent magnet market size is expected to reach $34.70 billion by 2026 owing to the rising need for energy and the use of strong magnets for power generation. Permanent magnets are used in various kinds of loudspeakers, and other home appliances. According to a recently published report by Fortune Business Insights titled, the market value stood at $17.85 billion in 2018 and will exhibit a CAGR of 8.7% in the forecast duration set between 2019 to 2026.

Source: https://www.fortunebusinessinsights.com/permanent-magnet-market-102776

SMMV Manufacturing Plant in Vietnam to Strengthen Portfolio by Increasing Production Capacity

Shin-Etsu Magnetic Materials Vietnam Co., Ltd. (SMMV) completed constructing a manufacturing plant for rare earth magnet in Hai Phong Province of Vietnam in the year 2016 and started operating from June 2017. Rare earth magnets are used for a variety of applications such as electric and hybrid automobiles, hard disk drives, and energy-saving air conditioners. The SMMV aims at multiplying the production capacity by two times up to 2,200 tons of earth magnet on an annual basis. The magnets produced in this plant will be shipped t0o end-users after processing them in other plants located in different nations across Southeast Asia. Such initiatives taken by market vendors are likely to aid in the expansion of the market in the future years.