Magnet Rings market Expected Growth Opportunities Forecast by 2029 | Know the Russia Ukraine Impact On Magnet Rings Industry
The global magnet rings market size is expected to witness considerable growth attributable to the automotive sector’s rising demands for advanced components. Fortune Business Insights™ supplies this information in its report, titled “Magnetic Rings Market, 2022-2029”.
Magnet rings are thin and flat, available in radial, axial, and diametric forms. Different metallic compounds are used to manufacture these rings, such as ferrite and aluminum nickel cobalt magnet. These rings are employed for securing a magnet by using unique mechanical attachment technique. Magnetic rings possess are resistant to corrosion and therefore, they are commonly used in the auto industry for diverse applications, such as energy transmission systems and electronic control units.
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Russia-Ukraine War Implication
The Russia-Ukraine war could change the Magnet Rings market dynamics of Europe forever. The standoff has revived the predicament situation of the Cold War and pushed Europe to the brink of a major military conflict. The Russian aggression in Ukraine has redefined the global landscape in terms of business. As the global Magnet Rings market was recuperating from the havoc wreaked by the COVID-19 pandemic, the Russia-Ukraine war has made several industry stakeholders skeptical.
The European Union is pushing for more sanctions against Russia, including halting imports of nuclear fuel from Russia and excluding Russia’s top lenders from the SWIFT banking system. Moreover, Russia has also imposed similar sanctions on most EU countries. The war crisis and sanctions have put a strain on global investment, trade, and economic activity. Therefore, skepticism and uncertainty remain prevalent regarding the conflict, its potential reach, and its longevity. Accordingly, the restoration of normal relations among partners could prove be a sign of improvement.
By form, the market is divided into radial, axial, diametrical, and others. Based on type, the market is categorized into neodymium iron boron, ferrite, samarium cobalt, aluminum nickel cobalt (alnico) magnet, and others. On the basis of application, the market is segmented into electronics, automotive, and telecommunications. The market is geographically analyzed across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
The report analyzes the market’s primary and secondary aspects from several sources, highlighting factors shaping its growth. It examines the qualitative and quantitative scope of the global market and provides a comprehensive analysis of the various market segments. In addition, it explains the strategies undertaken by key players in the market to survive in this highly competitive market, as well as supplies an in-depth evaluation of the regional developments influencing the market.
Drivers and Restraints
Increasing Demand for Electric Vehicles to Steer Market Growth
The magnet rings market growth is expected to gather momentum in the foreseeable future due to the soaring demand for electric vehicles (EVs) worldwide. According to the International Energy Agency (IEA), global electric car sales touched 2.1 million in 2019, accounting for 2.6% of the global car sales. Hybrid electric vehicles feature a complex blending of an internal combustion engine (ICE) and an electric motor, which necessitates the deployment of magnetic rings in these vehicles to facilitate efficient energy transmission. Thus, the increasing adoption of EVs around the globe will drive the growth of this market.
However, frequent fluctuations in raw material prices and supply chain disruptions, especially amidst the current pandemic, are challenging manufacturers to deliver lower-priced good quality components, thereby hampering market growth.
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Rising Demand for Magnet Rings in Electronics Applications to Stoke Market Growth in Europe
Europe is expected to dominate the magnet rings market share owing to the rising uptake of magnetic rings used for electronics applications. Moreover, the strong presence of automotive giants in Europe, such as BMW and Daimler, will further enable the enduring growth of the regional market.
The Asia Pacific market is anticipated to experience sustained growth during the forecast period owing to the widening adoption of magnet rings in hybrid vehicles, which are being increasingly preferred to conventional vehicles in the region. The US leads the North America market owing to the rising demand for neodymium iron boron and ferrite magnet in telecommunications.
Implementation of Business Expansion Strategies by Key Players to Intensify Competition
The unremittingly competitive market calls for the key players to implement crucial strategies to survive and create a footprint of their own. Specific strategies, such as mergers, acquisitions, and partnerships, have helped the competitors to survive the market and build brand awareness among consumers. Studying the emerging trends in the countries has enabled companies to innovate and listen to the consumer demands in the market. Advancement in technology by key players attracts consumer attention and increases sales and production activities. As a result, the market for magnet rings is booming.
List of Key Players Profiled in the Magnet Rings Market Report
- National Imports LLC dba Magcraft
- Temper Corporation
- Magnic Innovations GmbH & CO KG
- SIKO GmbH
- SparkFun Electronics
- K&J Magnetics, Inc
- Phoenix America
- Magnet Expert
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