Latest news with #HitachiMetals
Globe and Mail
5 days ago
- Business
- Globe and Mail
Steel Casting Market Report on the Untapped Growth Opportunities in the Industry
The Steel Casting Market is witnessing steady growth driven by demand across automotive, construction, and industrial sectors. Technological advancements in casting processes further support market expansion. Key players such as Precision Castparts Corp., Hitachi Metals, and Kobe Steel continue to lead through innovation and global reach, shaping the competitive landscape. The market for steel casting is approximated to be USD 33.90 billion in 2025, and it is projected to reach USD 42.18 billion by 2029, at a CAGR of 5.6%. The Research report presents a complete judgment of the market which consists of future trends, steel casting market growth factors, consumption, production volume, CAGR value, attentive opinions, profit margin, price, and industry-validated market data. during the forecast period. Steel casting refers to the pouring of molten steel into molds to produce specified shapes and parts with high strength, toughness, and wear resistance. These castings are used widely in automotive, construction, aerospace, energy, and machinery due to their toughness and resistance to extreme conditions. The steel casting market is being driven by factors such as rapid industrialization, increased demand from automotive and renewable energy sectors, and technological advancements in casting technologies. Still, high production costs, supply chain disruptions, and competition from lightweight materials restrain growth in the market. Emerging markets, customization demand, and sustainability trends offer substantial opportunities for growth in the following years. Download PDF Brochure: By Type, carbon steel casting accounted for the largest market share in 2024 Carbon steel casting leads with the highest share in the global steel casting market in 2024. It finds its application within a large majority of industries ranging from automotive and construction to the manufacturing sector as well. Its strength, machining, and good durability are compared to other varieties of steel available at a more reduced cost. Some of the high demanding components include an engine block, valves, and structural parts which are usually found in cast form. The versatility of carbon steel in handling both high and low temperatures, along with its ability to withstand wear and corrosion, further drives its demand in critical applications. By Process, Sand Casting Process accounted for the largest market share in 2024 The highest demand for sand casting process is because of its flexibility, economy, and capacity for large and intricate components. Its application is extensive among construction machinery, automotive, mining, and energy industries where large and intricate steel parts are in high demand. Sand casting is particularly preferred for its flexibility towards a high range of sizes and sizes, for both small and high volumes. In addition, its relatively low tooling costs as well as the flexibility to use various alloys are the reasons it finds widespread preference. Its versatility in being applied to diverse sectors ensures that sand casting is at the core of the steel casting market. By Formulation, Solvent-based formulation accounted for the largest share in 2024. Solvent-based formulation currently dominate the market due to their their proven in performance and widely applicablility to all forms of industries. Such formulation is preferred when excellent adhesion, durability, and resistance under extreme conditions to be sustained in critical components of a construction automobile industry and energy sector. Solvent-based formulations ensures that results on complex and high-strength steel parts are consistent and that is where the reliability of finished products will be maintained. As an established efficiency and adaptability factor, they continue to dominate the market despite growing environmental regulations, especially in regions that place a priority on performance rather than the use of eco-friendly alternatives. Get a Sample Copy of This Report: By Application, Power generartion segment accounted for the largest share in 2024 The power generation segment dominated the steel casting market in 2024 due to the rising demand for energy across the globe and the growing upgradations in infrastructure. Steel castings are the backbone of the manufacturing of components in the turbines, generators, and other heavy-duty equipment used in thermal, hydro, nuclear, and renewable energy plants. Steel's strength, resistance to high temperatures, and mechanical strength make it a critical component in many power generation applications where extreme conditions prevail. Renewable energy, particularly wind and solar power, added more momentum to the demand for steel castings because these sources require precision-engineered steel components. Asia Pacific accounted for the largest share of the steel casting Market in 2024 The Asia-Pacific region is projected to dominate the steel casting market, driven by strong industrial base, increasing infrastructure development, and expanding manufacturing sector. India and Japan have also emerged as lead contributors in this account because of their increasing demand for steel component usage in the Automotive, Construction, and Energy Sector respectively. The large-scale infrastructure projects undertaken by China and giant industrial output of India coupled with rapid construction activities and automotive production certainly enhanced the demand for steel castings. Coupled with the abundance of raw materials, the cheap labor charges, and advancements in manufacturing technologies, this has added further robustness to the region. Government policies that helped accelerate industrialization further assisted the market to reach further heights. It has also been fueled by ever-increasing foreign investments. Steel Casting Companies The steel casting Market comprises major players such as ArcelorMittal (Luxembourg), Doosan Corporation (South Korea), Kobe Steel, Ltd., (Japan), Nucor Corporation (US), Isgec Heavy Engineering Ltd. (India), and Georg Fischer Ltd. (Switzerland), The Japan Steel Works, Ltd. (Japan), Nelcast Limited (India), Ferralloy, Inc. (US), POSCO (South Korea) and others are covered in the steel casting market. Expansions, acquisitions, joint ventures, and new product developments are some of the major strategies adopted by these key players to enhance their positions in the steel casting Market. ArcelorMittal (Luxembourg) was formed in 2006 with the merger of Arcelor and Mittal Steel. With the help of a broad range of employees, the company manufactured a wide range of high-quality finished and semi-finished steel products. The company has steel manufacturing plants in 16 countries and serves its customers in 155 countries across the globe in different end-use industries such as automotive, construction, appliances, energy, transport, and machinery. ArcelorMittal produces blooms, rebar, billets, wire rods, sections, castings, sheet piles, rails, and drawn wires, along with seamless and welded tubular products. ArcelorMittal offers a wide range of standard and special rebar for use in reinforced concrete structures in all possible fields of application. The company is one of the largest steel manufacturers in North America, South America, and Europe. Doosan Corporation (South Korea) is a multinational conglomerate primarily engaged in various sectors, including power generation facilities, industrial equipment, construction machinery, engines, and the manufacture of castings and forgings. The company is a global leader in the design and production of major nuclear equipment, contributing significantly to energy infrastructure worldwide. In addition to manufacturing, Doosan Corporation has extended its reach into key sectors, such as engineering, construction, and environmental solutions, further enhancing its global competitiveness. Doosan Heavy Industries & Construction Co., Ltd. specializes in manufacturing of products like power plant equipment, chemical and petrochemical plant equipment, iron and steel making machinery, marine diesel engines, and heavy castings and forgings. Kobe Steel, Ltd., (Japan) also known by its unified brand name KOBELCO, is a prominent Japanese steel manufacturer headquartered in Chuo-ku, Kobe. With a diverse portfolio, the company offers a range of innovative and reliable products and technologies across several industries, including iron and steel, welding, aluminum and copper, machinery, engineering, construction machinery, and electric power. As of March 2024, the Kobe Steel Group operates with 202 subsidiaries and 45 affiliated companies, cementing its strong presence in the global industrial sector. About MarketsandMarkets™ MarketsandMarkets™ has been recognized as one of America's best management consulting firms by Forbes, as per their recent report. MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients. Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes. The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing. Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
Yahoo
01-04-2025
- Business
- Yahoo
Permanent Magnet Market Surges to USD 29.12 Billion by 2033, Propelled by 5.45% CAGR - Verified Market Reports®
The Permanent Magnet Market is experiencing significant expansion driven by rising demand across industrial, automotive, and consumer electronics sectors. The shift toward electric vehicles (EVs) and renewable energy solutions has accelerated the adoption of high-performance rare-earth magnets such as neodymium-iron-boron (NdFeB). Technological advancements in magnet manufacturing and miniaturization enhance efficiency, fueling industry growth. LEWES, Del., April 1, 2025 /PRNewswire/ -- The Global Permanent Magnet Market is projected to grow at a CAGR of 5.45% from 2026 to 2033, according to a new report published by Verified Market Reports®. The report reveals that the market was valued at USD 18.12 Billion in 2024 and is expected to reach USD 29.12 Billion by the end of the forecast period. Download PDF Brochure: Browse in-depth TOC on Permanent Magnet Market 202 - Pages126 – Tables37 – Figures Scope of The Report REPORT ATTRIBUTES DETAILS STUDY PERIOD 2022-2033 BASE YEAR 2024 FORECAST PERIOD 2026-2033 HISTORICAL PERIOD 2022-2023 UNIT Value (USD Billion) KEY COMPANIES PROFILED Hitachi Metals, TDK, Magnequench, FDK, Vacuumschmelze, Arnold, Philips, Cosmo Ferrites, Nicrra, Nec/Tokin, Tengam Engineering, DMEGC, JPMF Guangdong, Aerospace Magnet & Magneto, Sinomag Technology, Bgrimm Magnetic, Incuan Electronics, Tianyuan Technology, Kaiven Group, Golden South Magnetic SEGMENTS COVERED By Product Type, By Application, By End User Industry, By Chemical Composition, By Formulation, By Geography CUSTOMIZATION SCOPE Free report customization (equivalent to up to 4 analyst working days) with purchase. Addition or alteration to country, regional & segment scope Global Permanent Magnet Market Overview Key Market Drivers Fueling Growth in the Permanent Magnet Market 1. Rising Demand for Electric Vehicles (EVs) and Renewable Energy The surging adoption of electric vehicles (EVs) and renewable energy solutions is significantly accelerating the expansion of the permanent magnet market. Neodymium-Iron-Boron (NdFeB) magnets are a critical component in high-performance electric motors and wind turbines due to their superior magnetic properties and high energy density. The global EV market is projected to witness a compound annual growth rate (CAGR) exceeding 20%, creating substantial demand for rare-earth magnets. Wind energy installations are expanding rapidly, driving the need for direct-drive permanent magnet generators that enhance efficiency and reduce maintenance costs. The shift towards sustainability and stringent emission regulations are compelling manufacturers to integrate advanced magnetic solutions, fostering industry growth. 2. Technological Advancements in Magnetic Materials Breakthroughs in material science and magnetic technology are enhancing the performance, durability, and cost-effectiveness of permanent magnets. The development of high-coercivity neodymium magnets, ferrite magnets with improved thermal stability, and samarium-cobalt magnets resistant to demagnetization is propelling market penetration across industrial applications. Advanced manufacturing processes, such as hot deformation and grain boundary diffusion, are optimizing magnetic properties, reducing reliance on critical rare-earth elements, and lowering production costs. The proliferation of miniaturized electronic devices and precision engineering solutions is driving demand for high-performance magnetic components across consumer electronics, automation, and aerospace industries. 3. Expanding Industrial and Consumer Electronics Applications The rising need for permanent magnets in industrial automation, robotics, medical devices, and consumer electronics is fueling substantial market expansion. Magnetic sensors, actuators, and drive systems are integral to modern automation technologies, enhancing efficiency in manufacturing and logistics. The medical sector is experiencing increased adoption of magnetic resonance imaging (MRI) scanners, drug delivery systems, and implantable medical devices leveraging high-strength magnets. The consumer electronics industry is witnessing a surge in demand for compact and energy-efficient devices, ranging from smartphones and wearables to smart home appliances, further reinforcing permanent magnet consumption. The accelerating pace of digital transformation and industrial modernization is solidifying long-term growth prospects for the global permanent magnet market. To Purchase a Comprehensive Report Analysis: Market Restraints Limiting Expansion in the Permanent Magnet Market 1. Supply Chain Disruptions and Raw Material Constraints The Permanent Magnet Market faces significant challenges due to disruptions in the supply chain and raw material scarcity. The market heavily depends on rare earth elements such as neodymium, dysprosium, and samarium, which are predominantly sourced from limited geographic regions, mainly China. Geopolitical tensions, trade restrictions, and export limitations create volatility in the supply chain, affecting production capabilities and cost structures. Fluctuations in raw material availability lead to price instability, making it difficult for manufacturers to maintain cost efficiency. Any restrictions imposed on rare earth exports directly impact global production, creating a supply-demand imbalance that limits market expansion. 2. High Production and Processing Costs Manufacturing permanent magnets requires advanced processing technologies and specialized refining techniques. The cost-intensive nature of rare earth extraction, purification, and magnet fabrication increases overall production expenses. Energy-intensive refining processes and stringent environmental regulations add financial burdens, further constraining growth potential. Small and mid-sized enterprises find it challenging to compete in this high-cost environment, restricting market entry. Additionally, recycling initiatives for rare earth magnets are still in the early stages, limiting cost-effective alternatives to virgin material procurement. The need for advanced metallurgical processes adds another layer of cost escalation, restricting market scalability and affecting long-term growth prospects. 3. Competition from Alternative Technologies The Permanent Magnet Market encounters increasing competition from alternative technologies, such as advanced electromagnets and superconductors, which offer high-performance efficiency in specific applications. Industries reliant on magnetic components, such as electric vehicles, wind energy, and industrial automation, continuously explore cost-effective alternatives that reduce dependence on rare earth elements. Innovations in magnetic materials, such as ferrite and hybrid magnet solutions, pose a competitive threat to rare earth-based permanent magnets. The increasing investment in alternative magnetic solutions leads to market fragmentation, slowing down the adoption of traditional permanent magnets across various industrial applications. Permanent Magnet Market: Key Trends and Opportunities Key Trends: 1. Rising Demand for Rare Earth Magnets in EVs and Renewable Energy The permanent magnet market is witnessing exponential growth due to surging demand for neodymium-iron-boron (NdFeB) magnets in electric vehicles (EVs) and wind turbines. With EV sales projected to exceed 40 million units by 2030, the requirement for high-performance magnets in traction motors is escalating. Wind energy installations are also fueling demand, with the global wind power capacity expected to reach 2,000 GW by 2050, significantly impacting magnet consumption. 2. Technological Advancements in Magnetic Materials Innovation in permanent magnet materials is driving industry expansion, with a focus on high-performance and cost-effective alternatives. Research into recycling rare earth elements and developing samarium-cobalt (SmCo) and ferrite magnets for high-temperature applications is gaining traction. Companies are also investing in magnet-free motor designs, aiming to reduce reliance on China's rare earth supply chain, which currently dominates over 60% of global production. Key Opportunities 1. Expansion of Localized Rare Earth Supply Chains Governments worldwide are investing in domestic rare earth extraction and processing to counter supply chain vulnerabilities. The U.S. Department of Energy has allocated over $200 million to rare earth projects, while the European Union is promoting local mining and refining initiatives. These efforts are expected to create a more resilient and diversified supply chain for magnet manufacturers. 2. Growth in Medical and Industrial Automation Applications The rising adoption of permanent magnets in MRI machines, robotics, and industrial automation presents significant opportunities. The global medical device market, valued at $500 billion in 2023, is witnessing increased demand for high-precision magnetic components. Similarly, industrial robots, projected to reach 5 million units by 2028, are driving magnet integration in automation solutions. Permanent Magnet Market: Geographic Dominance The Permanent Magnet Market demonstrates distinct geographic dominance, with Asia-Pacific emerging as the leading region due to its robust industrial base, surging demand from electronics, and extensive rare earth element reserves. China holds a significant share, accounting for over 60% of global rare earth production, strengthening its dominance in the neodymium and samarium-cobalt magnet segments. The region's expanding automotive sector, particularly in electric vehicles, drives substantial market growth. North America follows as a key player, driven by technological advancements and rising adoption of high-performance magnets in aerospace, defense, and renewable energy applications. The United States invests heavily in domestic rare earth production to reduce reliance on imports, fueling regional expansion. Europe maintains a strong presence, supported by stringent environmental regulations promoting sustainable magnet production. Countries such as Germany and France prioritize research initiatives for magnet recycling and rare-earth alternatives, shaping market progression. These geographic trends define the competitive landscape and future market trajectory. Permanent Magnet Market Key Players Shaping the Future Major players, including Hitachi Metals, TDK, Magnequench, FDK, Vacuumschmelze, Arnold, Philips, Cosmo Ferrites, Nicrra, Nec/Tokin, Tengam Engineering, DMEGC, JPMF Guangdong, Aerospace Magnet & Magneto, Sinomag Technology, Bgrimm Magnetic, Incuan Electronics, Tianyuan Technology, Kaiven Group, Golden South Magnetic and more, play a pivotal role in shaping the future of the Permanent Magnet Market. Financial statements, product benchmarking, and SWOT analysis provide valuable insights into the industry's key players. Permanent Magnet Market Segment Analysis Based on the research, Verified Market Reports® has segmented the global Permanent Magnet Market into Product Type, Application, End User Industry, Chemical Composition, Formulation and Geography. By Product Type Polyester-based Hardener Epoxy-based Hardener Polyurethane-based Hardener Acrylic-based Hardener By Application Automotive Industry Construction and Civil Engineering Aerospace Consumer Electronics Fuiture and Wood Coating By End-user Industry Automotive Manufacturers Construction Firms Electronics Manufacturers Aerospace Companies Fuiture Manufacturers By Chemical Composition Aliphatic Compounds Aromatic Compounds Cyclic Compounds Ionic Compounds By Formulation Single Component Hardener Multi-component Hardener Permanent Magnet Market, By Geography Browse Related Reports: Global Rubber Ferrite Permanent Magnet Market Size By Type (Strontium Ferrite Magnets, Barium Ferrite Magnets), By Application (Consumer Electronics, Automotive), By Shape (Disc Magnets, Block Magnets), By Property (Coercivity, Remanence), By End User (Electronics Industry, Automotive Industry), By Geographic Scope And Forecast Global Sintered AlNiCo Permanent Magnet Market Size By Magnet Grade (AlNiCo 2, AlNiCo 5), By Shape (Cylindrical, Disc), By Application (Electric Motors, Sensors), By Temperature Resistance (Standard Temperature (up to 550°C) High-Temperature (up to 1000°C)), By Industry Vertical (Aerospace, Automotive), By Geographic Scope And Forecast Global Rare Earth Permanent Magnet Market Size By Type (Neodymium Iron Boron (NdFeB), Samarium Cobalt (SmCo)), By Application (Electronics, Aerospace), By End-user Industry (Consumer Electronics, Telecommunications), By Magnet Grade (High-Performance Grades, Standard Grades), By Application (Electric Motors, Transformers), By Geographic Scope And Forecast Global SmCo Permanent Magnet Market Size By Application (Motor, Sensor), By End-Use Industry (Automotive, Electronics), By Product Type (Cylindrical, Disc), By Coating Type (Nickel Coated, Gold Coated), By Size (Small Size, Medium Size), By Geographic Scope And Forecast Global Neodymium-iron-boron Permanent Magnet Market Size By Application-Based (Consumer Electronics, Automotive), By Product Form (Bonded Magnets, Sintered Magnets), By Grade (N35 to N52 (Standard Grades), High-Temperature Grades (e.g.), By End-User Industry (Electronics Manufacturing, Automotive Production), By Distribution Channel (Direct Sales, Online Retailing), By Geographic Scope And Forecast About Us Verified Market Reports® stands at the forefront as a global leader in Research and Consulting, offering unparalleled analytical research solutions that empower organizations with the insights needed for critical business decisions. Celebrating 10+ years of service, Verified Market Reports has been instrumental in providing founders and companies with precise, up-to-date research data. With a team of 500+ Analysts and subject matter experts, Verified Market Reports leverages internationally recognized research methodologies for data collection and analyses, covering over 15,000 high impact and niche markets. This robust team ensures data integrity and offers insights that are both informative and actionable, tailored to the strategic needs of businesses across various industries. Verified Market Reports' domain expertise is recognized across 14 key industries, including Semiconductor & Electronics, Healthcare & Pharmaceuticals, Energy, Technology, Automobiles, Defense, Mining, Manufacturing, Retail, and Agriculture & Food. In-depth market analysis cover over 52 countries, with advanced data collection methods and sophisticated research techniques being utilized. This approach allows for actionable insights to be furnished by seasoned analysts, equipping clients with the essential knowledge necessary for critical revenue decisions across these varied and vital industries. Verified Market Reports® is also a member of ESOMAR, an organization renowned for setting the benchmark in ethical and professional standards in market research. This affiliation highlights Verified Market Reports' dedication to conducting research with integrity and reliability, ensuring that the insights offered are not only valuable but also ethically sourced and respected worldwide. Contact UsMr. Edwyne FernandesVerified Market Reports®US: +1 (650)-781-4080US Toll Free: +1 (800)-782-1768Email: sales@ Web: Logo: View original content: SOURCE Verified Market Research
