Alnico Magnets Market Size, Share, Opportunities, And Trends By Manufacturing Process (Casting, Sintering), By Material (Aluminum, Nickel, Copper, Cobalt, Others), By Application (Electric Motors, Generators, Medical Instruments, Others), By End-User (Automotive, Aerospace, Medical & Healthcare, Electrical & Electronics, Others), And By Geography - Forecasts From 2023 To 2028

Alnico magnets market is projected to grow steadily during the forecast period.

Alnico magnets, often known as "Al-Ni-Co" magnets, are a type of permanent magnet made mostly of aluminum, nickel, and cobalt. Since their development, they have been extensively used in a variety of applications such as electric motors, generators, sensors, and so on. They are also used in devices like compasses, magnetic sensors, and testers for magnetic fields. Strong magnetic characteristics, high coercivity or resistance to demagnetization, and exceptional temperature stability are all attributes of alnico magnets. Alnico magnets are also used in holding and lifting systems, such as magnetic chucks, magnetic lifters, and magnetic clamps.

Market Drivers:

• Increasing automotive production  

The demand for Alnico magnets is largely driven by the automotive industry as they are utilized in different applications, including magnetic speed sensors, electric power steering systems, electric motors, generators, and sensors. Alnico magnets offer the temperature stability and magnetic strength needed in-vehicle components. According to the National Automobile Dealers Association (NADA), 14.6 million new vehicle sales are expected in 2023, up 6.6% from 2022. In 2023, new vehicle sales are anticipated to rise as new vehicle production rises, fueling the demand for the Alnico magnet market. Moreover, the booming EV industry will further augment the Alnico magnet market growth.

• Increasing Research and Development

Magnetic field experiments and detection use alnico magnets in scientific research and development as they are helpful in laboratory settings due to their dependable magnetic characteristics and accessibility in a range of forms and sizes. These developments make it possible for researchers to conduct faster and more effective evacuations, increasing experimental throughput and productivity. Hence, with rising scientific research and magnetic experiments, the demand for the alnico magnet market is expected to increase.

Market players and product offerings

Alnico magnet production is a niche. The following well-known businesses have a significant position in the Alnico magnet market:

• Adams Magnetic Products Co. offers Alnico magnets in a variety of shapes, including rods, blocks, discs, rings, and bespoke shapes in the USA. To meet the requirements of varied applications, they offer Alnico magnets in a range of grades and sizes.
• Alnico magnets are produced by Dexter Magnetic Technologies for a variety of industries. Alnico magnets in different sizes and forms, such as bars, cylinders, and rings, are part of their product line. Additionally, they provide magnetization and custom design services.
• Chinese company Hangzhou Permanent Magnet Group is a well-known producer of Alnico magnets. They manufacture Alnico magnets in a variety of grades, as well as in unique shapes like rods, bars, horseshoes, and others.

Market Restraints:

• More expensive compared to other permanent magnets.

Alnico magnets typically cost more than other types of magnets, such as ferrite or ceramic magnets. Further, alnico magnets aren't very flexible when it comes to elaborate shapes. Casting or sintering are two processes used to make Alnico magnets, which may make it difficult to produce complex or unique magnet designs. This restriction may influence how they are used in apparatuses that need unusual or highly specialized magnet combinations. Due to the specialized alloys and industrial methods used in their creation, they are more expensive. If the performance criteria can be met, alternative magnet materials may be preferred in cost-sensitive applications.

• Not suitable for high magnetic strength-based applications.

Alnico magnets contain less magnetic energy than other permanent magnets, such as neodymium magnets. They thus have a considerably lesser magnetic field strength because they have a smaller maximum energy product. Alnico magnets might not be the best option in applications where high magnetic strength is crucial.

By End-user industry

Alnico magnets are frequently employed in electric motors and generators in the automotive industry owing to the increasing market share of the automotive industry. In the aerospace industry, alnico magnets are used for their high-temperature stability and dependable magnetic qualities in magnetic resonance imaging systems, sensors, actuators, motors, and aircraft instruments. The demand from the aerospace industry is expected to continue throughout the forecast period. Further, the electronics and telecommunications industries use alnico magnets in a variety of audio devices, including instruments, loudspeakers, microphones, magnetic sensors, and microphones. Alnico magnets are preferred for their acoustic performance and sound reproduction capabilities.

Renewable energy provides an opportunity for expansion.

Applications for renewable energy, such as wind turbines and hydroelectric generators, use alnico magnets. They are useful for producing power from renewable sources due to their strong magnetic characteristics. In the forecast period, it's expected that the number of wind turbines, hydroelectric generators, and wave and tidal energy converters would rise, which will drive up demand for the alnico magnets market.

 Asia Pacific is a prominent market for Alnico magnets.

Asia Pacific region has become a major market for Alnico magnets as a result of the region's abundant resource availability and dominant position in the electronics manufacturing industry. Growing disposable income and a corresponding rise in consumer electronics are luring investors to the area. For instance, China's market expansion is mostly credited to the country's booming industries and a massive influx of capital from business players into a variety of sectors.

Furthermore, China has a sizable market share in the magnet sector and has developed a sizable capability for producing a range of magnet types, including Alnico magnets. The nation benefits from a strong manufacturing base, an abundance of resources, and competitive production capabilities that enable it to supply the demand for Alnico magnets on a global scale. Despite having smaller market shares than China, other nations with noteworthy production capacities for Alnico magnets include the United States and Japan.

Key Developments:

• March 2022- The acquisition of Magnetic Component Engineering, LLC, a business situated in California was announced by Dexter Magnetic Holdings, LLC, the parent company of Dexter Magnetic Technologies, Inc. Under the Dexter and MCE brands, both businesses provide a wide range of design-engineered and build-to-print solutions to support critical applications for aerospace, medical, semiconductor, and industrial customers.
• March 2021- Arnold Magnetic Technologies has increased its capacity to produce fully developed motors and components and added solid relationships with significant clients in crucial markets by acquiring Ramco Electric Motors. Arnold is a market leader in the production of high-performance magnets including Alnico magnets, magnetic assemblies, and highly loaded composites.

Alnico Magnets Market Scope:

Segmentation:

• BY MANUFACTURING PROCESS
  • Casting
  • Sintering
• BY MATERIAL
  • Aluminum
  • Nickel
  • Copper
  • Cobalt
  • Others
• BY APPLICATION
  • Electric Motors
  • Generators
  • Medical Instruments
  • Others
• BY END-USER
  • Automotive
  • Aerospace
  • Medical & Healthcare
  • Electrical & Electronics
  • Others
• BY GEOGRAPHY
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    •  Brazil
    • Argentina
    • Others
  • Europe
    • Germany
    • UK
    • France
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Others
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • India
    • Australia
    • Others