Steel Bar Magnet is a square or rectangular object which generates magnetic field. Steel bar magnets are extensively used across domains ranging from laboratories to large scale mining process. Key materials used in manufacturing steel bar magnets are Aluminum, Nickel and Cobalt in definite proportion with respect to the application. Steel bar magnets are used in separating metal particles from the mined materials. In the past half-decade mining industry has observed a positive growth owing to the rise in demand for materials and energy sources. This has perpetual effect on the demand of steel bar magnets. Steel bar magnets are set to grow at a faster pace in long-run forecast period owing to its speculated rise in demand from mining industry.

Furthermore, steel bar magnets are used in automotive industry to ensure smooth experience of rider on the vehicle. Steel bar magnets are used in the form of Anti-Lock Braking system (ABS) which ensures the ride safety by slowing down the vehicle while still providing ease of steering. Magnets are also used in locking system and seat belt indicator. High penetration of steel bar magnets in the automotive sector provides safe haven for the steel bar magnets market in long-run forecast period. In the past half-decade, steel bar magnets have seen major ups and down with expanding market bubbles spread over three quarters of FY2019.

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Market prices have normalized subsidizing the risk bubble in the Q1 FY2020. By the end of Q2 FY2020, automotive production has crashed which has resulted in squeeze in demand for steel bar magnets across the regions. Market is set to take an upward shift in Q3 of FY2021 owing to the complete resurrection in demand from automotive industry covering the demand supply gap. While mining sector also has faced much worse fate than automotive industry with huge investments in extracting the material has risen over period of time leaving the mining industry to operate under breakeven points. Therefore, associated sectors such as mining and automotive and medium run and short run implications on steel bar magnets. All in all market is set to gain pace over long-run forecast period.

Moderate Demand from Automotive Industry to Stabilize Steel Bar Magnet Market in Long-Run Forecast Period

Steel Bar Magnets are used across industries ranging from automotive industry, aerospace & defense, energy, medical and bundle of other applications in the market. Of the mentioned applications of steel bar magnet, automotive industry captures major chunk in the market owing to its extensive application across the sector. Followed by automotive industry, steel bar magnets application could be encountered in aerospace & defense which are used in manufacturing various missile and fuselage safety detection parts.

COVID-19 to Shrink the Steel Bar Magnet Market

COVID-19 or Novel corona virus has squeezed the Steel Bar Magnet market by near four folds in the Q2 and Q3. Declining demand trends could be observed from force majeure of automotive and mining industry consumption which has cascaded domino effect to the Steel Bar Magnet market over short term forecast period. Market prices has declined by near four folds and is set to stabilize in the same position for near three quarters. Prices are set to rise in 3rd quarter of FY2021 owing to the kick start in demand of automotive industry.

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Segmentation analysis of Steel Bar Magnet Market:

The global Steel Bar Magnet market is bifurcated into three major segments: material, application and region.

On the basis of material, Steel Bar Magnet market has been segmented as follows:

  • Aluminum, Nickel & Cobalt
  • Samarium
  • Neodymium
  • Ferrite
  • Others

On the basis of Application, Steel Bar Magnet market has been segmented as follows:

  • Automotive
  • Mining
  • Laboratories
  • Others

On the basis of geographic regions, Steel Bar Magnet market is segmented as

  • North America
  • Europe
  • Latin America
  • East Asia
  • South Asia & Oceania
  • Middle East & Africa

Steel Bar Magnet Market: Regional Outlook

From regional perspective, North America holds majority of the market share owing to the presence of bundle of Steel Bar Magnet consumers in the region such as BMW, Fiat Chrysler, Ford, Honda and bundle of other automakers in the regions. Followed by North America, Europe is set to capture one-fifth of the market share owing to the presence of bunch of major automakers procuring steel bar magnets for manufacturing auto components.

Steel Bar Magnet Market: Key Players

Global Steel Bar Magnet market is fragmented in nature with manufacturer positioned across the globe. Key active players in the steel bar magnet are Hitachi, Adams Magnetic Products Co., Arnold Magnetic Technologies, Hangzhou Permanent Magnet Group, Shin-Etsu Chemical Co., Ltd., Vacuumschmelze GmbH & Co. Kg, Ugimag Korea Co., Ltd. and other small scale and medium scale manufacturers positioned across the regions.

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By neha.b