LONDON--(BUSINESS WIRE)--SpendEdge has been monitoring the global magnet market and the market is poised to experience spend growth of more than USD 20 billion between 2017-2022 at a CAGR of over 8% during the forecast period. Request Free Sample Pages.
Read the 106-page research report with TOC and LOE on "The Global Magnet Market, Pricing Outlook in Geographies that include APAC, North America, South America, and MEA, and insights into best practices to optimize procurement spend.”
The growth of the consumer electronics sector is resulting in an increasing demand for magnetic sensors that are used in a variety of electronic products. On this note, the magnet market is experiencing an exponential growth in APAC which is the result of the growing production of electronic devices. It is predicted that in terms of spend growth, APAC will overtake other mature markets. This is because of the fact that most of the electronics, automobiles, and aerospace enterprises are migrating their manufacturing facilities to APAC to leverage the abundant sources of raw materials and low production costs.
Among some of the matured markets, North America is exhibiting high demand for magnets because of a steep rise in the production of electric vehicles.
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Insights into the market price trends
- Logistics costs are likely to increase during the forecast period owing to the rise in fuel prices and high maintenance costs associated with the aging fleet of vehicles. This will cast an inflationary impact on magnet procurement prices.
- To enhance the manufacturing TAT for magnets and enhance testing accuracy, suppliers are upgrading to automated grinding and testing machines. This will add to the supplier’s overall production cost, thereby impacting magnet procurement prices across the globe.
Insights into strategies that will help buyers optimize their magnet procurement spend
Buyers are advised to engage with vertically integrated suppliers who exercise their control over raw materials prices to avoid price fluctuations during the contract period. Consequently, engagements with vertically integrated suppliers will enable the buyers to tackle the price dynamism of raw materials which will effectively optimize their magnet procurement prices.
- Buyers should evaluate suppliers based on their annual manufacturing capacity of various types of magnets and their ability to supply to new operating regions. Sufficient production capacity of the suppliers will assist buyers in their business expansion plans.
COVID-19 Impact Assessment and Market Insights
SpendEdge’s reports now include an in-depth complimentary analysis of the COVID-19 impact on procurement and latest market data to help your company overcome sourcing challenges. Our Magnet Procurement Market Intelligence Report offers actionable procurement intelligence insights, sourcing strategies, and action plans to mitigate risks arising out of the current pandemic situation. The insights offered by our reports will help procurement professionals streamline supply chain operations and gain insights in the best procurement practices to mitigate losses.
To stay on top of latest trends and supply market information, check out SpendEdge’s knowledge center on COVID-19 impact assessment.
The top magnet suppliers enlisted in this report
This magnet procurement market intelligence report has enlisted the top suppliers and their cost structures, SLA terms, best selection criteria, and negotiation strategies.
- Hitachi Metals
- Advanced Technology & Materials
- Neo Performance Materials
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Some of the key topics covered in this report are:
- Magnet market spend segmentation by region
- Magnet supply market analysis
- Magnet procurement best practices
- Regional spend opportunity for magnet suppliers
- Magnet suppliers cost structure
- Total cost of ownership analysis in the magnet market
- Magnet suppliers pricing models analysis
- Category management objectives to promote an optimized magnet procurement
- Cost saving opportunities in the magnet market
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