GRAPHICS PRO

October '21

Issue link: https://nbm.uberflip.com/i/1362658

Contents of this Issue

Navigation

Page 94 of 134

9 0 G R A P H I C S P R O O C T O B E R 2 0 2 1 G R A P H I C S - P R O. C O M H iccups in the supply chain are not unique to a global pandem- ic. Throughout history, natu- ral disasters, socio-geopolitical threats, and panic-driven demand (i.e., the toilet paper shortage of 2020) have presented varying degrees of risk and vola- tility within distribution. Businesses plan accordingly for small and large-scale dis- ruptions during such events. What is exceptional this time around: no industry has been left unscathed from the far-reaching disruptions associated with COVID-19 – the magnetic materials market included. Adding insult to injury, there remains no clear timetable for achiev- ing normalcy. NOT JUST A GRAPHICS PROBLEM The global magnetic materials market, which includes hard, semi-hard, and soft magnets, is forecast to reach $143.87 bil- lion by 2027 – with the permanent mag- net market alone (Neodymium Iron Boron Magnet, Ferrite Magnet, and Samarium Cobalt Magnet) expected to exceed $54.1 billion by 2026. Such staggering data reflects the ubiq- uitous presence magnetic materials have in everyday life, from personal electron- ics, motors, and generators to medical de- vices and data storage equipment. How- ever, long before 2020 turned the world topsy-turvy, it was clear the rate of global consumption was progressing at an alarm- ing rate. After all, high demand for faster transmission of data, electric vehicles, and even development and modernization of infrastructure all have a heavy hand in fu- ture growth projections. When the pandemic hit full force, the world seemingly stopped dead in its tracks as factories halted all operations and sent personnel home until further notice. As a result, magnet producers had relatively The Magnitude of the Magnet Market DEMAND FOR MAGNETIC MATERIALS GOES FAR BEYOND OUR INDUSTRY B Y S T E F A N I E G A L E A N O - Z A L U T K O

Articles in this issue

view archives of GRAPHICS PRO - October '21