Global Alnico Market: Introduction
Alnico is an acronym referring to a family of iron alloys, which is composed primarily of aluminum (Al), nickel (Ni) and cobalt (Co) with small amounts of copper and titanium. Alnico alloys are produced by casting or sintering processes. Alnico alloys are ferromagnetic, with low coercivity. Alnico resistance of magnetism varies by grade from 630 to 1880 oersteds, and is used to make permanent magnets. The composition of alnico alloys is typically 12%-Al, 26%-Ni, 24%-Co, 6%-Cu and 1%-Ti, and the iron. Alnico magnets produces a magnetic field strength at their poles that are as high as 0.15 teslas or about 3000 times the strength of Earth's magnetic field. Alnico alloys can be magnetized to produce strong magnetic fields and have a high resistance to demagnetization, thus making strong permanent magnets. Alnico magnets are used in electric motors and various sound systems such as microphones and loudspeakers. Presently, alnico magnets are replaced by rare-earth magnets such as neodymium and samarium-cobalt magnets. Alnico is a hard ferromagnetic substance, which is broadly employed in temperature sensitive applications such as hall-effect and MR-based electronic and automotive sensors. Presence of strong substitutes such as neodymium magnets and samarium-cobalt magnets is anticipated to hamper the overall demand for alnico during the forecast period.
Global Alnico Market: Segmentation
Based on application, the alnico market can be categorized into electronics, automotive, aerospace, wind energy, and medical devices. The electronic segment is projected to expand at a rapid pace during the forecast period. Alnico magnets are commonly employed in electric guitar pickups, microphones, sensors, electric motors, loudspeakers, magnetron tubes, and cow magnets. Alnico magnets are also used in several components of an automobile including exhaust systems and sensors. This is a major factor that is projected to boost the market during the forecast period.
Global Alnico Market: Regional Outlook
In terms of region, the global alnico market can be divided into Asia Pacific, Europe, Latin America, North America, and Middle East & Africa. Asia Pacific is expected to remain a leading region for the global alnico market during the forecast period. Increase in automation and digitalization is estimated to increase the demand for electrical & electronics market, in countries such as Taiwan and China. In electrical & electronic industry alnico is employed in electric motors, loudspeakers, magnetron tubes and microphones. This is expected to drive the alnico market in the region during the forecast period. North America is the largest producer and consumer of aerospace industry, aircraft parts such as ion-propulsion engine and rotor is made up of alnico alloy. This is major factor to drive the demand for alnico market in the region during the forecast period.
Global Alnico Market: Key Players
The global alnico market is consolidated. Small number of companies operate at global and regional levels. Major companies include Adams Magnetic Products Co., Arnold Magnetic Technologies, Stanford Magnets, Master Magnetics, Eneflux-armtek Magnetics, Hitachi Metals, Dexter Magnetic Technologies Inc., and Tengam Engineering Inc.
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