The global magnetic separation equipment market size is anticipated to reach USD 928 million by 2028, expanding at a CAGR of 5% during the forecast period, 2021 – 2028. Growth of the market is attributed to the significant rise in recycling rates throughout the world.
Magnetic separation is a process by which magnetic susceptible material is extracted from a lot via a magnetic force. For example, it is used to remove ferrous tramp metal contaminants from dry particulate, liquids, and slurries in the process of grain, feed, sugar, cereal, chemical, mineral, plastics, oil, textile, salt, pharmaceuticals, and recycled products to name a few.
Magnetic separation equipment is prevalent across a wide range of industries such as mining and aggregates industry, light industries, and recycling, water and wastewater industries to separate magnetic material from the non-magnetic or less magnetic material. These separators are beneficial in ensuring product purity and protection processes from tramp metal damage.
Market Trends, Drivers, Restraints, and Opportunities
- The mining industry has been booming as a result of global industrialization and urbanization, which has boosted the demand for magnetic separators. Increasing trend of global commodity prices in the mining industry has, in turn, fueled the demand for the global market.
- Introduction of technologically advanced magnetic separators that serve enhanced functionalities such as energy-saving, automatic cooling of electromagnets, and up purification capacity that reduce their maintenance and repair costs is expected to boost the market.
- One of the major factors driving the growth of the market is the massive expenditure on research and development activities.
Market Segment Insights:
The electromagnetic segment to exhibit a high CAGR
Based on types, the market is segmented into electromagnetic and permanent. The electromagnetic segment is estimated to hold a major market share during the forecast period. Electromagnetic separators, also known as self-cleaning magnetic separators, have seen a surge in popularity in recent years as they eliminate the need for people to clean magnetic separators. Because self-cleaning magnetic separators do not require any manual labor, they may be used in a completely automated manufacturing line, enhancing efficiency in their production processes. The safety factor is extremely high in these kinds of separators as the metal contaminants are removed automatically, without any manual assistance.
The mining and aggregates segment to grow at a rapid pace
Based on applications, the global magnetic separation equipment market is fragmented as mining and aggregates industry, light industries, recycling, water, and wastewater industries. The mining and aggregates segment to expand at a high CAGR during the forecast period owing to the rising demand for magnetic separators.
Market in the Asia Pacific to dominate the global market during the projected period
In terms of regions, the market is classified as North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. The market in Asia Pacific is expected to expand at a high CAGR during the forecast period. Growth of the market in the region is attributed to rising demand for pharmaceuticals, sanitary food items, and drinks, as well as government measures to enhance recycling rates in the area. China has one of the world's greatest deposits of rare earth minerals which make it have the greatest market share and the highest CAGR in the global magnetic separation equipment market. In addition, China's pharmaceutical business is predicted to develop as the country's urban population grows.
Compititive Landscape
Major players of the global magnetic separation equipment market are Dings Magnetic, Eclipse Magnetics, Eriez Manufacturing, Metso, ANDRITZ, Bakker Magnetics, Bgrimm-Mat, BLS Magnet, Buhler, Bunting Magnetics, FLSmidth, Goudsmit Magnetics, and IPES International.
Eriez is one of the world's leading manufacturers and distributors of magnetic separators. In the previous two years, the firm has used a mix of organic and inorganic growth techniques. It has increased its presence in the US. As part of its growth plan, the firm focuses on technology advancements and advertising to continue providing advantages to its clients. The firm has a strong brand image in the magnetic separator market due to its high-quality products. The company's comprehensive product range also caters to the needs of many end-use sectors, giving it a competitive advantage over its competitors.
About Growth Market Reports:
GMR provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Industry Intelligence Solutions”. GMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain. Our key analysis segments, though not restricted to the same, include market entry strategies, market size estimations, market trend analysis, market opportunity analysis, market threat analysis, market growth/fall forecasting, primary interviews, secondary research & consumer surveys.
Contact:
Growth Market Reports
Phone: +1 909 414 1393
Email: sales@growthmarketreports.com
Web: https://growthmarketreports.com
Follow Us: LinkedIn | Twitter