Global Magnetic Sheet Floaters Market

Magnetic Sheet Floater Market Overview

The global magnetic sheet floater market is growing at a CAGR of 7.9% during the forecast period of 2022-2028. Magnetic Sheet Floaters are great sheet handling tools. The Magnetic Sheet Floater lets users easily separate one sheet from a stack of sheets without getting their hands dirty. Place the Magnetic Sheet Floater near the sheet stack, and the magnet will attract the top sheet, making the sheet appear as it is slightly floating above the stack. It helps the user to get enough grip to hold the sheet.

What are Magnetic Sheet Floaters?

Magnetic sheet floaters are utilized for lifting steel sheets from a pile and keeping them suspended in the air. The sheets are split by positioning magnetic blocks created for this aim at one or more sides of the pile sheets. They are mainly appropriate for manual or automatic feeding of machines. These floaters consist of a stainless steel container with an anisotropic magnet system. Each unit can be scaled in the workplace or can be free-standing. When the pile of sheets is presented into the magnetic field (on the operative face of the magnet), the sheets automatically take up their positions. The explanation is simple and interesting. Magnetic poles are generated in the steel sheets, and under the laws of magnetism, opposite poles repel, making the sheets separate.

Growth Drivers

Rising demand from the automobile applications to drive the demand for magnetic sheet floaters magnet

The need for automobiles increases in major economies such as China, India, and Japan. Hence, the growing automotive industry pushes the magnetic sheet floaters market in the Asia-Pacific region. The essential countries donating to the growth in this region comprise China, India, Japan, and Indonesia. India was the fifth-highest motor vehicle/car market globally in 2020. In 2020, there were 3.49 million passenger vehicles and commercial vehicles sales recorded in India. Companies like GM, Tata Motors, VW Group, Toyota, Honda, and Hyundai extend their production capacities. This high growth in the automotive sector fuels the magnetic sheet floaters market demand.

Opportunities

Upsurge in use in mining industry

The Asia Pacific is one of the key markets for the surge in magnetic sheet floaters in the mining industry. The mining industries have grown due to urbanization and industrialization taking place worldwide. The upward revolution of the global commodity prices has increased the demand for magnetic sheet floaters as it has stoked the mining industries. Also, the improved functions of these floaters, such as automatic cooling, energy saving, reduced maintenance and repair cost, have formed a positive effect on the market. Moreover, the growing radioactive mining activity will surge magnetic sheet floaters in this industry.

Restraints

The unstable cost of raw material is one of the major restraints in the magnetic sheet floater market.

Changing raw material costs is one of the primary elements restraining the growth of the magnet market. It has overall implications on manufacturing companies. From increasing energy costs to spontaneous fluctuations in raw material prices, unexpected barriers destabilize supply chains and make it difficult for manufacturers to provide quality products at low costs and earn profits. There have been changes in prices of rare earth metals and other such raw materials used to manufacture the magnetic sheet floater market. It affects the quality and quantity of magnetic sheets floaters produced. Manufacturers pass the extra costs to consumers. It sometimes results in decreased consumption of magnetic sheet floater and spoils their image of cost-effective materials. In the case of rare earth magnetic sheets floater, the prices of rare earth materials such as dysprosium and neodymium are highly incendiary due to increasing supply constraints from China.

Pre Covid-19 Impact on Global Magnetic Sheet Floaters Market

Before the covid-19 outbreak, the growing movement of modernization and electrification to enhance efficiencies and decrease the cost of products enhanced the magnetic sheet floaters market in different industries. The building technologies offer progressive solutions that ensure the highest sustainability, energy efficiency, and safety. These offer industry-specific solutions for data centers, hospitals, life science companies, airports, hotels, and utility companies and offer solutions for commercial buildings of international companies and cities and their infrastructures. Magnets sheet floaters are increasingly used in train and lift doors’ motors.

Covid-19 Impact on Global Magnetic Sheet Floaters Market

During the covid-19 period, the global magnetic sheet floater market was negatively affected by the covid-19 pandemic in 2020. During the pandemic, various industries such as automotive and electronics have halted production for quite a long period. For Example, automobile production in 2020 has noticed a reduction of 15.8% compared to 2019. The electronics industry has been seriously affected due to delays from suppliers for electronic components that cannot manage with the increasing demand, which further affects the growth of the magnetic sheet floater market.

Post Covid-19 Impact on Global Magnetic Sheet Floaters Market

After the covid-19 outbreak, the growing population and developing industrial production activities in many countries raised the production and demand for electricity through different energy sources. It, in turn, has been supporting the demand for magnetic sheet floaters in multiple applications. For Example, the Indian government declared an exceptionally ambitious plan to double installed capacity over the coming decade, primarily through accelerated renewable energy deployment. From April 2020 to February 2021, India established 9.7 gigawatts (GW) of power generation capacity, which also helped drive the magnetic sheet floaters market growth.

By Product Segmental Analysis

Based on product, the global magnetic sheet floaters market is segmented into Permanent and Electromagnetic. Permanent magnets hold the highest share in the global magnetic sheet floater market. Permanent magnets retain their magnetic strength perpetually. With very few exceptions, including exceeding maximum operating temperature, permanent magnets remain magnetized constantly. However, electromagnets gain or lose their magnetic properties based on electrical current supply. The magnetic strength of permanent magnets largely depends on the material make-up of the magnet. Their inherent physical structures dictate the maximum strength based on material, size and shape. It is a fixed number that doesn’t change after magnetization.

By Application Segmental Analysis

Based on application, the global magnetic sheet floaters market is segmented into Automotive, Steel Industry and others. The automotive industry has the highest CAGR in the global magnetic sheet floaters market. The increasing market for magnets in hybrid electric automobiles will increase the market growth. Hybrid electric vehicles contain an internal combustion engine and an electric motor, demanding about 2kg to 3kg of rare earth magnets. In expansion to this, it is also used in several elements such as door locks, windscreen wipers, speakers, and electric window regulators. Hence, the slowly increasing demand for hybrid electric vehicles will push the automotive industry, promoting magnetic sheet floaters market growth.

By Regional Segmental Analysis

Based on region, the global magnetic sheet floaters market is segmented into North America, Europe, Asia-Pacific, South America and The Middle East & Africa. Asia-Pacific is anticipated to dominate the magnetic sheet floaters market during the forecast period. Growing demand for medicines, hygienic food products, and beverages and government endeavors to improve the recycling rates in the region are anticipated to push the demand for magnetic sheet floaters market in Asia-pacific. China is predicted to hold the largest market share and will likely notice the highest CAGR in the magnetic sheet floaters market. China holds one of the largest resources of rare earth minerals worldwide. It has helped huge growth in the mining industry in the country. Also, with the increasing metropolitan population, the pharmaceutical industry is predicted to thrive in China, which, in turn, is expected to push the market for magnetic sheet floaters.

Competitors Analysis

The companies include MPI, Goudsmit Magnetics, Kanetec, Bunting Magnetics, Eriez, IMI, Storch Magnetics, Eclipse Magnetics, MAGSY and other prominent players in the global magnetic sheet floaters market. Key Stakeholders

• Market research and consulting firms
• Industry associations
• Magnetic Sheet Floaters Firms
• Local Governments
• Regulatory bodies
• Suppliers
• Retailers

Recent Development

• In November 2019, Eriez declared expanding its US manufacturing facility to support strategic growth endeavors for repair, testing, and R&D activities. This expansion is anticipated to increase its repair business, facilitate product development, and provide better testing support for its products.
• In September 2019, Goudsmit Magnetics established a new version of the automatically cleanable Easy Clean Flow magnet. This magnetic floater will remove metal particles and weakly magnetic stainless steel particles from powders as fine as 30 µm in the food, chemicals, ceramics, and plastics industries.
• In August 2019, Eriez declared a partnership with Industrial Applications Group (US) to market Eriez products related to fluid recycling, material handling, magnetic separation, and vibratory feeding and bringing in Colorado, New Mexico, Utah, and Wyoming.
• In July 2019, Metso contracted an agreement with Outotec (Finland) to merge Metso Minerals, the minerals division of Metso, and Outotec, to start a new company named Metso Outotec. This merger is predicted to be finished by the second quarter of 2020.
• In March 2019, Danfoss raised its semi-welded plate heat exchanger portfolio with a new range—SW19-59. This latest range is expected to support industrial refrigeration professionals in performing safe and energy-efficient operations.

Scope of the Report

Report Attribute	Details
Revenue in 2021	USD Billion
The revenue forecast in 2028	USD Billion
Growth Rate	CAGR of 7.9% from 2022 to 2028.
Historical data	2017 – 2020
Base Year	2021
Forecast period	2022 – 2028
Region covered	North America, Europe, Asia-Pacific, South America, and Middle East & Africa
Key companies Profiled	The companies include MPI, Goudsmit Magnetics, Kanetec, Bunting Magnetics, Eriez, IMI, Storch Magnetics, Eclipse Magnetic and MAGSY are the key players.

Market Modelling

By Product

• Permanent
• Electromagnetic

By Application

• Automotive
• Steel Industry
• Others

By Region

• North America
• Europe
• Asia Pacific
• South America
• Middle East & Africa

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