Introduction to Magnetic Separator Market
Magnetic separators are devices that take away or separate the minerals from impurities by making use of a magnet in its process. In magnetic separation, a force is used to extract magnetic materials from different mixtures. The industries depend on these magnetic separators to separate large portion of unwanted particles from useful metals. The use of magnetic separators is simple and easy. The equipments used in magnetic separation involve heavy machinery including conveyor belts, industrial magnets etc to separate the impurities.
The magnetic separator market is growing at a steady CAGR, with surging demand from the food industry. The food industry uses magnetic separation to ensure healthy products to their customers. Magnetic separation ensures the products are safe and free-from any impurities or hazardous particles. In addition to the food industry, magenetic separators are also widely used in the mining industry.
Magnetic Separator Market: Key Drivers
Mining and metal industries are experiencing high rate of growh. The expansion of such industries requires magnetic separators to remove the impurities in their production processes.
The government of the countries improve the regulations from time to time. New and improved regulations imposed by the government regarding the standards and quality of food industries acts as a force to boost market growth.
Another factor that has been positively impacting the magenic separator market is the growing focus on recyclcing. As recycling and circular economy continue to grow, adoption of technology and process which helps in removing impurities is also increasing. This has also contributed to market growth.
Magnetic Separator Market: Key Restraints
The maintenance cost of magnetic separators is high making it unaffordable for low budget companies.The companies have to incur heavy investments in repairing and maintaining the separators.
In addition to the high cost, Covid-19 is presently acting as a major force posing a challenge to the demand of magnetic separator market. Due to financial crisis that companies have undergone during this phase is deteriorating the market demand.
COVID 19 Impact on Magnetic Separator Market
Covid-19 pandemic has shook the economy worldwide and has adversely disturbed the magnetic separators market in many regions. Due to Covid 19, there is decline in the demand and supply of these magnetic separators. Magnetic separators market faced extremely high decline in its demand in the initials but with time the demand again saw a rise. The demand has started rising again and it is estimated that the demand will keep growing and this market will experience a good rate of expansion during the given forecast period.
Magnetic Separator Market: Region-Wise Forecast
The market for magnetic separators is going to witness steady growth rate during 2020-2030. There is high demand of magnetic separators from Asia Pacific that is currently creating opportunties. China is emerging as a leading market for magentic separators. The population of China is high and due to the more establishment of pharmaceutical companies, there is more requirement of magnetic separators. According to analysis, the market in Asia Pacific will grow at a higher rate as compared to the US and Europe.
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The market for magnetic separators is facing strong competition. A number of players are competing for grabing the market shares. In the rapidly increasing competitive environment, the market players are focusing on adoption of modified strategies, tools, techniques, policies, practices and methods to leave its rival firms far behind and become market leaders. The competitors arepaying more attention on manufacturing and delivering best and quality products and services to the users to retain and satisfy them.
Some of the key players in the market are Metso corporation, Bunting magnetics, Jupiter magnet, Goudsmit magnets, Sollau magnets, Nippon magnetics, Innovative magnetic technologies, Shandong huate magnet technology, Eclipse magnetics, A&A magnetics incorporation, Noritake corporation limited, Eriez manufacturing corporation etc
Mergers and acquisitions, partnership deeds, adopting advanced technologies and delivering value to the customers are the initiatives undertaken by the market players to thrive in the market.
The magnetic separator market is likely to grow at over 4% through 2030. Surging investment in recycling continues to be a key factor for magnetic separator market growth
Traditionally, food industry has accounted for bulk of demand, but to compliment revenues, magnetic sepeator market players need to focus on novel applications in waste management.
China is home to one of the world’s largest reserves of minerals, and continues to hold a leading share in the magnetic separator market.
COVID-19 has disrupted global trade and supply which has had a ripple effect on magnetic separators. The short-term impact on magnetic sepeators is a decline of 1.5% to 2%.
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