Magnetic Separator Market Set to Grow at the Fastest Rate- Time to Grow your Revenue

The global magnetic separator market is expected to grow from USD 725 million in 2020 to USD 928 million by 2025, at a CAGR of 5.1%. The increase in recycling rates across the world is one of the key factors driving the growth of the market. The expansion and urbanization in developing countries, along with the stringent rules and regulations pertaining to quality in the food & beverage industry, are among the other factors driving the market growth.

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Equipment type to dominate global magnetic separator market during forecast period

Equipment type magnetic separators are expected to hold a majority of the global magnetic separator market share in 2020, and the segment is projected to dominate the market during the forecast period. Magnetic separator equipment include drums, overband, rollers, and eddy current separators. Increasing demand from industries such as mining, recycling, ceramics, paper, and plastics is expected to propel the demand for equipment type magnetic separators during the forecast period. Overband magnetic separators are ideal for removing high volumes of iron particles from materials and are expected to grow at the fastest rate as their demand in the recycling and mining industries is increasing.

Automatic cleaning type magnetic separator to dominate magnetic separator market by 2025

Automatic cleaning type of magnetic separators, also known as self-cleaning type of magnetic separators, have been in huge demand in recent times as they help reduce or avoid the manpower required to clean magnetic separators. As the need for any manual activity is eliminated in self-cleaning magnetic separators, they can be installed in a fully automatic production line, thereby increasing the efficiency of the production process. The advantage of these separators is that safety is high as the metal contaminants are removed automatically. These factors are expected to drive the market for automatic cleaning type of magnetic separators during the forecast period.

APAC to hold largest share of magnetic separator market during forecast period

APAC is expected to hold the largest share of the magnetic separator market in 2020, and a similar trend is likely to be observed during the forecast period. Countries in APAC have abundant reserves of rare earth minerals. Owing to the increasing number of mining projects in the region, the demand for magnetic separators from the mining industry is projected to increase during the forecast period. Also, the pharmaceutical industry is growing in the region with the increasing number of people being brought under the healthcare umbrella through governmental efforts in various countries. The food & beverage industry is also growing in the region. A few countries, including Japan, have framed various rules and regulations regarding the quality of food products produced in or imported to the country. Owing to such stringent regulations, the demand for magnetic separators from the food & beverage industry in the region is expected to increase in the near future.

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Major players in the magnetic separator market include Eriez (US), Metso (Finland), STEINERT (Germany), Nippon Magnetics (Japan), Goudsmit Magnetics (Netherlands), Industrial Magnetics (US), Eclipse Magnetics (UK), Bunting Magnetics (US), Multotec (South Africa), and KW Supply Magneetsystemen (Netherlands).

News also Covered: https://markets.businessinsider.com/news/stocks/magnetic-separator-market-worth-928-million-by-2025-exclusive-report-by-marketsandmarkets-1028885009

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