Chicago, March 22, 2023 (GLOBE NEWSWIRE) -- The Magnetic Separator Market by Type (Drum, Overband, Roller, Pulleys, Plates, Grates, and Bars), Magnet Type (Permanent Magnets, Electromagnets), Material Type, Cleaning Type, Industry (Mining, Recycling, Food & Beverages) & Region", Stringent rules and regulations pertaining to quality in food & beverage industry, and expansion and urbanization in developing countries are the factors driving the growth of the magnetic separator market. Technological advancements in magnetic separation technology and waste management sector along with increasing use of superconducting magnets in magnetic separators are expected to provide growth opportunities to the market players during the forecast period.
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During the forecast period of 2020-2025, APAC is expected to dominate the global magnetic separator market. Magnetic separator demand is expected to rise as demand for medicines, sanitary food products, and beverages rises. Furthermore, government initiatives to boost recycling rates in the region are expected to drive demand for these separators.
Magnetic Separator Market Report Scope:
| Report Metric | Details |
| Estimated Market Size | USD 725 Million |
| Projected Market Size | USD 928 Million |
| Growth Rate | CAGR of 5.1% |
| Market Size Available for Years | 2017–2025 |
| Base Year | 2019 |
| Forecast Period | 2020–2025 |
| Forecast Unit | Value (USD Million/Billion) |
| Segments Covered |
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| Geographic Regions Covered |
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| Top Companies in North America | Eriez (US), Industrial Magnetics (US), Bunting Magnetics (US), Magnetic Products (US) |
| Key Market Driver | Stringent rules and regulations pertaining to quality in the food & beverages industry along with the increasing recycling rates across the world |
| Key Market Opportunity | Advancements in magnetic separation technology along with the increasing use of superconducting magnets in magnetic separators. |
| Largest Growing Region | Asia Pacific |
| Highest CAGR Segment | Food & beverage industry to grow at highest CAGR |
During the forecast period, China is expected to have the largest market share and the highest Compound Annual Growth Rate (CAGR) in the magnetic separator market. China has one of the world's largest reserves of rare earth minerals, which has resulted in tremendous growth in the country's mining industry. Because of China's growing urban population, the pharmaceutical industry is expected to thrive, driving the market for magnetic separators even further.
Magnetic separators are essential in many industries, including mining, pharmaceuticals, food and beverage, and recycling. They are employed in the separation of magnetic materials from nonmagnetic materials. The ability of these products to improve product purity and quality, reduce production costs, and improve process efficiency is driving up demand for them.
Due to the country's vast reserves of rare earth minerals, the mining industry in China is one of the largest consumers of magnetic separators. Magnetic separators are used in the mining industry to extract rare earth minerals in their purest form, which is critical for high-quality end products. Magnetic separators aid in the recovery of valuable minerals while also reducing waste generated during the mining process.
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Magnetic separators are used in the pharmaceutical industry to remove impurities from medicines and other pharmaceutical products. The use of these separators ensures that the final product is pure and free of contaminants, which is critical for the quality of medicines and other pharmaceutical products.
Magnetic separators are also widely used in the food and beverage industries. These separators aid in the removal of magnetic and nonmagnetic impurities from food products, ensuring that the finished product is sanitary and safe for consumption.
Finally, due to rising demand for medicines, hygienic food products, and beverages, as well as government initiatives to increase recycling rates in the region, APAC's dominance in the magnetic separator market is expected to continue during the forecast period of 2020-2025. China's large reserves of rare earth minerals, combined with the country's growing urban population, are expected to drive the country's magnetic separator market. Magnetic separators are important in many industries because they improve product purity and quality while reducing production costs.
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