The Magnetic Materials Global Market Report 2023, provides comprehensive information on the magnetic materials market across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten year historic period – 2010-2021, and a ten year forecast period – 2023-2032.
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The global magnetic materials market size is expected to grow from $31.86 billion in 2022 to $33.66 billion in 2023 at a compound annual growth rate (CAGR) of 5.67%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The size of magnetic materials market is expected to reach $42.52 billion in 2027 at a CAGR of 6.01%.
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Technological developments are a key trend gaining popularity in the Magnetic materials market. Companies operating in the magnetic materials market are adopting new technologies to sustain their position in the market. For instance, in November 2022, according to Critical Materials Institute (CMI), a US-based energy innovation hub led by Ames National Laboratory, the research conducted by the Department of Energy’s Critical Materials Institute (CMI) and Ames National Laboratory represents a significant development in the field of permanent magnet materials. The researchers have enhanced the properties of a rare-earth-free magnet material called manganese bismuth (MnBi) and demonstrated its potential for large-scale manufacturing. By carefully controlling the microstructure of the MnBi magnets, the researchers were able to improve their magnetic properties and performance. This advancement is particularly noteworthy because it offers a pathway to creating compact and energy-efficient motors without relying on rare earth elements.
The magnetic materials market is segmented:
1) By Type: Hard Magnetic Materials, Soft Magnetic Materials, Semi-Hard Magnetic Materials
2) By Raw Materials: Neodymium, Ferrite, Alnico, Samarium Cobalt, Bonded NdFeB
3) By Orientation: Diamagnetic, Paramagnetic, Ferromagnetic, Anti-Ferromagnetic
4) By Application: Transformers, Motors, Inductors, Generators, Other Applications
Asia-Pacific was the largest region in the magnetic materials market in 2022.
The table of contents in TBRC’s magnetic materials market report includes:
- Executive Summary
- Magnetic Materials Market Characteristics
- Magnetic Materials Market Trends And Strategies
- Magnetic Materials Market – Macro Economic Scenario
- Magnetic Materials Market Segmentation
- Global Magnetic Materials Market Competitive Benchmarking
- Global Magnetic Materials Market Competitive Dashboard
- Key Mergers And Acquisitions In The Magnetic Materials Market
- Magnetic Materials Market Future Outlook and Potential Analysis
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The Business Research Company is a market intelligence firm that pioneers in market, company, and consumer research. TBRC’s specialist consultants are located globally and are experts in a wide range of industries that include healthcare, manufacturing, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries. Through the report businesses can gain a thorough understanding of the market’s size, growth rate, major drivers and leading players.
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