Overview and Scope
Magnetic materials refer to substances that possess the ability to generate a magnetic field or be attracted to a magnetic field. They are characterized by their ability to exhibit ferromagnetism, Para magnetism, or diamagnetism.
Sizing and Forecast
The magnetic materials market size has grown strongly in recent years. It will grow from $33.66 billion in 2023 to $35.68 billion in 2024 at a compound annual growth rate (CAGR) of 6.0%. The growth in the historic period can be attributed to electronics boom, automotive applications, telecommunications infrastructure, renewable energy growth, medical imaging.
The magnetic materials market size is expected to see strong growth in the next few years. It will grow to $45.64 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. The growth in the forecast period can be attributed to electric vehicle revolution, miniaturization trends, energy storage solutions, emerging magnetocaloric cooling, automation and robotics. Major trends in the forecast period include 5g technology deployment, magnetic levitation technologies, magnetic recording technology, magnetic 3d printing, iot integration, magnetic materials for aerospace.
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Segmentation & Regional Insights
The magnetic materials market covered in this report 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 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the magnetic materials market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The growing demand for the automotive industry is expected to propel the growth of the magnetic material market going forward. The automotive industry refers to the sector involved in the design, development, production, marketing, and sale of motor vehicles, including cars, trucks, motorcycles, and other vehicles. The growing demand for the automotive industry has significant implications for the use of magnetic materials. Magnetic materials play a crucial role in various components and systems within automobiles, contributing to their performance, efficiency, and safety. For instance, in March 2022, according to a report published by the European Automobile Manufacturers’ Association (ACEA), according to the primary standards and advocacy organization for the EU’s automotive industry, US passenger car sales climbed by 5.5% from 2020 to 11.9 million units in 2021. Over 6.3 million passenger cars were produced in US auto facilities in 2021, an increase of 3.1% from 2020. In 2021, the number of automobiles produced by Chinese automakers increased by 7.1% to 20.7 million. The total number of automobiles produced globally increased by 2.7% to 63.2 million. Also, in 2021, the total number of cars produced worldwide climbed by 2.7% to 63.2 million. Therefore, the growing demand for the automotive industry is driving the growth of the magnetic material market.
Key Industry Players
Major companies operating in the magnetic materials market report are TDK Corporation, Daido Steel Co. Ltd., Hitachi Metals Ltd., Magnequench Inc., Lynas Corporation Ltd., Eriez Magnetics, Chengdu Galaxy Magnets Co. Ltd., Arnold Magnetic Technologies Corporation, Bunting Magnetics Co., Voestalpine High Performance Metals GmbH, Integrated Magnetics, Industrial Magnetics Inc., Eclipse Magnetics Ltd., Electron Energy Corporation, SG Technologies Ltd., Shin-Etsu Chemical Co. Ltd., Adams Magnetic Products Co. Inc., Tengam Engineering Inc., Steward Advanced Materials LLC, Magnetic Component Engineering LLC, Ningbo Zhaobao Magnet Co. Ltd., Dura Magnetics Inc., Sonal Magnetics, Alpha Magnetics Inc., Greenwood Magnetics Limited, Polarity Magnets, Quantum Magnetics Inc., Toshiba Materials Co. Ltd., Monroe Engineering, MSA Magnetics
The magnetic materials market report table of contents includes:
1. Executive Summary
2. Magnetic Materials Market Characteristics
3. Magnetic Materials Market Trends And Strategies
4. Magnetic Materials Market – Macro Economic Scenario
5. Global Magnetic Materials Market Size and Growth
….
32. Global Magnetic Materials Market Competitive Benchmarking
33. Global Magnetic Materials Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Magnetic Materials Market
35. Magnetic Materials Market Future Outlook and Potential Analysis
36. Appendix
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