The global magnetic materials market is forecast to reach USD 181,888.61 Million by 2030, according to a new report by Reports and Data.
magnetic Materials are produced by magnetic materials. They are made of a variety of materials that are useful for many different uses. Because they are typically used to generate and distribute power, magnetic materials play a significant role in numerous socio-economic issues on a global scale.
Because the market for soft magnetic materials globally is about to enter an expansion phase of its industry life cycle and is about to investigate a number of growth chances. This is mostly caused by soft magnetic material’s superior qualities versus other materials. In addition, one of the key factors driving the market is the rise in demand for soft magnetic materials from the automotive sector. The rising use of highly functional automobile parts including gearboxes, alternators, induction coils, and antenna cores is what is causing this rise in demand.
Daido Steel Co., Ltd, Molycorp Magnequench, Shin-ETSU Chemical Co., Ltd., TDK Corporation, Lynas Corporation Ltd., Arnold Magnetic Technologies Corporation, Electron Energy Corporation, Tengam Engineering, Inc., and Adams Magnetic Products Co., Inc. among others.
Key Point Analysis
- The automobile sector is principally responsible for the market’s expansion. Magnetic materials are used in many components of automobiles, including motors, sensors, actuators, and switches. Vehicle manufacturers are under increasing pressure to significantly reduce vehicle weight and improve combustion efficiency in order to improve fuel economy.
- Magnetic materials are those that exhibit magnetization or demagnetization properties in response to an applied magnetic field, either in the form of attraction or repulsion. Magnetic materials can be divided into three categories: soft, semi-hard, and hard/permanent. These have a variety of uses, including those in the automotive, electronic, industrial, and power generation industries.
- The automotive application dominated the magnetic materials market in 2014, however between 2015 and 2020, the market as a whole is expected to develop at the highest rate. The market is boosted by the growing demand for high-quality magnetic materials used in processing car bodywork and by the usage of cutting-edge technology.
- Semi-hard, soft, and hard/permanent magnets are the three types of magnetic materials that are categorised in the market. Due to the increased need for cutting-edge technical systems and devices worldwide, semi-hard magnets are the dominant product on the market. Antitheft items, electronic systems, automobile gadgets, and smart electronic bank cards are a few examples of connected products. The forecast term is expected to see rapid expansion in the semi-hard magnet market.
- Hard/Permanent Magnet
- Semi-Hard Magnet
- Soft Magnet
Key Regional Markets Covered in the Report:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (India, China, Japan, South Korea, Australia, Rest of Asia Pacific)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)