As stated in our extensive report; the Global Magnetic Materials Market accounted forUSD 28.1 Billionin 2021.
Magnetic materials are substances that are mainly used for their magnetic characteristics. The magnetic dipole moment is the primary tool for analyzing the magnetic response, which is connected to the intrinsic angular momentum or electron spin of a material. Additionally, materials that are drawn to a magnet are those that are magnetic. Examples include nickel, iron, cobalt, and others. Magnets are now used in every industrial area. Everything, from the microphones we use to electric car motors, is built around magnets. It is currently frequently used in the medical sector. For instance, magnetic resonance imaging, sometimes known as MRI, uses powerful magnets and radio waves to identify a variety of issues inside the body. As proven by the explosive growth of the electronic sector, magnets can replace conventional electronic materials perfectly. For instance, nanomagnets are replacing the power-hungry transistors in microchips. It could displace silicon in the future, which would alter the semiconductor business.
The Global Magnetic Materials Market is segmented based on Type, Applications, and Region. Based on Type, the market is classified into Hard, Semi-hard, Soft. Furthermore, based on the Applications, the Magnetic Materials Market has been segmented into Automotive & Transportation Electronics, Energy, Others. Region-wise, the Global Magnetic Materials Market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Magnetic material demand is anticipated to rise in the automotive and electronic industries, driving the expansion. Magnetic materials are used in microphones, speakers, motors, electromagnets, transformer cores, generators, magnetic separators, and other devices. In addition to being utilized in permanent magnets, quantum devices, analog and digital data storage, signal transmission, power adaptation, magnetic field screening, and power conversion from electrical to mechanical, these components have also been employed in these additional applications. Typically, magnetic materials are used to create magnetic fields in objects. They are constructed from various substances with a wide range of uses. Due to their widespread use in energy production and distribution, magnetic materials substantially impact various socioeconomic issues on a global scale. One of the main factors influencing the rise of magnetic materials is the increase in the automotive industry.
Additionally, the need for soft magnets is growing quickly. Its use in motor applications, where it enhances the field produced by the motor winding, has increased demand. In terms of properties, soft magnetic materials perform better than other materials, which reduces eddy current loss and increases motor efficiency. The fast rise in demand for soft magnetic materials from the automotive industry is one of the major market drivers. Another factor boosting demand is the growing use of high-performance auto parts, such as the gearbox, alternator, induction coil, and antenna core.
Asia Pacific Region to Take Over the Market
During the forecast period, the Magnetic Materials Market in Asia Pacificis anticipated to develop at the quickest rate. High-volume manufacturing in the car and electronics industries in China, India, and Japan is anticipated to increase demand for magnetic materials in the region.
As per our recent research study, an increase in the Number of construction activities and industrialization will have a favorable impact on the overall Magnetic Materials Market.
Some of the key players in the Global Magnetic Materials Market include- Daido Steel Co. Ltd. (Japan), Hitachi Metals Ltd. (Japan), TDK Corp (Japan), Shin-Etsu Chemical Co. Ltd. (Japan), Molycorp Magnequench (Singapore), Lynas Corporation Ltd. (Malaysia), Arnold Magnetic Technologies Corporation (US), Electron Energy Corporation (US), Tengam Engineering Inc. (US) and others.