Magnetic Materials Market
Magnetic Materials Market - Global Industry Assessment & Forecast
- By Type Semi-Hard Magnet, Soft Magnet
- By Application Automotive, Electronics, Industrial, Power Generation, Other Applications
- By Region North America, Europe, Asia Pacific, Latin America, Middle East & Africa
|Forecast Years:||2022 - 2028|
|Historical Years:||2016 - 2021|
|Revenue 2021:||USD 28.1 Billion|
|Revenue 2028:||USD 38.7 Billion|
|Revenue CAGR (2022 - 2028):||5.5%|
|Fastest Growing Region (2022 - 2028)||Asia Pacific|
|Largest Region (2021):||Asia Pacific|
- Cross-segment Market Size and Analysis for Mentioned Segments
- Additional Company Profiles (Upto 5 With No Cost)
- Additional Countries (Apart From Mentioned Countries)
- Country/Region-specific Report
- Go To Market Strategy
- Region Specific Market Dynamics
- Region Level Market Share
- Import Export Analysis
- Production Analysis
- Others Request Customization Speak To Analyst
The magnetic materials market comprises various Raw materials, equipment, and end-use industries. The key drivers propelling the growth of this market are increasing demand from the automotive industry and the electrical & electronics industry. Additionally, the ever-growing demand for data storage is also one of the key factors fuelling the growth of this market. With the rapid increase in industrialization and urbanization, the demand for automobiles has been increasing at a significant rate. This, in turn, is boosting the demand for magnetic materials from the automotive industry as they are extensively used in various car components such as door locks, engine starter motors, sensors, etc. Moreover, with the rising concerns over vehicle safety and security, the use of magnetic materials in automotive applications is expected to grow even further. The automotive industry is the largest consumer of magnets, accounting for more than 50% of total demand. Magnets are used in various automotive applications such as electric vehicles (EVs), hybrid electric vehicles (HEVs), and fuel cells. The growing demand for EVs is expected to drive the market for magnets over the forecast period.
The electrical & electronics industry is another major driver of the magnetic materials market. These materials are widely used in a variety of electrical & electronic devices and products such as mobile phones, computers, hard disk drives (HDD), Transformers, generators, etc. The electronics industry is another major consumer of magnets, accounting for approximately 30% of total demand. Magnets are used in a variety of electronic applications such as computers, mobile phones, audio equipment, and wind turbines. The increasing use of renewable energy sources is expected to boost the market for magnets over the forecast period. The constant need for miniaturization of these devices is one of the key factors fuelling the demand for smaller and more efficient magnetic materials. Additionally, with the advent of new technologies like 5G and electric vehicles (EVs), the demand for innovative and high-performance magnetic materials is expected to increase significantly in the coming years. The ever-growing demand for data storage is also one of the main drivers fuelling the growth of this market.
The past few years have seen a number of investments in the energy sector, with many companies anticipating an increase in demand for energy. This has led to an increase in demand for magnetic materials, which are used in a variety of applications in the energy sector. Magnetic materials are used in generators, transformers, and motors. They are also used in batteries and other energy storage devices. In addition, magnetic materials are used in a variety of sensors and instrumentation devices. The increased demand for magnetic materials is expected to lead to an increase in the production of these materials. This is likely to result in lower prices for magnetic materials, making them more affordable for consumers.
Due to their unique properties, magnetic materials are essential in a number of applications across various industries. However, the market for these materials is restrained by several factors. The most significant restraint is the high cost of manufacturing magnetic materials. The process of making these materials is complicated and energy intensive, which drives up production costs. This cost barrier limits the widespread use of magnetic materials in many applications where they could potentially be used. In addition, there is a limited supply of some key raw materials needed to produce magnetic materials. This scarcity can lead to price spikes and shortages of certain types of magnetic materials, which further hampers market growth. Finally, another challenge facing the market is the fact that magnetic materials can be difficult to recycle or reuse once they have been used in an application. This disposability adds to the overall cost of using magnetic materials and may discourage companies from using them in certain applications where environmental concerns are a factor.
Magnetic Materials Market Size, 2021 To 2028 (USD Billion)
Top Market Trends:
● The automotive sector is anticipated to be the largest end-user industry in the magnetic materials market, as well as the fastest-growing, throughout the forecast period. Motors, compressors, anti-lock brake systems, fuel injectors, and other rotating devices are some of the most common automotive uses for magnetic materials, and they are projected to propel the industry's expansion.
● Many different types of end-use industries rely on electric motors for various reasons. Electric motors were employed in the production of a wide variety of medical tools and machinery, including but not limited to hemodialysis machines, infusion pumps, compressors, respirators, centrifuges, scanners, and others. In the coming years, the market for magnetic materials is likely to be driven by the increasing need for electric motors in a wide variety of equipment, including medical devices.
● Over the next few years, demand for motors and, by extension, magnetic materials, is expected to rise thanks to government initiatives like IPDS, DDUGJY, and progressive measures to boost power generation capacity and improve distribution.
● Banking security systems and electronic systems also make use of magnetic elements, most notably in the form of smart electronic bank cards and other antitheft devices. Pollution controls, transmissions, and alternators are just a few of the many other places you'll find magnetic materials put to use.
● There are a lot of possibilities for expansion, and the increasing investments of big market participants are further adding to them. For instance, in July 2019, Hydro-Québec announced an investment to guarantee Dana TM4's expansion in the electric powertrain market. The Dana TM4 firm was formed as a joint venture with the express purpose of producing and developing electric motors.
● Major corporations are, in general, diverting their attention to the magnetic material industry, where they hope to gain a competitive advantage by developing new and creative products and expanding their manufacturing capacity. The expansion of the market for magnetic materials is predicted to be greatly aided by the discovery of novel uses for nano-structured magnetic materials.
The market is segmented based on type, application and region. As per the type, the market is segmented into Semi-hard magnets and soft magnets. Based on application, the market is segmented into automotive, electronics, industrial, power generation and others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
Based on type
The soft magnet segment is expected to have the largest market share in the coming years period. This can be attributed to the growing demand for soft magnetic materials from various end-use industries such as automobiles, electronics, energy, and healthcare.
Soft magnetic materials are widely used in various applications owing to their superior electromagnetic properties such as high permeability and low coercivity. These properties make them ideal for use in various electronic applications such as inductors, transformers, chokes, and motors. Additionally, soft magnetic materials are also used in many automotive applications such as sensors, actuators, and solenoids. The growing demand for automobiles across the globe is expected to drive the growth of the soft magnet segment in the coming years. Demand for soft magnets is expected to grow rapidly over the next few years. In motor applications, where it enhances the field formed by the motor winding, demand has increased. When compared to other materials, soft magnetic ones function better, resulting in less eddy current loss and greater motor efficiency. The rising demand for soft magnetic materials in the automotive industry is one of the main factors propelling the market forward. Another factor pushing demand is the expanding use of high-performance automobile parts such as the gearbox, alternator, induction coil, and antenna core.
It is speculated that semi-hard magnetic materials are driving the market's growth. This is because there is a worldwide surge in demand for technological resources and infrastructure used in product development. Semi-hard magnetic materials are preferred for use in brakes due to their combination of flexibility and coerciveness.
Based on Application
The automotive & transportation segment is estimated to have held the largest revenue share in the global magnetic materials market in 2018. The automotive sector is one of the most important end-use industries for magnetic materials and is expected to remain so over the forecast period. The demand for magnetic materials from the automotive & transportation sector is primarily driven by their use in applications such as electric vehicles, sensors, and motors. The electric vehicle market is expected to be a major driver of growth for the automotive & transportation segment over the forecast period. The demand for electric vehicles is growing rapidly due to increasing concerns about air pollution and climate change. Electric vehicles are powered by electric motors, which require strong magnets to function. The demand for magnets used in electric vehicle motors is therefore expected to grow significantly over the forecast period. The automotive & transportation segment is also driven by the increasing demand for sensors. Sensors are used in a variety of applications including safety, security, and navigation. The use of sensors in automotive applications is expected to grow significantly over the forecast period as cars become increasingly connected and autonomous. Magnets are used in sensors to detect changes in magnetic fields, making them essential components of these devices. Other important applications of magnetic materials in the automotive & transportation sector include batteries, clutches, brakes, and seatbelts. Magnets are used in batteries because they can store large amounts of energy per unit volume. This makes them ideal for use in electric vehicles, which require high-energy batteries. The increase in air traffic across the globe is another major factor boosting the growth of the aviation industry, which is expected to drive the demand for magnetic materials over the forecast period. Moreover, the growing construction industry is anticipated to propel the demand for magnetic materials used in construction applications, such as door & window frames, curtain walls, metal roofs, etc. In addition, stringent emission norms and regulations concerning vehicle safety are some of the key factors driving the market for magnetic materials in automotive & transportation applications.
Based on Region
There are several reasons why North America is expected to continue being among the most alluring markets for magnetic materials. First, the region has a highly developed infrastructure, which facilitates the adoption of new technologies. Additionally, North America is home to some of the world's leading manufacturers of magnetic materials, who are constantly innovating and introducing new products to the market. Moreover, North America is a major consumer of magnetic materials, due to the presence of a large number of end-use industries in the region. The automotive industry is one of the key consumers of magnetic materials, as these are extensively used in various automotive applications such as electric motors, generators, and sensors. The aerospace & defense sector is another major end-user of magnetic materials, as they find use in radar systems, missile guidance systems, and other electronic warfare applications. The increasing demand from these and other industries is expected to drive strong growth in the North American market for magnetic materials over the forecast period.
In 2021, the Asia Pacific magnetic materials market is expected to grow at the highest CAGR during the forecast period. The major drivers for the growth of this market are the increasing demand from end-use industries and the growing automotive industry in developing countries such as China and India. The Asia Pacific region is expected to be the largest market for magnetic materials due to the growing demand from end-use industries such as automotive, construction, consumer electronics, and healthcare in countries such as China, India, Japan, and South Korea. The automotive industry is the major consumer of magnetic materials in this region. The rising demand for electric vehicles (EVs) is expected to drive the demand for magnetic materials in this region. China is expected to be the largest market for magnetic materials due to the growing automotive industry and construction sector. The country has witnessed a rise in sales of passenger cars and commercial vehicles in recent years. This is expected to increase the demand for magnetic materials from the automotive industry. Additionally, China is a leading manufacturer of consumer electronics products such as smartphones, laptops, and televisions. This is expected to fuel the demand for magnetic materials from the consumer electronics sector.
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.
Some of the key advancements in the market include:
- The development of high-temperature superconducting (HTS) magnets, which can operate at temperatures above -135 degrees Celsius. HTS magnets are used in MRI machines and other medical equipment, as well as in power generation and transmission systems.
- Another recent development is nanomagnets, which are made from ferromagnetic nanoparticles. Nanomagnets have a higher coercivity (resistance to demagnetization) than conventional ferrite magnets, and they are finding applications in data storage and sensors.
- The development of stronger and more powerful magnets. This has been driven by the increasing demand for high-performance magnets in a range of applications, such as electric vehicles, wind turbines, and healthcare.
- New manufacturing processes that allow for more efficient production of magnets. This includes the development of powder metallurgy and thin film deposition techniques.
- The discovery of new types of magnetic materials. This has led to the development of new applications for magnets, such as data storage and sensors.
- The creation of self-assembling magnets. These magnets are able to spontaneously assemble themselves into desired shapes or patterns, which could have a range of potential uses in the future.
Segmentation of the Global Magnetic Materials Market
|Regions & Countries Covered||
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis|
Frequently Asked Question
The global Magnetic Materials valued at USD 28.1 Billion in 2020 and is expected to reach USD 38.7 Billion in 2028 growing at a CAGR of 5.5%.
The prominent players in the market are 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).
The market is project to grow at a CAGR of 5.5% between 2021 and 2028.
The driving factors of the Magnetic Materials include
- Growing Automotive Industry
Asia Pacific was the leading regional segment of the Magnetic Materials in 2020.